Investing in the electrical wire recycling plantproject in Saudi Arabia represents an investment opportunity during 2022, especially in light of the Kingdom of Saudi Arabia’s 2030 vision to advance the national economy, strengthen the components of the non-oil economy, and seek to occupy a distinguished position among global economies.
What is a wire recycling plant?
The Electric Wire Recycling Factory works on recycling electrical wires and damaged cables, to extract copper and remanufacture and form it again in the form of wires ranging in thickness from (0.6 mm: 1.6 mm). The electric wire recycling plant will be a great investment opportunity due to the increased demand for its products, and the need of many modern industries for copper as an essential element in them.
In 2020, it was estimated that The value of the global copper marketis expected to expand to $271.9 billion, and the industry is expected to expand to global copper market to USD 363 billion by 2027 at a CAGR of 4.21% during the period (2021-2027).
Mashroo3k Consulting highlights that establishing an electrical wire recycling plant in Saudi Arabia presents a strategic investment opportunity, supported by strong industrial growth and increasing demand for recycled materials.
Key Supporting Indicators:
The number of factories in Saudi Arabia has reached 10,675 (9,052 operational and 1,623 under construction).
Total capital investment in Saudi factories amounts to approximately 1.36 trillion SAR (1.295 trillion SAR in operational factories and 66.75 billion SAR in under-construction factories).
The total licensed workforce in Saudi factories is 1,047,174 workers (980,694 in operational factories and 66,480 in under-construction factories).
The number of factories in the Kingdom grew by 15.9% in just two years (June 2020 – June 2022).
According to the International Trade Center, Saudi Arabia’s copper and copper product imports amounted to $2.36 billion.
The Kingdom’s copper wire imports grew at an average annual rate of 14.8% between 2015 and 2021.
For more details on the latest economic indicators, investment opportunities, and key funding sources for successful projects in Saudi Arabia, contact the Investor Support Team at Mashroo3k Consulting.
