Saudi Arabia indicators settlement with World Financial Discussion board to speed up industrial transformation

Saudi Gazette reportDAVOS — Saudi Minister of Business and Mineral Assets Bandar Alkhorayef and President of the World Financial Discussion board (WEF) Børge Brende signed on Wednesday a cooperation settlement between the ministry and the WEF to advance industrial transformation within the Kingdom. The signing ceremony was held, within the presence of Prince Faisal bin Farhan, minister of overseas affairs and head of the Saudi delegation to the Davos 2026 Discussion board, on the sidelines of the World Financial Discussion board 2026 in Davos, Switzerland. The signing ceremony was additionally attended by Minister of Economic system and Planning Faisal Al-Ibrahim. The settlement between the 2 events targeted on growing a scalable, systematic mannequin for industrial transformation within the Kingdom. This will probably be achieved by capability constructing and expertise growth throughout the commercial ecosystem, thereby strengthening the Kingdom’s place as a number one regional hub for industrial transformation. The settlement additionally goals to speed up the tempo of commercial transformation and promote expertise adoption by growing a set of digital instruments that assist the transformation course of. This can facilitate the transition from theoretical evaluation to efficient sensible implementation and expedite the adoption of recent applied sciences and main industrial purposes. The settlement additionally consists of provisions for the ministry’s participation within the WEF’s expertise ecosystem, enhancing its interplay with world expertise suppliers, techniques integrators, and repair suppliers. This can maximize the ministry’s utilization of facilities of experience to enhance the effectivity and resilience of the commercial sector. Moreover, the settlement highlights the Kingdom’s efforts and management in adopting and growing worldwide greatest practices for industrial transformation, and its position as a key contributor to the Lighthouse OS, developed internally within the Kingdom by Oxagon, a subsidiary of NEOM. Lighthouse OS serves as a number one nationwide mannequin for industrial transformation, constructed, applied, and enhanced to fulfill the very best world requirements and practices. The settlement will probably be applied in coordination between the WEF and the ministry’s Middle for Superior Manufacturing and Manufacturing. That is a part of the Kingdom’s efforts to allow industrial transformation and speed up the adoption of recent applied sciences in industrial amenities, thereby elevating the effectivity of the commercial sector and enhancing its world competitiveness. The settlement was signed according to the goals of the Nationwide Industrial Technique and Saudi Imaginative and prescient 2030 to rework the Kingdom into a number one industrial energy regionally and globally, and to maximise the influence of business on the diversification of the nationwide economic system.

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