Riyadh: Minister of Industry and Mineral Resources Bandar Alkhorayef affirmed the strength and resilience of the Saudi economy amidst global geopolitical shifts and supply chain challenges. Speaking at a panel on the potential of artificial intelligence during the ninth Future Investment Initiative (FII) conference, the minister highlighted the Kingdom's rapid advancement in smart industrial transformation.
According to Saudi Press Agency, Alkhorayef stated that the Kingdom serves as a global model of economic stability, solidifying its position as an attractive destination for global investments. He noted that despite regional challenges, Saudi Arabia continues its strong economic growth.
The minister emphasized that the National Industrial Strategy prioritizes enabling advanced manufacturing technologies and attracting high-quality investments. This includes accelerating the adoption of emerging technologies and AI by national factories, improving legislative and regulatory frameworks for technology-adopting factories, and developing digital infrastructure and human capital.
Alkhorayef confirmed the sector is taking ambitious steps to stimulate innovation. Key programs include the Future Factories Program, which aims to automate 4,000 factories, and the 1K Mile program to transform entrepreneurial ideas into viable industrial and mining projects. The Industrial Hackathon also actively seeks solutions to factory challenges from global innovators.
Alkhorayef highlighted that Saudi Arabia's smart industrial cities are fully equipped with the latest global technologies, including AI and IoT, making the Kingdom a fertile ground for testing new ideas.
The minister concluded by praising the success of local content policies, citing a partnership with Sanofi and Novo Nordisk to localize over 90% of domestic insulin production, demonstrating the tangible results of the Kingdom's industrial focus.