Minister of Industry and Mineral Resources Bandar Alkhorayef highlighted Saudi Arabia and the UAE’s potential for industrial and mining integration, Fourth Industrial Revolution collaboration, and alignment in free-zone policies and incentives. He emphasized the exchange of expertise, particularly in earthquake and geological risk research.
Speaking at the Saudi-UAE Economic Forum in Riyadh, Alkhorayef underscored joint investments and the creation of integrated industrial zones, with efforts to unify standards to ease trade between the two nations.
The minister noted rapid changes that call for collective efforts to tackle challenges and capitalize on opportunities. He said the forum aims to strengthen industrial integration as a foundation for sustainable development and economic gains.
Saudi exports to the UAE saw annual growth exceeding 9% from 2018 to 2023, with exports reaching 31 billion riyals as of June 2024, Alkhorayef added.
Supporting Small and Medium-sized Enterprises (SMEs) and entrepreneurship, crucial to economic growth, is a priority, he said, stressing the importance of collaborative initiatives to boost financing, training, and knowledge-sharing among entrepreneurs.
The ministry seeks to attract foreign investment to both countries, offering an inviting investment environment with incentives and facilities across sectors.
Alkhorayef stressed the role of public-private partnerships in bolstering localization, enhancing local content, and generating high-quality jobs.
Alkhorayef highlighted the importance of digital transformation in industry, supporting new technologies like Artificial Intelligence (AI), the Internet of Things (IoT), and Fourth Industrial Revolution models. Creating a conducive environment for these technologies is a joint priority, he added, noting the sector’s collaboration with the private sector.
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