Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, continued his intensive activity on the sidelines of the World Economic Forum (Davos) in Switzerland, where he held a series of strategic bilateral meetings with leading regional and international companies. These meetings focused on exploring new avenues for industrial cooperation and highlighting promising investment opportunities in the advanced manufacturing, mining, and logistics sectors, in line with the Kingdom's economic aspirations.
Strategic context: Industry is a cornerstone of Vision 2030
These moves come as part of Saudi Arabia's ongoing efforts to achieve the goals of Vision 2030, which places the industrial and mining sectors at the heart of its economic diversification plans. Through these international engagements, the Ministry aims to attract high-quality investments, localize modern technologies, and position the Kingdom as a global industrial and logistical hub connecting three continents, in addition to maximizing the utilization of the Kingdom's abundant mineral resources.
Enhancing industrial automation with Siemens
In a move aimed at strengthening the digital infrastructure of Saudi factories, Al-Khorayef met with Peter Corti, Chief Technology and Strategy Officer at Siemens. The meeting addressed ways to deepen cooperation in the areas of industrial automation and digital transformation. During the meeting, the Minister reviewed the objectives of the "Future Factories Program," one of the Ministry's key initiatives, which aims to transform 4,000 factories from labor-intensive to automated and operationally efficient, thereby enhancing the competitiveness of Saudi products in global markets and supporting energy efficiency solutions.
Regional integration in the iron and steel industry
In the heavy industries sector, the Minister of Industry met with Engineer Ahmed Ezz, Chairman and Founder of Ezz Steel. The two discussed the future of the iron and steel industry in the Middle East and North Africa region, a vital sector that forms the backbone of the region's infrastructure and mega-projects. The discussion also touched upon shared opportunities to enhance the sustainability of regional supply chains and ensure the availability of raw materials necessary for rapid urban and industrial growth.
The Kingdom is a global logistics platform
Furthering the industrial landscape, Al-Khorayef discussed with Hanadi Al-Saleh, Chairperson of Agility, the company's expansion plans in the Kingdom. They reviewed existing investments and how to enhance them in line with the National Transport and Logistics Strategy, which aims to solidify the Kingdom's position as a leading global logistics hub. This collaboration is crucial to ensuring the efficient flow of goods and industrial products to and from Saudi markets, thereby strengthening the attractiveness of the business environment for foreign investment.
