Latest news with #BandarAlkhorayef
Leaders
3 days ago
- Business
- Leaders
MODON Signs Promising Deal with Moscow Government
The Saudi Authority for Industrial Cities and Technology Zones (MODON) has signed a memorandum of understanding (MoU) with the Department of Entrepreneurship and Innovative Development of the City of Moscow Government, according to the Saudi Press Agency. The deal seeks to promote joint investment opportunities and exchange of expertise and knowledge between both Saudi Arabia and Russia. In line with Saudi Vision 2030, the agreement will further boost industrial integration, develop industrial cities and technical zones, as well as empower entrepreneurship and innovation. Therefore, the MoU perfectly aligns with the National Industrial Strategy that aims basically to create a promising industrial and productive environment combining incentives for industrialization, innovation and entrepreneurship. By leveraging from successful international experiences, this cooperation will solidify the Kingdom's position as a global industrial and technological hub and support the transformation towards a sustainable and diversified economy. The deal was signed under the auspicious of Minister of Industry and Mineral Resources and MODON Board President Bandar Alkhorayef as part of his official visit to Moscow. After launching Vision 2030, the Kingdom has taken serious steps to end its dependency on oil and unleash new horizons of diversified economy. The Kingdom's comprehensive road map for economic development and diversification has singled out the mining sector as the potential third 'pillar' of the industry after petroleum and petrochemicals. The Ministry of Industry and Mineral Resources has brought together its visions and objectives under the umbrella of the National Industrial Development and Logistics Program (NIDLP). Related Topics: Saudi Arabia Unleashes New Horizons for Mining Cooperation with Russia MODON Unveils Jeddah Aviation Hub to Boost Aerospace Leadership MODON Signs SAR 1.75B in Contracts to Advance Industrial Cities Short link : Post Views: 13
Leaders
4 days ago
- Business
- Leaders
Saudi Arabia Unleashes New Horizons for Mining Cooperation with Russia
Saudi Arabia's Minister of Industry and Mineral Resources Bandar Alkhorayef met on Thursday with Russian Minister of Natural Resources and Environment Alexander Kozlov in Moscow, according to the Saudi Press Agency. Saudi-Russian Cooperation During the meeting, both ministers discussed the Saudi-Russian cooperation and explored how to further boost the bilateral collaboration in mining sector. They also stressed the significance of international cooperation to unleash new horizons for mining industry address the global challenges to secure a sustainable future for this growing sector. Bandar Alkhorayef Crucially, the meeting also delved into possible opportunities for collaboration between both Russia and Saudi Arabia to expand mineral exploration and deploy advanced mining technologies. The meeting was an integral part of Alkhorayef's visit to Moscow to expand strategic economic partnerships with Russia, particularly in the industrial and mining sectors. Saudi Mining Sector After launching Vision 2030, the Kingdom has taken serious steps to end its dependency on oil and unleash new horizons of diversified economy. The Kingdom's comprehensive road map for economic development and diversification has singled out the mining sector as the potential third 'pillar' of the industry after petroleum and petrochemicals. The Ministry of Industry and Mineral Resources has brought together its visions and objectives under the umbrella of the National Industrial Development and Logistics Program (NIDLP). NIDLP NIDLP includes 4 main sectors: energy, industry, mining, and logistics. It marks the Kingdom's pursuit to becoming a pioneering industrial powerhouse and prestigious global logistics hub. The program primarily aims at positioning the Kingdom as an effective key player in the energy, mining, logistics as well as industry sectors. To this end, it set a comprehensive mining strategy that includes 38 initiatives designed to foster mining exploration and development. The initiative sheds light on Saudi Arabia's status as the fourth-largest net importer of these materials in the world. This fact represents a golden opportunity for this promising sector to drive the Saudi economic growth. Related Topics: Mining in Mauritania: A Leading Sector with Promising Horizons Saudi Arabia Showcases Mining Exploration Opportunities to Leading UK Firms Ministry of Industry Launches Women in Mining Non-Profit Organization Short link : Post Views: 8
Asharq Al-Awsat
6 days ago
- Business
- Asharq Al-Awsat
From Russia, Alkhorayef Says Saudi Aims to Lead in Future Tech
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.
Arabian Business
6 days ago
- Business
- Arabian Business
Saudi Arabia highlights $2.5tn mineral wealth and industrial roadmap at INNOPROM 2025 in Russia
Saudi Arabia has unveiled bold plans to reshape its industrial future and accelerate global leadership in advanced manufacturing and critical minerals during INNOPROM 2025 in Yekaterinburg, Russia. Speaking at a strategic session titled 'Technological Leadership: Industrial Breakthrough,' Minister of Industry and Mineral Resources Bandar Alkhorayef laid out the Kingdom's vision to become a global force in future technologies and Industry 4.0 innovation. The announcement comes as Saudi Arabia was honoured as a strategic partner at this year's INNOPROM exhibition—highlighting its increasing international engagement in industrial cooperation and technological advancement. Saudi Arabia industrial strategy A National Industrial Strategy built on three pillars: Localising critical industries including food, pharmaceuticals, water, and defence Leveraging natural resources such as oil, gas, and minerals for advanced petrochemicals and mining Pioneering future sectors including AI, 3D printing, and smart manufacturing (Industry 4.0) Strong focus on R&D, local content development, and technology adoption incentives Alkhorayef announced that the Kingdom's mineral wealth is now estimated at $2.5tn, up from $1.3tn, thanks to extensive geological surveys. Key resources include phosphate, copper, iron ore, zinc, and other strategic minerals vital for the energy transition and industrial supply chains. The Future Minerals Forum (FMF)—hosted annually in Riyadh since 2022—has emerged as a global platform for dialogue on mineral resilience and responsible sourcing, uniting governments, investors, academia, and industry experts across the value chain. The minister highlighted the alignment between Saudi Vision 2030 and Russia's economic diversification goals, pointing to shared priorities in digital transformation, innovation, and non-oil growth. 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.
Saudi Gazette
6 days ago
- Business
- Saudi Gazette
Alkhorayef emphasizes Saudi Arabia's growing role as global industrial investment hub
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.
