MODON Signs Promising Deal with Moscow Government
The deal seeks to promote joint investment opportunities and exchange of expertise and knowledge between both Saudi Arabia and Russia.
In line with Saudi Vision 2030, the agreement will further boost industrial integration, develop industrial cities and technical zones, as well as empower entrepreneurship and innovation.
Therefore, the MoU perfectly aligns with the National Industrial Strategy that aims basically to create a promising industrial and productive environment combining incentives for industrialization, innovation and entrepreneurship.
By leveraging from successful international experiences, this cooperation will solidify the Kingdom's position as a global industrial and technological hub and support the transformation towards a sustainable and diversified economy.
The deal was signed under the auspicious of Minister of Industry and Mineral Resources and MODON Board President Bandar Alkhorayef as part of his official visit to Moscow.
After launching Vision 2030, the Kingdom has taken serious steps to end its dependency on oil and unleash new horizons of diversified economy.
The Kingdom's comprehensive road map for economic development and diversification has singled out the mining sector as the potential third 'pillar' of the industry after petroleum and petrochemicals.
The Ministry of Industry and Mineral Resources has brought together its visions and objectives under the umbrella of the National Industrial Development and Logistics Program (NIDLP).
Related Topics:
Saudi Arabia Unleashes New Horizons for Mining Cooperation with Russia
MODON Unveils Jeddah Aviation Hub to Boost Aerospace Leadership
MODON Signs SAR 1.75B in Contracts to Advance Industrial Cities
Short link :
Post Views: 13
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
6 hours ago
- Arab News
SAB signs on as mentor in ministry's sustainability program
SAB will mentor a select group of prominent organizations, including Dallah Healthcare Company, Rawabi Holding Company, Middle East Paper Company, and City Cement Company. Saudi Awwal Bank, one of the leading banks in the Kingdom, has announced its participation in the Ministry of Economy and Planning's Sustainability Champions Program. The official signing ceremony took place on May 28 at SAB Tower, marking a key milestone in SAB's commitment to sustainability. The MEP Sustainability Champions Program aims to enhance sustainability performance across key sectors by partnering with organizations that demonstrate leadership and a commitment to sustainable practices. As a mentor in the program, SAB will utilize its extensive experience and resources to support and guide its mentees on their sustainability journeys. As part of its role, SAB will mentor a select group of prominent organizations in the program, including Dallah Healthcare Company, Rawabi Holding Company, Middle East Paper Company, and City Cement Company. This initiative marks the beginning of a collaborative effort to enhance sustainability practices across key sectors and achieve Vision 2030 goals. Tony Cripps, managing director of SAB, said: 'Sustainability is no longer a choice — it's a responsibility. Through our partnership with the MEP Sustainability Champions Program, SAB is taking tangible steps to build the knowledge infrastructure around sustainability and contribute to the Kingdom's goals. We are proud to be part of this forward-looking initiative, which aligns with our environmental, social and governance strategy and our commitment to supporting sustainable economic growth.' The signing ceremony marked the beginning of a strategic collaboration focused on sustainability. Senior executives from SAB and the participating mentees attended the event, emphasizing the shared commitment to advancing sustainability across key sectors. SAB continues to demonstrate its leadership in sustainability through its comprehensive ESG strategy. The bank is actively engaged in various initiatives that foster sustainable economic development in line with Saudi Vision 2030. Through its partnerships with governmental bodies, such as the Ministry of Economy and Planning, SAB plays a key role in driving forward the Kingdom's sustainability aspirations, contributing to long-term, positive environmental and societal impacts.
Arab News
6 hours ago
- Arab News
Riyadh show addresses KSA's sports infrastructure ambitions
The first edition of FSB Sports Show Riyadh concluded recently, establishing itself as Saudi Arabia's largest trade event dedicated to sports infrastructure, leisure facilities and public spaces. Launched in the leadup to landmark events like the 2029 Asian Winter Games and FIFA World Cup 2034, the exhibition has been timely in meeting the surging demand for sports infrastructure in the Kingdom, further aligning with Saudi Arabia's Quality of Life Program and ongoing stadium and recreational facility development as part of Vision 2030. FSB Sports Show Riyadh, co-located with International Hardware Fair Saudi Arabia, drew significant turnout from government stakeholders, real estate developers, consultants and leisure operators, welcoming more than 13,000 attendees. Visitors included professionals working across stadiums, public parks, schools, and large-scale urban projects, all actively seeking fit-for-purpose, ready-to-deploy solutions. With packed aisles and a busy show floor, the debut edition highlighted how sports and leisure infrastructure is becoming a central pillar in Saudi Arabia's Vision 2030 ambitions. Furthermore, the 'Sport for All' strategy by the Kingdom's government helps promote physical activity, inclusion, and community well-being by expanding access to sports facilities and encouraging participation across all age groups — from popular sports to public urban sports programs. The 2025 edition featured 200 exhibiting companies and brands, with participation from both local and international exhibitors across key product categories, including playground and leisure facilities, urban design and architecture, sports surfaces, pool/spa fitting equipment and sports facilities and equipment. Dedicated country pavilions, including China and Türkiye, showcased innovative solutions in sports flooring, artificial turf, aquatic technologies, outdoor fitness parks, modular structures, urban seating and more. Besides these pavilions, Italy presented the strongest European participation with 13 exhibitors. The Saudi Sports and Leisure Summit addressed key themes such as smart facility management, climate-adaptive design and sustainable and adaptive infrastructure. Speakers from Saudi Sports for All Federation, AtkinsRéalis, Saudi Sports Professionals Network and Levelz Gaming Group led discussions that brought together consultants, policymakers and investors focused on reshaping Saudi Arabia's sports infrastructure through inclusive and accessible spaces. The two-day feature, ActiveSpaces 360, explored practical conversations and discussions on topics including, modular builds, synthetic turf quality, urban activation, and inclusive space planning. Muhammed Kazi, senior vice president — construction, dmg events, said: 'The response to the first edition of FSB Sports Show Riyadh has been phenomenal. It's clear there's a real need for a dedicated trade event that brings together sports infrastructure suppliers and decision-makers, especially as Saudi Arabia accelerates its investments in wellness and active living. We look forward to growing the event even further in 2026 in partnership with Koelnmesse.' Denis Steker, senior vice president, Koelnmesse GmbH, added: 'By connecting international solution providers with Saudi Arabian decision-makers, FSB Sports Show Riyadh has established its role as a go-to sourcing trade exhibition for the Kingdom's sports infrastructure investment drive.'
Arab News
8 hours ago
- Arab News
The battle for talent: Saudi Arabia's high-stakes bet on human capital
RIYADH: As Saudi Arabia accelerates its transformation under Vision 2030, a critical question has emerged: Can the Kingdom build a homegrown tech workforce strong enough to power its digital ambitions? From artificial intelligence and smart mobility to fintech and clean energy, the Kingdom's rapidly expanding sectors are creating an unprecedented demand for highly skilled professionals. Yet despite billions in investments and major infrastructure rollouts, supply still lags behind demand. This challenge, however, is far from ignored. 'We are proud to take human capital development to the next level,' said Minister of Human Resources and Social Development Ahmed Al-Rajhi, during the launch of the National Skills Platform in April 2025. 'Technical expertise alone is not enough. Leadership, strategic thinking, and adaptability are equally important, and skilling and reskilling for the workforce is a national priority that all stakeholders should engage in.' The AI-powered platform connects Saudi job seekers to customized learning pathways, marking a shift toward demand-driven education and training. A national priority Education Minister Yousef Al-Benyan, who also chairs the executive committee of the Human Capability Development Program, emphasized the broader purpose behind the Kingdom's reforms. 'Vision 2030 is not just a roadmap for national transformation — it is a model for how investment in people can drive sustainable progress,' Al-Benyan wrote in an April op-ed for Arab News titled 'Vision 2030: Elevating human capability in a changing world.' Citing the World Economic Forum's Future of Jobs Report 2025, he noted that while 170 million new jobs will emerge globally by 2030, another 92 million will be displaced. He warned that 44 percent of core skills are set to change within five years, with digital and AI literacy becoming as fundamental as reading and math. 'Without these,' he wrote, 'individuals are unable to participate meaningfully in today's digital economy.' Scaling up training and inclusion This outlook is shaping some of Saudi Arabia's most ambitious workforce initiatives. Among them is the Waad National Training Campaign, launched in 2023 and supported by more than 70 organizations. The program surpassed 1 million training opportunities in its first phase and now targets 3 million by the end of 2025. Waad's Women's Employment Track has been particularly successful, with a 92 percent retention rate in tech roles—contributing to a record rise in female participation across the digital economy. Waad, Al-Rajhi noted, is an investment in 'the promise of human potential.' Meanwhile, the Future Skills Training Initiative, led by the Ministry of Communications and Information Technology since 2020, has provided training to hundreds of thousands of Saudis in areas like cybersecurity, data science, and cloud computing. Supported by the Digital Skills Framework and private-sector partnerships, it has grown steadily. One such partnership — a 2023 collaboration with IBM — aimed to train 100,000 Saudis in AI and machine learning. Talent gaps persist Despite this progress, a 2025 report by Nucamp and the ministry highlighted a 20 percent shortfall between tech job vacancies and qualified local talent. Critical roles such as AI engineers, cloud architects, and data analysts remain in short supply. 'Demand for AI and cloud experts far exceeds supply,' said Ahmed Helmy, managing director for SAP in the Middle East, in an April interview with Asharq Al-Awsat. The result: fierce competition among employers. To meet short-term needs, Saudi Arabia is tapping into international expertise. The Premium Residency Program, launched in 2021, allows skilled foreign professionals to live and work in the Kingdom without a local sponsor. By late 2023, more than 2,600 had taken advantage of the scheme. In 2024, five new visa categories were introduced to attract investors, entrepreneurs, and tech specialists. These include provisions that exempt founders from Saudization quotas for their first three years—providing flexibility to scale teams while supporting local hiring in the long term. 'Such incentives allow skilled professionals to have a more stable life and make long-term investments in their careers in Saudi Arabia,' said Raymond Khoury, partner at Arthur D. Little, in May. Still, officials stress that international hiring is a stopgap — not a substitute. 'While attracting global talent is crucial, sustainable growth depends on balancing international expertise with local knowledge development,' said Mamdouh Al-Doubayan, MENA managing director at Globant. To that end, foreign hires are increasingly being integrated not just as employees, but as mentors and trainers. Startups adapt with remote models In the private sector, startups are turning to remote hiring to bypass local talent shortages. A 2024 study by Wamda found that many Saudi companies are building distributed teams, sourcing tech talent from Egypt, Jordan, and other regional markets. This strategy shortens hiring cycles and enables around-the-clock operations. The trend aligns with the Kingdom's Telework Initiative, which certifies employers to offer remote roles to Saudis—especially women and those living outside major urban centers. Competitive pressures from giga-projects The hiring challenge became especially acute in 2023. That year, PwC's Middle East Workforce Survey reported that 58 percent of Saudi firms struggled to fill key tech roles. A MAGNiTT report found that 65 percent of startup founders saw the shortage of senior tech talent as their top obstacle. A concurrent survey by Flat6Labs noted that many startups were delaying product launches due to staffing shortages, losing talent to mega-projects offering 30 to 50 percent higher salaries. 'Engineers and product managers often defect to deep-pocketed giga-projects that offer salaries 30–50 percent above startup pay,' wrote venture adviser Aditya Ghosh in a November 2023 LinkedIn Pulse column. Bridging the divide Education leaders are working to close this gap. Khalid Al-Sabti, chairman of the Education and Training Evaluation Commission, said in a 2024 Arab News interview that Saudi Arabia is aligning its curriculum with global benchmarks. 'We must ensure our graduates meet international standards to compete globally,' he said. This includes revising curricula, emphasizing hands-on projects, and embedding industry into the classroom through partnership programs. The Talent Enrichment Program, for example, spans 160 countries and offers global certifications to Saudi learners. Encouragingly, Saudi Arabia's position in the IMD World Talent Ranking improved in 2023. Companies such as STC, Aramco Digital, and Elm are now hiring directly from local boot camps and training centers — evidence that education and industry are beginning to align. The road ahead Ultimately, the success of Saudi Arabia's tech talent strategy will be measured not just by enrollments or credentials, but by how effectively new graduates are absorbed into the workforce. If current reforms continue at scale, the Kingdom may not only satisfy its domestic tech demand — but emerge as a regional hub for digital talent. As Al-Benyan wrote: 'By investing in people, fostering global collaboration, and redefining the future of work, Saudi Arabia is demonstrating that human capability is the ultimate driver of progress.'
