Saudi minister visits Denmark to boost industrial ties and advance insulin localization
COPENHAGEN — Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef began an official visit to Denmark on Thursday, leading a delegation from the Kingdom's industry and mining sector to strengthen bilateral economic and industrial ties.
Alkhorayef met with Danish Minister of Economic Affairs Stefanie Loos in Copenhagen, where both sides agreed to enhance cooperation through technology transfer, joint investments, and the exchange of expertise across strategic industrial sectors that Saudi Arabia aims to develop and localize.
The minister also held talks with Lars Sandahl Sørensen, CEO of the Confederation of Danish Industries. During the meeting, Alkhorayef reaffirmed Saudi Arabia's ambition to become a global industrial hub.
He emphasized the critical role of international partnerships in driving progress across strategic sectors outlined in the Kingdom's National Industrial Strategy.
The meetings explored opportunities for deeper collaboration with Danish member companies in areas such as industrial capacity development, digital transformation, knowledge exchange, and human capital development, with the goal of fostering sustainable and mutually beneficial economic growth.A key focus of the visit was accelerating the localization of insulin production, GLP-1 preparations, and advanced biotherapies in Saudi Arabia. Alkhorayef held a series of meetings with leading pharmaceutical firms, including Novo Holdings, to support this objective.The visit builds on a tripartite agreement signed during the Global Health Forum in Riyadh in October 2024 between the National Unified Procurement Company for Medicines and Medical Supplies (nupco), Lifera — a company owned by the Public Investment Fund (PIF) — and Novo Nordisk.The agreement aims to localize production of up to seven types of insulin products and meet over 80% of domestic demand by 2027, positioning Saudi Arabia as the first Gulf nation to manufacture insulin locally.The Kingdom has made significant strides in localizing its pharmaceutical industry, reducing reliance on imports from 80% in 2019 to 70% by 2023.Trade between Saudi Arabia and Denmark has seen steady growth in recent years. The total volume of non-oil trade reached over SR4.3 billion in 2024, up from SR3.9 billion in 2023.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
3 hours ago
- Arab News
IMF praises Saudi Arabia's economic resilience
RIYADH: The International Monetary Fund has commended Saudi Arabia for its resilience to global shocks, citing its expanding non-oil sector, contained inflation, and record-low unemployment. In its 2025 Article IV Consultation, the IMF recognized the Kingdom's robust non-oil growth and strong reform momentum, crediting ongoing efforts under Vision 2030 for diversifying the economy amid heightened international uncertainty and declining oil revenues. Saudi Arabia's appraisal comes as neighboring Gulf economies face mixed outlooks amid global tensions. The IMF highlighted the UAE's robust non-oil growth, while Kuwait grapples with fiscal pressures from OPEC+ production cuts and a call for gradual consolidation. Qatar and Oman continue to advance diversification under their respective national visions, focusing on private sector growth and fiscal reforms. Despite external shocks, the region's ample reserves, structural reforms, and strong financial systems are seen as key stabilizing factors. IMF executive directors highlighted the Kingdom's economic progress, noting that 'robust non-oil growth, low inflation, and record-low unemployment' have been achieved through 'appropriate macroeconomic policies, strong buffers, and impressive reform momentum.' The IMF cautioned that fiscal and current account deficits persist, emphasizing the need for continued structural adjustments to ensure long-term sustainability. In 2024, Saudi Arabia's non-oil real gross domestic product expanded by 4.5 percent, driven by growth in the retail, hospitality, and construction sectors. This was offset by a 4.4 percent contraction in oil GDP, as OPEC+ production cuts held crude output at 9 million barrels per day, moderating overall GDP growth to 2 percent. Inflation remained under control, averaging 1.7 percent, while unemployment among Saudi nationals fell to its lowest level on record, with youth and female unemployment rates halving over the past four years. The IMF noted that despite a shift in the current account to a deficit of 0.5 percent of GDP, the Kingdom's fiscal and external buffers remain substantial. The Saudi Central Bank's foreign assets stabilized at $415 billion, covering 187 percent of the IMF's reserve adequacy metric. 'The banking sector remained strong, marked by high capitalization, profitability, and nonperforming loans at their lowest since 2016,' the IMF stated. Looking ahead, the IMF projects the Kingdom's real GDP growth to accelerate to 3.9 percent by 2026, with non-oil growth expected to exceed 3.5 percent. The continued implementation of Vision 2030 projects, combined with government-led infrastructure initiatives, is expected to sustain domestic demand and mitigate external pressures. The IMF stressed that 'pursuing a countercyclical fiscal policy in the near term' is essential to maintain economic stability, given ample fiscal buffers and persistent global uncertainties. Directors of the organization recommended a gradual fiscal consolidation strategy to achieve intergenerational equity, urging Saudi Arabia to advance 'broader tax policy reforms to increase non-oil revenue, wage bill containment, energy subsidy reform, and streamlining of non-essential expenditures.' Directors also encouraged the operationalization of an expenditure-based fiscal rule, enhanced budgetary transparency, and strengthened sovereign asset-liability management frameworks. The IMF welcomed the Kingdom's progress in strengthening its banking sector resilience. Executives commended reforms in banking regulation and supervision, the swift adoption of the Banking Law, and the establishment of a crisis management framework. They also recognized the Saudi Arabian Monetary Authority's vigilance in monitoring financial risks and its introduction of a 100 basis points countercyclical capital buffer to support stability. Additionally, directors noted continued progress in developing domestic capital markets to diversify funding sources. Directors emphasized the importance of maintaining reform momentum irrespective of oil price developments. They highlighted improvements in the regulatory and business environment, female labor participation, and governance. Sustained enhancements in small and medium-sized enterprises' access to finance, regional trade integration, and climate resilience were also recognized as key pillars for advancing economic diversification. The IMF affirmed that Saudi Arabia's currency peg to the US dollar remains appropriate, commending improvements in the Kingdom's liquidity management framework. Directors stressed that monetary operations should continue to focus on smoothing short-term liquidity without fueling asset and credit bubbles. IMF directors acknowledged Saudi Arabia's leadership role in regional stability and its contributions in multilateral forums, including the G20 and the IMF's International Monetary and Financial Committee. They expressed confidence that the Kingdom's ongoing reforms will further strengthen its economic resilience and global standing.
Saudi Gazette
3 hours ago
- Saudi Gazette
Ministry launches Non-Profit Precious Metals and Gemstones Association to boost industry
Saudi Gazette report RIYADH — The Ministry of Industry and Mineral Resources has officially announced the establishment of the Non-Profit Precious Metals and Gemstones Association, aimed at advancing the industry, fostering innovation, and empowering local designers and artisans across the Kingdom. The initiative forms part of the Ministry's broader strategy to strengthen the role of non-profit organizations within the industrial and mining sectors, reflecting its belief in their contribution to economic and social development. Aligned with Saudi Vision 2030, the association's objectives include enhancing local content in precious metals and gemstone products, supporting the creative industries, empowering women and youth, and elevating professional standards among designers through specialized training programs, workshops, and certifications. The new body will provide Saudi artisans and designers with financial and technical assistance, production grants, and opportunities to showcase their work at local and international exhibitions. It also aims to promote sustainability, encourage environmentally responsible practices in the gemstone sector, and build a unified professional community through a digital platform connecting investors and industry integrating designers and craftsmen into key value chains, the association seeks to expand Saudi Arabia's footprint in the global market while contributing to the national GDP.
Saudi Gazette
4 hours ago
- Saudi Gazette
Saudi report shows 97.7% of businesses have internet access, 57.7% use social media
Saudi Gazette report RIYADH — Nearly all establishments in Saudi Arabia (97.7%) are connected to the internet, while 57.7% of those with internet access use social media platforms, according to the 2023 'Nafath' statistics on information and communications technology usage by businesses, released by the General Authority for Statistics. The data shows that 94.1% of establishments have a dedicated business email, and 70.3% maintain a mobile phone specifically for their operations. About 75.5% operate with internal networks and fixed connections, while 91.3% have used government e-services, such as accessing information, downloading and submitting forms, or completing transactions online. Additionally, 73.1% of establishments reported completing government forms electronically, and 65.6% utilized cloud computing services for financial or accounting software applications.
