Latest news with #BandarAlkhorayef
Zawya
21-05-2025
- Automotive
- Zawya
Alkhorayef: Saudi Arabia rapidly localising auto industry, becoming re-export hub
DOHA— Minister of Industry and Mineral Resources Bandar Alkhorayef highlighted Saudi Arabia's swift progress in localizing the automotive industry during his participation in a dialogue session at the Qatar Economic Forum in Doha on Wednesday. He emphasized that Saudi Arabia would become a re-export hub with its rapid transformation taking place in the automobile industry. The minister highlighted the Kingdom's emergence as a key player in car re-exports, driven by advancements in infrastructure and logistics services. He also discussed the Kingdom's focus on the future of the electric vehicle industry to achieve the goals of transitioning to clean energy, as per the goals of Vision 2030. Alkhorayef noted that industrial transformation, the adoption of advanced manufacturing technologies, and the deployment of applications from the Fourth Industrial Revolution, including AI and robotics, requires a robust digital infrastructure. He pointed out that the Kingdom has made substantial progress in this area through targeted investments in digital infrastructure and the implementation of regulations and laws to ensure privacy and cybersecurity. He stated that 2024 saw a significant leap in the performance of non-oil exports, with their contribution to GDP rising from 16 percent to 25 percent. This achievement stems from effective government policies, a favorable investment environment, and active engagement from the private sector. Speaking at a dialogue session during the Qatar Economic Forum, Minister of Economy and Planning Faisal Alibrahim underscored the continued efforts to implement reforms aimed at improving the business environment and enhancing investment opportunities in the Kingdom, in line with the objectives of Vision 2030. Alibrahim explained how the Kingdom is restructuring its economy for the long term, transitioning from a consumption-based model to a more complex and productive one, while continuing to attract global capital and talent. The minister emphasized that Vision 2030 is not merely a plan but a transformative journey, underpinned by institutional efficiency and effective decision-making. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Saudi Gazette
21-05-2025
- Automotive
- Saudi Gazette
Alkhorayef: Saudi Arabia rapidly localizing auto industry, becoming re-export hub
Saudi Gazette report DOHA— Minister of Industry and Mineral Resources Bandar Alkhorayef highlighted Saudi Arabia's swift progress in localizing the automotive industry during his participation in a dialogue session at the Qatar Economic Forum in Doha on Wednesday. He emphasized that Saudi Arabia would become a re-export hub with its rapid transformation taking place in the automobile industry. The minister highlighted the Kingdom's emergence as a key player in car re-exports, driven by advancements in infrastructure and logistics services. He also discussed the Kingdom's focus on the future of the electric vehicle industry to achieve the goals of transitioning to clean energy, as per the goals of Vision 2030. Alkhorayef noted that industrial transformation, the adoption of advanced manufacturing technologies, and the deployment of applications from the Fourth Industrial Revolution, including AI and robotics, requires a robust digital infrastructure. He pointed out that the Kingdom has made substantial progress in this area through targeted investments in digital infrastructure and the implementation of regulations and laws to ensure privacy and cybersecurity. He stated that 2024 saw a significant leap in the performance of non-oil exports, with their contribution to GDP rising from 16 percent to 25 percent. This achievement stems from effective government policies, a favorable investment environment, and active engagement from the private sector. Speaking at a dialogue session during the Qatar Economic Forum, Minister of Economy and Planning Faisal Alibrahim underscored the continued efforts to implement reforms aimed at improving the business environment and enhancing investment opportunities in the Kingdom, in line with the objectives of Vision 2030. Alibrahim explained how the Kingdom is restructuring its economy for the long term, transitioning from a consumption-based model to a more complex and productive one, while continuing to attract global capital and talent. The minister emphasized that Vision 2030 is not merely a plan but a transformative journey, underpinned by institutional efficiency and effective decision-making.
Arab News
20-05-2025
- Automotive
- Arab News
Saudi Arabia's EV push signals long-term investment strategy: Alkhorayef
RIYADH: Saudi Arabia's investment in electric vehicles reflects how the Kingdom is shaping its future through strategic, long-term bets, according to a senior minister. Speaking during a panel discussion at the Qatar Economic Forum in Doha, Minister of Industry and Mineral Resources Bandar Alkhorayef stated that Saudi Arabia's push toward EV manufacturing demonstrates the Kingdom's commitment to shaping a modern and sustainable economy. His comments come as Saudi Arabia ramps up efforts to position itself as a regional hub for automotive manufacturing, particularly in electric vehicles. Backed by the Public Investment Fund, the Kingdom has invested in ventures such as US-based Lucid Motors, which is building a production facility in King Abdullah Economic City. As part of its broader diversification drive, Saudi Arabia aims to produce over 300,000 vehicles annually by 2030. 'Betting on EVs is also showing you how we think as a country. We are investing in the future,' he said. He added: 'Automotive is a sector that we have been waiting to attract for many years, that our vision is a great enabler that brought the sector to Saudi. We are the largest country exporting cars with no local manufacturing, and I think it's the right move.' Alkhorayef emphasized that the Kingdom's economic transformation under Vision 2030 centers on diversification, with mining and industrial development playing a key role in that shift. 'In our vision — Saudi Vision 2030 — diversification of our economy is key, and definitely mining and industry are both areas where we can see great opportunities,' he said. Discussing the Kingdom's execution capabilities, the minister said Saudi Arabia has mastered 'the art of execution,' stressing that successful implementation of plans, not just strategy, is what builds investor confidence. He highlighted mining as a strategic sector, noting that the country has significantly reformed its regulatory framework. 'We have been able to introduce, I would claim, one of the best — if not the best — mining investment laws globally… We have been able to reduce the licensing time from the global average of three to five years to six months,' Alkhorayef said. Touching on global mineral demand, he said: 'We are actually in a race with time to ensure that we have the right quantities of minerals and metals to satisfy the global need in energy transition, in automation, in technology, and in defense.' The minister pointed to the Future Minerals Forum hosted by the Kingdom as a critical platform to address such challenges, uniting governments, private sector players, and financial institutions to improve exploration, refining, and supply chain resilience. On the topic of supply chains and national resilience, Alkhorayef explained that Saudi Arabia's localization strategy goes beyond national security. 'It is really capturing a new value. Today in manufacturing, scale is becoming less important because of new technologies that are being introduced,' he said. Alkhorayef continued: 'Today in manufacturing, in mining, and in many of the sectors we intend to build in Saudi, are all built on new technologies. How can we ensure that while we are growing our economy, we are creating the right jobs for our people?' Addressing the role of governments in enabling private sector growth, Alkhorayef stressed the need for proactive governance. 'Without government really helping the private sector to capture different value, it would be very hard to see the growth in the private sector,' he said, stressing the importance of infrastructure, regulation, and digital security in encouraging investment. He concluded by highlighting the Kingdom's export achievements: 'Last year is a great demonstration of the growth we have done. 2024 was the record high export of Saudi Arabia. Non-oil export — we grew from 16 percent contribution in non-oil export to 25 percent contribution of our GDP in non-oil export. The non-oil, non-petrochemical growth of exports was 9 percent last year,' he said.
Argaam
20-05-2025
- Automotive
- Argaam
Saudi Arabia leads car exports without local manufacturing: Alkhorayef
Minister of Industry and Mineral Resources, Bandar Alkhorayef said Saudi Arabia is the world's top exporter of cars without local production, but it's now betting on electric vehicles, signaling a future-oriented strategy. At the Qatar Economic Forum, Alkhorayef said Vision 2030 was a key enabler in attracting the automotive sector to the Kingdom. He noted that the industrial localization strategy aims not only at national security and economic resilience, but also at generating new value. He said industrial scale is becoming less important due to new technologies. Sectors like mining and manufacturing in Saudi Arabia are being built using advanced tech, with a focus on regional and global markets, not just domestic demand. Alkhorayef pointed to significant opportunities in mining and industry to support Saudi Arabia's economic diversification under Vision 2030. He said results are now visible on the ground, thanks to well-coordinated planning and execution. He emphasized that planning alone isn't enough. Private sector involvement is vital, with investors needed who are ready to commit capital to the sector. In mining, regulatory reform has been the key. Alkhorayef said Saudi Arabia now has one of the world's strongest investment frameworks for mining. The time to obtain a license has dropped to under six months, down from the global average of three to five years.
Argaam
20-05-2025
- Business
- Argaam
Saudi EXIM Bank receives 1st Fitch rating at 'A+' with stable outlook
The Saudi Export-Import Bank (Saudi EXIM) received its first-ever credit rating from Fitch Ratings, which assigned the bank a Long-Term Issuer Default Rating (IDR) of 'A+' in both foreign and local currencies, with a stable outlook. The agency also gave the bank a Short-Term IDR of 'F1+'. Fitch said the ratings reflect several key factors, including strong government ownership and support, oversight by the National Development Fund (NDF), and the bank's pivotal role in implementing government policies related to export financing, guarantees, and insurance, according to the Saudi Press Agency. The agency added that Saudi EXIM operates as an extension of the government's efforts to diversify the economy and boost non-oil exports, reinforcing confidence in the likelihood of continued government support when needed. On his part, Bandar Alkhorayef, Minister of Industry and Mineral Resources, stated that the bank receiving its first credit rating from Fitch Ratings reflects its pioneering role in supporting the Kingdom's development by enhancing the efficiency of the export ecosystem, bridging financing gaps, and mitigating risks. In a post on X, the minister noted that since its establishment in 2020, Saudi EXIM has provided over SAR 75 billion in credit facilities, enabling non-oil exports to reach more than 150 countries worldwide.
