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Saudi Gazette report
ROME — Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has emphasized that the Fourth Industrial Revolution technologies are a fundamental pillar for achieving industrial transformation in Saudi Arabia.
Addressing the roundtable meeting organized by the General Confederation of Italian Industry in Rome on Wednesday, he noted that this would be accomplished by automating industrial facilities and converting them into smart factories that rely on the latest advanced manufacturing solutions. The meeting was attended by private sector leaders and the CEO of the National Industrial Development Center (NIDC) Eng. Saleh Al-Solami.
Alkhorayef said that the “Future Factories” program launched by the Kingdom aims to automate 4,000 factories by adopting Fourth Industrial Revolution applications in these factories and utilizing artificial intelligence and robotics in manufacturing processes and quality control.
The minister said this aims to improve production efficiency and reduce costs, which will transform the nature of jobs in the Kingdom and create high-quality jobs that reduce reliance on unskilled labor. He also indicated that the Kingdom’s National Industrial Strategy focuses on localizing and developing 12 promising industrial sectors.
Alkhorayef said the strategy is designed to integrate with relevant entities in both the public and private sectors, and its objectives intersect with 20 other national strategies to achieve effective partnerships that benefit the Kingdom and its international partners. He added that the National Industrial Strategy offers over 800 investment opportunities worth SR1 trillion, making it an opportune time to attract investments from Italian companies into the Saudi industrial sector.
The minister noted that Saudi Vision 2030 aims to diversify the Kingdom’s economic base. One of its objectives is to transform the mining sector into a third pillar of the Saudi industry, positioning the Kingdom as a global hub for the production and manufacturing of minerals. This objective is based on the Kingdom’s possession of approximately $2.5 trillion worth of important and diverse minerals and its ambitious steps to develop the sector.
In a related development, Bandar Alkhorayef met on Wednesday with Italian Minister of Enterprises and Made in Italy Adolfo Urso. The ministers explored ways to enhance industrial collaboration between their countries and attract major Italian companies to invest in strategic industrial sectors within Saudi Arabia. Eng. Saleh Al-Solami, CEO of the National Industrial Development Center (NIDC), attended the meeting.
The ministers emphasized the mutual benefits of strengthening economic ties between Saudi Arabia and Italy, particularly in the industrial and mining sectors. They praised the robust commercial relations, highlighting the Saudi-Italian partnership as a model for international cooperation and economic integration. Alkhorayef presented the unique opportunities available in promising sectors outlined in the National Industrial Strategy (NIS) and the incentives and support offered to industrial investors in Saudi Arabia. He encouraged Italian companies to seize these opportunities and expand their investments in the Kingdom.
The ministers also discussed strategies to enhance Saudi exports to Italy and explored how to leverage the services provided by the Saudi Export-Import Bank in this endeavor. This meeting is part of Alkhorayef’s official visit to Italy. It aims to foster industrial and mining cooperation, explore joint opportunities in critical sectors that align with the NIS, leverage cutting-edge industrial innovation solutions, and attract investments to promising sectors in Saudi Arabia
