Alkhorayef emphasizes Saudi Arabia's growing role as global industrial investment hub

Saudi Gazette

4 days ago

Saudi Gazette report
YEKATERINBURG — Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef emphasized the Kingdom's growing role as a global destination for industrial investment. He highlighted this while chairing Saudi-Russian roundtable meeting held on the sidelines of the 2025 INNOPROM International Industrial Exhibition in Yekaterinburg, Russia.
The roundtable, organized by the Ministry of Investment, brought together senior government officials, business leaders, and investors from both Saudi Arabia and the Russian Federation to explore avenues for deepening economic and industrial cooperation and forming strategic partnerships in key sectors.
In his speech, Alkhorayef highlighted the transformative impact of Vision 2030 in reshaping the Kingdom's economy into a diversified, competitive, and sustainable model. He underscored the wealth of opportunities available in Saudi Arabia's strategic sectors, particularly in industry and mining.
He pointed to a range of strategic assets that make the Kingdom an attractive investment destination, including its geographic position linking major global markets, robust industrial infrastructure comprising industrial cities and economic zones, as well as the availability of natural resources, competitive energy prices, and a skilled workforce. He noted the ease of doing business and the wide range of investor support services available, such as financing solutions, ready-built factories, and export incentives.
The minister stressed Saudi Arabia's commitment to building human capital as a cornerstone of sustainable industrial growth. He noted that the Kingdom's localization efforts include comprehensive training and upskilling programs aimed at equipping the national workforce with advanced manufacturing competencies tailored to the evolving needs of modern industries.
Also present at the meeting were Assistant Minister of Investment Dr. Abdullah Aldubaikhi and Saudi Ambassador to Russia Abdulrahman Al-Ahmad.
The roundtable formed part of Minister Alkhorayef's official visit to Russia, where he is leading the Saudi delegation at INNOPROM 2025. Saudi Arabia's participation underscores its efforts to enhance international industrial cooperation, promote knowledge transfer, and attract advanced technologies to support the localization of high-potential industries.
Saudi Arabia's global industrial ambitions unveiled at INNOPROM
Minister Alkhorayef unveiled on Wednesday Saudi Arabia's sweeping industrial ambitions during his participation at INNOPROM 2025 in Yekaterinburg, positioning the Kingdom as a rising global force in future technologies and advanced manufacturing.
Speaking at a strategic dialogue session titled "Technological Leadership: Industrial Breakthrough," Alkhorayef outlined the Kingdom's plan to lead the next wave of industrial innovation by strengthening its position in global value chains and accelerating the adoption of Fourth Industrial Revolution technologies. Alkhorayef thanked the Russian Federation and the INNOPROM organizers for hosting the Kingdom as a strategic partner at this year's exhibition. He noted that Saudi Arabia's participation reflects its broader commitment to international cooperation and its intent to attract partners to the Kingdom's rapidly evolving industrial landscape.
The minister said that the National Industrial Strategy, launched in 2022, is central to the transformation aimed at reshaping the Kingdom's industrial foundation. The plan is based on three main pillars. The first focuses on industries critical to national resilience, such as food, pharmaceuticals, water, and defense, which are being localized through targeted investments and international partnerships.
The second pillar leverages Saudi Arabia's natural and logistical advantages, including its oil, gas, and mineral wealth, as well as its strategic location as a crossroads between continents, covering advanced petrochemicals, mining, and high-value downstream industries. The third pillar targets future-oriented sectors, such as artificial intelligence, 3D printing, and Industry 4.0 applications, where the Kingdom aims to take early leadership through strong R&D support, technology adoption incentives, and a robust local content policy that prioritizes national capabilities.
Alkhorayef noted that the mining sector has become a significant pillar of Vision 2030. Through extensive geological surveying, the estimated value of Saudi Arabia's mineral resources has increased from $1.3 trillion to $2.5 trillion, encompassing critical minerals such as phosphate, copper, iron ore, zinc, and other strategic materials. He emphasized that the sector is advancing with a full commitment to environmental stewardship and social responsibility.
The minister highlighted the Kingdom's growing role as a global convenor for critical minerals dialogue through the Future Minerals Forum (FMF), hosted annually in Riyadh. Since its inaugural edition in 2022, FMF has become a leading global platform for shaping the future of minerals, driving collaboration on mineral resilience and responsible supply by bringing together governments, industry experts, investors, academia, and stakeholders across the entire mineral value chain.
The minister highlighted the similarities between Saudi Vision 2030 and Russia's strategic development goals, particularly in economic diversification, digital transformation, and industrial innovation. He referenced the establishment of the Saudi-Russian Joint Committee in 2002 and the opening of the Saudi Commercial Attaché office in Moscow in 2022 as pivotal steps in deepening bilateral cooperation.
He noted that the volume of trade exchange between the two countries has witnessed remarkable growth in recent years, rising from $491 million in 2016 to more than $3.28 billion in 2024.