Industry Ministry aims to support 4,000 factories to adopt modern tech: Alkhorayef

Saudi Arabia's Minister of Industry and Mineral Resources Bandar Alkhorayef announced the launch of the "Future Factories" program, aiming to assist more than 4,000 factories in adopting modern technologies. The initiative will offer low-interest loans to purchase equipment and provide specialized training programs for national workforce development.

In an interview with Argaam on the sidelines of the Human Capability Initiative Conference, Alkhorayef highlighted the partnership with the Human Capability Development Program, which helped create a foundation for collaboration between the two entities. This collaboration aims to enhance the skills of the national workforce and address the future job needs of the industrial and mining sectors.

The minister noted that the industrial and mining sectors have the advantage of being able to predict future job opportunities, as the establishment of factories and mines typically takes between three to five years. This time frame allows for early planning and preparation of national talent.

The minister also mentioned that the ministry is working with companies such as Ceer, Lucid, and Hyundai to implement training programs aimed at qualifying Saudi professionals ahead of the operation of factories, which could take two to three years. This initiative is part of a proactive effort to localize specialized jobs.

The industrial sector, Alkhorayef added, offers significant opportunities for localization, as many low-wage operational jobs are held by expatriates. Introducing modern technologies will help create job opportunities for Saudi citizens, compared with other countries.

Further, Alkhorayef indicated that the ministry launched the Industrial and Mining Academy and the Porsche Academy in collaboration with El Sewedy University in Egypt to supervise the development of performance across industry-related training institutes.

The ministry is leveraging the Wa'ed Scholarship Program, under which a number of Saudi scholarship recipients are currently enrolled in training programs related to global factories in the US and Europe, preparing them for future job opportunities.

Alkhorayef concluded that the Human Capability Development Program aims not only to provide workforce but also to nurture entrepreneurs and innovators, empowering national talents in research, development, and innovation. This will contribute to transforming Saudi Arabia into a hub for exporting technologies, rather than merely importing them.