Saudi Arabia to focus on investments in tech, future industries: Alkhorayef

Bandar Alkhorayef, Minister of Industry and Mineral Resources

The Ministry of Industry and Mineral Resources aims to make Saudi Arabia a hub for technology investments and future industries, leading to the creation of quality jobs, said Minister Bandar Alkhorayef. 

The focus is on exporting technology in the future, he added. 

In a statement to CNBC Arabia's "Bemawdohia" program, he said that the ministry's aim for the industrial sector was to embrace modern technologies, the fourth industrial revolution, and artificial intelligence (AI) to transform 4,000 factories towards new business models and 3D printing. 

Alkhorayef highlighted the sectors targeted for foreign investment, such as the automotive and pharmaceutical, which are new to the Kingdom and need expertise. The presence of foreign investors signifies a robust investment environment, he added. 

The minister said that the Kingdom, a major car consumer with no automotive industry, is incentivizing this sector. Plans include manufacturing electric vehicle batteries, which is crucial for attracting investment in the upcoming sector. 

Alkhorayef confirmed that while the industrial sector faces challenges, the main issues have been efficiently addressed. 

He mentioned that the ministry's goal is to build domestic capacities, irrespective of ownership. The local content system treats Saudi and foreign investors equally, reflecting the Kingdom's investment attractiveness and partnership opportunities.