Kuwaiti investors encouraged to explore opportunities in Saudi Arabia by industry minister
RIYADH: Saudi Arabia's minister of industry and mineral resources has urged Kuwaiti investors to seize untapped opportunities in the Kingdom's mining sector.
The encouragement was given during Bandar Alkhorayef's meeting on April 30 with a group of Kuwaiti businessmen at a gathering organized by the Saudi Embassy as part of the minister's official visit to the Gulf country.
The trip was designed to strengthen economic ties, enhance cooperation in the industrial and mining sectors, and attract high-quality investments to the Kingdom, according to a statement.
During his meeting with the investors, the minister highlighted the crucial contribution of the industrial and mining sectors to the Kingdom's economic diversification, aligning with Saudi Vision 2030's aim to establish the country as a global industrial leader and a key hub for mineral production and processing.
This aligns with developments across the Saudi mining sector in order to maximize its impact on the national economy and exploit mineral resources, estimated at more than SR9.3 trillion ($2.47 trillion), Alkhorayef noted.
'He pointed out that the National Industrial Strategy focuses on developing and localizing 12 vital industrial sectors, most notably food, pharmaceuticals, automotive, and aviation, as these sectors provide promising investment opportunities for local and international investors,' the newly released ministry statement said.
'His Excellency pointed out the Kingdom's endeavor to enable industrial transformation by adopting the latest manufacturing technologies, including applications of the Fourth Industrial Revolution, developing digital infrastructure in the industrial sector, and developing human capabilities and qualifying them to deal with advanced technologies,' it added.
During the meeting, Alkhorayef highlighted the Kingdom's launch of the Factories of the Future program, which aims to automate industrial facilities and transform them into smart factories.
The minister also indicated that the General Geological Survey Program for Mining Exploration currently covers 60 percent of the Arabian Shield region and that the sector offers promising investment opportunities in all stages of mining.
He highlighted Saudi Arabia's strategic advantages that position it as a prime global investment hub, such as its location connecting three continents, advanced infrastructure, and abundant natural resources, as well as varied energy options and streamlined government processes and licensing.
Toward the end of the meeting, Alkhorayef encouraged Kuwaiti companies and investors to explore the distinctive opportunities in the Kingdom's industrial and mining sectors, emphasizing the nation's supportive capabilities and incentives designed to facilitate and enhance the investor experience.
Saudi Arabia, Kuwait to bolster collaboration in oil, commerce, industry
During his official visit to Kuwait, Alkhorayef also held bilateral meetings with the Minister of Commerce and Industry Khalifa Abdullah Al-Ajeel and the Minister of Oil Tariq Sulaiman Al-Roumi.
During the meeting with Al-Ajeel, the Saudi minister praised the longstanding and robust ties between the Kingdom and Kuwait, emphasizing that these historical relations serve as a solid foundation for strategic economic partnerships, particularly in the industrial sector.
The discussion also emphasized the need to bolster industrial integration between the two sides in order to advance sustainable industrial development and promote economic diversification in both nations.
The meeting with Sulaiman saw the crucial role of the crude oil sector highlighted as a key driver of development in both countries. It also explored strategic opportunities to expand collaboration in the petrochemical industry and discussed ways to increase trade exchange and direct joint investments toward emerging, high-potential sectors.
In an interview with Arab News on the sidelines of the Standard Incentives for the Industrial Sector event in January, Alkhorayef said that Saudi Arabia is taking a flexible approach to distributing its SR10 billion standardized incentive program — which provides financial support to industrial projects — to maximize its impact.
At the time, the minister said the program is designed to align with investor demand and deliver optimal returns.
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