Saudi Arabia has said it will launch a new initiative dedicated to fostering innovation in the mining and industrial sectors, according to official statements.
The Industry and Mineral Resources Ministry announced the Innovative Industrial and Mining Products Programme, which is described as a significant undertaking to enhance developments and support the digital transformation of these sectors, it said on its official X account.
The authority added that the programme represents “a key step towards fostering innovation in the industrial and mining sectors” and reflects its commitment to “developing innovative solutions that support the kingdom’s industrial transformation and stimulate the growth and sustainability of the mining sector.”
Saudi Industry and Mineral Resources Minister Bandar Alkhorayef said the programme seeks to “provide an integrated environment that enables innovators to transform their ideas into executable and competitive products locally and internationally.”
He added that the initiative will boost innovation, which is a key pillar of economic growth, and support digital transformation in the industrial and mining sectors, according to a tweet by the minister.
In August, the ministry said that the petrochemical sector received a boost after a digital platform delivered more than 100,000 tonnes of raw materials to local factories.
Launched in mid-2023, the platform was designed to tackle challenges related to the surplus of locally available raw materials and to address competitiveness issues stemming from price disparities.
The ministry continues to implement initiatives aligned with Saudi Vision 2030, with a focus on strengthening the kingdom’s industrial base and enhancing its global competitiveness.
In September, it launched a new programme aimed at facilitating investment and acquisitions within the industrial sector. This initiative is designed to create diverse investment opportunities tailored to the specific goals of investors, while also supporting industrial companies in expanding production and addressing operational challenges, as reported by the Saudi Press Agency.
This programme is part of the ministry’s broader strategy to boost industrial investment and foster a more attractive investment environment. It offers three key benefits: promoting acquisitions within the industrial sector, providing liquidity to industrial companies, and presenting suitable investment opportunities for potential investors.
These efforts are intended to enhance production capacity and strengthen the competitive edge of industrial enterprises in the kingdom.
Top stories for today:
Plans underway to issue IPOs for Bapco Refining
Society bids farewell to long-time members
Future Generations Fund set for boost with new savings format
&uuid=(email))