Industry Minister: Saudi Arabia Global Model of Stability Amid Geopolitical Shifts
Minister of Industry and Mineral Resources Bandar Alkhorayef reaffirmed the strength and resilience of Saudi Arabia’s economy in the face of global geopolitical shifts and supply chain disruptions.
Speaking during a panel on artificial intelligence at the ninth Future Investment Initiative (FII) conference, Alkhorayef emphasized the Kingdom’s rapid progress in smart industrial transformation.
He stated that Saudi Arabia stands as a global model of economic stability, maintaining its appeal as a premier destination for international investment. Despite regional challenges, the Kingdom continues to experience robust economic growth.
The minister explained that the National Industrial Strategy focuses on advancing manufacturing technologies and attracting high-quality investments. Its priorities include accelerating the adoption of emerging technologies and AI in national factories, enhancing regulatory and legislative frameworks for tech-driven industries, and strengthening digital infrastructure and human capital development.
Alkhorayef highlighted the sector’s ambitious efforts to foster innovation. Notable initiatives include the Future Factories Program, which aims to automate 4,000 factories, and the 1K Mile Program, designed to turn entrepreneurial concepts into viable industrial and mining ventures. Additionally, the Industrial Hackathon engages global innovators to develop solutions to factory challenges.
He also pointed out that Saudi Arabia’s smart industrial cities are equipped with cutting-edge technologies—such as AI and the Internet of Things (IoT)—positioning the Kingdom as a prime hub for testing and implementing new innovations.
Concluding his remarks, Alkhorayef praised the success of local content policies, citing collaborations with Sanofi and Novo Nordisk to localize more than 90% of domestic insulin production. This achievement, he said, reflects the tangible outcomes of Saudi Arabia’s focused industrial strategy.
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