Ministry of Industry, MODON, Oxagon sign MoU to implement Future Factory Program

Agreement signing ceremony

The Ministry of Industry and Mineral Resources announced the signing of a memorandum of understanding (MoU) with the Saudi Authority for Industrial Cities and Technology Zones (MODON) and NEOM Industrial City (Oxagon) to implement the Future Factory Program.

The goal of the MoU is to build a strategic relationship to support the development of the industrial sector in the Kingdom. This is besides bolstering the advancement and verification of the effectiveness of the A&CM index, the ministry said on Twitter.

It highlighted that the key areas of cooperation are contributing to the development of a Saudi index to assess the level of maturity of factories, forming a team of experts to study and evaluate the readiness of the industrial sector and its potential, pushing forward the fourth industrial wealth and flexible manufacturing initiatives, and exploring the best means and mechanisms for integrating advanced manufacturing technologies into manufacturing industries.

It also includes developing legislation, incentives and enablers that support the program and providing solutions to achieve industrial innovation in the Kingdom.