Latest news with #NationalIndustrialStrategy
Leaders
12-07-2025
- 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
10-07-2025
- Business
- Leaders
Saudi Arabia Showcases Investment Potential at INNOPROM 2025
At INNOPROM 2025, held in the Russian Federation, the Saudi Pavilion hosted a series of specialized workshops aimed at strengthening international industrial partnerships and promoting the Kingdom's dynamic investment environment. The events highlighted Saudi Arabia's competitive advantages across key sectors including industry, mining, and energy. The workshops also showcased the enablers and incentives available to investors, reinforcing the Kingdom's strategic position as a global economic hub. Industrial Growth, Incentives The Ministry of Industry and Mineral Resources led several workshops to introduce the industrial investment landscape in Saudi Arabia. One key session, 'Industrial Investments in the Kingdom of Saudi Arabia,' reviewed the evolution of the industrial sector, the goals of the National Industrial Strategy, and the focus areas for localization. The session emphasized the Kingdom's logistical strengths—such as its geographic position, 40+ industrial cities, 10 major ports, and a 5,000-kilometer rail network. Another workshop, 'The Standard Incentive Program for the Industrial Sector,' focused on priority sectors including aerospace, automotive, pharmaceuticals, and downstream chemicals. Additionally, the program offers up to 35% financial incentives, capped at SAR 50 million per project, to eligible investments. Financing, Support Services for Industrial Development Multiple institutions provided insights into Saudi Arabia's robust support systems. The Saudi Industrial Development Fund (SIDF) hosted a session on its financing and advisory services designed to support sustainable, high-quality industrial projects. Meanwhile, the Saudi Export-Import Bank (EXIM) introduced its export financing tools such as supply-chain finance, export credit, and guarantees—supporting the global competitiveness of non-oil Saudi products. The Economic Cities and Special Zones Authority presented the benefits of investing in special economic zones, while the National Industrial Development Center (NIDC) highlighted high-value opportunities in downstream chemicals, aiming to quadruple the sector's contribution to GDP under the National Industrial Strategy. Expanding Opportunities in Mining, Energy A major focus was also placed on mining and energy. The Ministry of Industry and Mineral Resources introduced the workshop 'The Kingdom: The World's Next Hub for Mineral Processing,' highlighting Saudi Arabia's $2.5 trillion in mineral reserves and its goal to boost the sector's GDP contribution to $64 billion by 2030. Moreover, the Ministry of Energy presented investment opportunities across the energy sector, while other entities such as the Premium Residency Center, ROSHN Group, and the Spirit of Saudi Arabia tourism program showcased incentives for skilled professionals, real estate development, and tourism respectively. INNOPROM Saudi Arabia's participation as a partner country at INNOPROM 2025 underscores its commitment to fostering global industrial cooperation and attracting strategic investments. By highlighting its advanced infrastructure, strategic location, and supportive ecosystem, the Kingdom aims to deepen ties with Russian and international investors, boost non-oil exports, and position itself as a leading industrial and investment destination. Related Topics: Investment Ministry to Forge Global Partnerships at 2025 INNOPROM Expo in Russia Saudi-Russian Industrial Dialogue Forum Highlights Promising Investment Opportunities Saudi Artist Malak Al-Johani Revives Grandmother's Memories Through Interactive Art Short link : Post Views: 21
Asharq Al-Awsat
10-07-2025
- 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
09-07-2025
- 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.
Argaam
08-07-2025
- Business
- Argaam
Saudi Arabia, Russia trade exchange hits SAR 3.5B, huge opportunities ahead: Alkhorayef
Minister of Industry and Mineral Resources Ibrahim Alkhorayef said that trade exchange between Saudi Arabia and Russia currently stands at nearly SAR 3.5 billion, adding that there is a remarkable growth in terms of ratios, with greater ambitions and even huge opportunities ahead. In an interview with Argaam on the sidelines of Saudi Arabia's participation as a partner country at the INNOPROM International Industrial Exhibition currently held in Russia, Alkhorayef stated that Russian companies have shown growing interest in the Saudi market. He noted that the Kingdom also seeks to attract companies that possess technologies in metal processing, military industries, industrial equipment, and other fields. He pointed out that the iron industry is among the sectors the Kingdom aims to develop, noting that Saudi Arabia has launched a dedicated strategy to develop this sector, and Russia is considered a qualified country to export iron to the Saudi market. He added that the Kingdom also aims to develop the titanium industry, given its strategic importance both locally and globally. Moreover, the launch of the National Industrial Strategy and the Mining Strategy has created significant opportunities for cooperation between the two countries, especially in light of global challenges that have affected supply chains. These challenges have made Saudi Arabia an attractive hub for investments, according to the minister. Meanwhile, Alkhorayef noted that Russian investments in the Kingdom's industrial sector are still limited, which is attributed to the fact that several countries, including Russia, had not previously viewed Saudi Arabia as a hub for expanding into other markets and, instead, investments were focused on serving domestic demand. He pointed out that this view has now changed amid increased domestic demand, huge government projects, and localization and local content programs. 'The goal is to transform the Kingdom into a global platform for manufacturing, exporting, and logistics, making it an attractive destination for major firms to build capabilities that can expand worldwide,' he said. Alkhorayef also clarified that the Saudi Industrial Strategy includes over 800 projects worth more than SAR 1 trillion, stressing the strong growth in the industrial sector. 'For example, MODON's industrial cities currently host more than 1,400 factories under construction, along with 2,000 factories waiting for industrial land allocation. This reflects the sector's rapid growth and the confidence investors have in Saudi Arabia's industrial environment,' he said. This growth reflects the National Industrial Strategy, the localization strategy, and local content targets, said the minister, adding that major companies such as Aramco, SABIC, stc and Maaden have localization programs that have opened up significant opportunities for both Saudi and international investors. Alkhorayef also said that Saudi Arabia's selection as a partner country for this year's edition of the exhibition underscores its international position and the opportunities available across various sectors, particularly in industry. He indicated that the exhibition aims to showcase the opportunities available in the Kingdom, especially in the industrial and educational sectors, highlighting that the Ministry of Tourism is participating with a special pavilion to promote tourism in the Kingdom, while the Ministry of Investment, through its 'Invest in Saudi' initiative, is working to introduce visitors to opportunities in other sectors.
