Latest news with #NationalIndustrialStrategy
Muscat Daily
9 hours ago
- Business
- Muscat Daily
Omani govt delegation reviews Dhofar industrial growth
Salalah – A joint delegation from Ministry of Commerce, Industry and Investment Promotion; the Projects, Tenders and Local Content Authority; and Oman Chamber of Commerce and Industry conducted a field visit to several factories in Dhofar on Monday as part of ongoing efforts to support industrial development and enhance local content. The visit included industries within Salalah Free Zone, Madayn and Dhofar Industrial Zone. Officials reviewed production processes, discussed key achievements, and explored areas for development and innovation across various manufacturing sectors. The delegation held discussions with factory representatives to understand existing challenges, identify growth opportunities, and explore mechanisms to enhance collaboration between the public and private sectors. The visit aligned with objectives of the National Industrial Strategy and aimed to increase local added value in the manufacturing sector, the ministry stated. Khalid bin Salim al Qassabi, Director General of Industry at Ministry of Commerce, Industry and Investment Promotion, said such field visits provide an opportunity for direct dialogue with factory owners and workers. 'These visits help us understand the realities on the ground, listen to the concerns of manufacturers, and identify practical solutions that promote industrial networking and growth.'
Saudi Gazette
15 hours ago
- Business
- Saudi Gazette
Saudi minister explores investment and industrial partnerships with US private sector in Chicago
Saudi Gazette report CHICAGO — Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Al-Khorayef, met with leaders of the American private sector in Chicago to discuss enhancing cooperation in industry and mining, and to explore bilateral investment opportunities. The roundtable, held at the headquarters of World Business Chicago, focused on the development of Saudi Arabia's industrial and mining sectors, the potential for innovation-driven investments, and strategies to build sustainable economic partnerships between the two countries. During the meeting, Al-Khorayef emphasized the strength of the strategic relationship between Saudi Arabia and the United States, highlighting that bilateral trade reached over SR123 billion ($32.8 billion). He also referenced the recent visit of U.S. President Donald Trump to Saudi Arabia, which resulted in the signing of a strategic partnership document and a series of key agreements in sectors including defense, energy, mining, technology, and artificial intelligence. Al-Khorayef outlined the central role of the industrial and mining sectors in Saudi Arabia's Vision 2030 economic diversification agenda. He noted that the National Industrial Strategy aims to localize and grow 12 priority sectors — including downstream chemicals, automotive, aerospace, and mining — and raise the sector's GDP contribution to $244 billion by 2030. The strategy offers 800 investment opportunities worth around SR1 trillion ($266.6 billion), positioning Saudi Arabia as a global industrial hub. On the mining front, the minister said the Kingdom aims to develop the sector into the "third pillar" of national industry, capitalizing on untapped mineral resources valued at over SR9.4 trillion ($2.5 trillion), including gold, copper, and rare earth elements. The comprehensive mining and minerals strategy targets a sectoral GDP contribution of SR240 billion ($64 billion). Al-Khorayef also pointed to the Kingdom's competitive regulatory environment for mining investments. Recent reforms have streamlined licensing, reducing the application processing period to just 90 days, while a supportive legislative framework offers attractive incentives for domestic and international mining firms. The roundtable was attended by key figures from the U.S. private sector and more than 30 investors across strategic industries including specialty chemicals, automotive, aviation, and mining.
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.
