Saudi heavy equipment market valued at $4B, says Alkhorayef

The Saudi heavy equipment market, which is valued at more than $4 billion, and the diesel generators market, which is worth $550 million, are set to see significant growth until 2030, especially with the lack of local licensed manufacturers of heavy equipment, said Minister of Industry and Mineral Resources Bandar Alkhorayef.

This came during Alkhorayef's meetings with mining services companies and Chief Technology Officer at Caterpillar, Otto Breitschwerdt, who reviewed with him the promising opportunities in the field of heavy equipment and diesel generators, especially as the Kingdom is working to build mega development projects.

Alkhorayef indicated that only 46% of demand for diesel generating sets locally is met, which is an opportunity to localize these industries in the Kingdom, adding that this is a promising opportunity to establish a factory for Caterpillar products, specifically heavy machinery and diesel generating sets.

Al-Khareef also discussed the objectives of the National Industrial Strategy, which considers diesel engines and heavy equipment as key products in its qualitative projects, according to the Saudi Press Agency.