RIYADH: Saudi Arabia has launched a new strategy with the World Economic Forum to promote industrial innovation and advanced manufacturing in the country.
Minister of Industry and Mineral Resources and Chairman of the Saudi Industrial Development Fund Bandar bin Ibrahim Al-Khorayef launched the Saudi Advanced Manufacturing Hub, or Saudi AMHUB, strategy, which will look to position Saudi Arabia at the global forefront of industrial innovation and advanced manufacturing.
This will pave the way for Saudi’s industrial sector to implement the advanced mechanisms and practices of leading industrial experiences around the world, said Al-Khorayef, during the launch ceremony held in Riyadh on April 12.
Led by SIDF, Saudi AMHUB will have 24 core members from the public, private and academic sectors, and it will promote the Kingdom’s industrial sector towards adopting advanced manufacturing.
“In addition to that, it will be strengthening links between investors and providers of advanced technologies globally and enabling the local industrial sector to use such advanced technologies,” said SIDF CEO Ibrahim bin Saad Al-Mojel in a press statement.
The strategy’s main aim is to provide practical solutions to the country’s industrial sector while raising the operational and financial efficiency of factories.
SIDF joined the WEF in January 2021, in a move to adopt advanced industrial practices in the Kingdom.