From Russia, Alkhorayef Says Saudi Aims to Lead in Future Tech

Asharq Al-Awsat

5 days ago

Saudi Arabia is leading a sweeping industrial transformation aimed at reshaping the national economy and securing a leading position in advanced sectors, the kingdom's Minister of Industry and Mineral Resources Bandar Alkhorayef said.
Speaking at the main session of the INNOPROM 2025 international industry fair in Yekaterinburg, Russia, Alkhorayef highlighted Saudi Arabia's early adoption of future technologies and its efforts to boost production capabilities within global value chains.
He outlined that the National Industrial Strategy, launched in 2022, serves as the operational framework for the kingdom's industrial vision. The strategy focuses on three integrated pillars targeting key industrial groups. The first pillar covers industries related to national security — including food, pharmaceuticals, water, and military sectors — which Saudi Arabia aims to localize through active partnerships.
Alkhorayef said the second pillar focuses on industries that leverage Saudi Arabia's relative advantages, including abundant natural resources such as oil, gas, and minerals, as well as its strategic geographic location that positions the kingdom as a global logistics hub. Key sectors under this pillar include advanced petrochemicals, mining, and value-added manufacturing.
The third pillar targets future-oriented and emerging technologies. Saudi Arabia aims to strengthen its position in the early adoption of cutting-edge technologies through clear incentive policies.
These include support for research and development, applications of the Fourth Industrial Revolution, artificial intelligence, and 3D printing. Complementary measures such as the local content policy prioritize domestic products and bolster reliance on national capabilities, he added.
Alkhorayef also outlined recent developments in the kingdom's mining sector, a key focus of Vision 2030. He said efforts have followed three main tracks, starting with expanded geological exploration that boosted the estimated value of Saudi mineral reserves from $1.3 trillion to $2.5 trillion. These reserves include strategic minerals such as phosphate and copper, with ongoing attention to social and environmental considerations in mining areas.
The second track involves strengthening international partnerships through the annual Riyadh International Mining Conference, which has evolved into a global platform addressing challenges related to securing critical raw materials for the energy transition.
The conference fosters coordination among governments, private sector players, and academic and research institutions to enhance the mining sector's efficiency and sustainability. Alkhorayef expressed gratitude for the Russian government's contributions to the event.
Highlighting strong Saudi-Russian ties, he said there are promising opportunities to deepen cooperation, particularly given the alignment between Saudi Vision 2030 and Russia's 2030 national development goals in economic growth, digital transformation, and technological leadership.
Alkhorayef noted that the launch of the Saudi-Russian Joint Committee in 2002 and the opening of the Saudi commercial attaché office in Moscow in 2022 marked key milestones in advancing the partnership. He pointed to significant growth in bilateral trade, which surged from $491 million in 2016 to over $3.28 billion in 2024.