Saudi Arabia planning expansions of 12 industrial sectors
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Sulaiman
- . November 9, 2022
- . Update: November 11, 2022 12:58 am
The Kingdom of Saudi Arabia (KSA) is planning expansions of 12 strategic industrial sectors, Osama Al-Zamil, the deputy minister of industry and mineral resources, said on Tuesday.
While attending the opening day of “A Renewed World,” a two-day conference organised by Johnson Controls Arabia, the joint regional arm of Johnson Control International, Osama Al-Zamil said the 12 sectors that targeted for expansion are aerospace, automotive, maritime, renewables, chemicals, machinery and equipment, medical devices, pharmaceuticals, food processing, building materials, mining industries, and military industries.
According to Osama Al-Zamil, the expansion is part of Saudi Arabia’s National Industrial Strategy. The Ministry of Industry and Mineral Resources of the Kingdom also launched a “Factories of the Future” program in order to expand the manufacturing sector of the country.
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During the event, he also highlighted the launch of Ceer, a Saudi electric vehicle company, by Crown Prince Mohammed bin Salman. According to him, Ceer would contribute to driving and enhancing the manufacturing sector in the country. It is in line with the Saudi Public Investment Fund’s strategy that aims to improve the manufacturing sector of the country.
The company is also projected to directly contribute $8 billion to the country’s GDP (Gross Domestic Product) by 2034. According to the Saudi Crown Prince, the company, which is a joint venture between Saudi Public Investment Fund (PIF) and Hon Hai Precision Industry Co. (Foxconn), is in line with Saudi Vision 2030.
Experts who attended the event stressed the important role of partnerships between the private and public sectors in Saudi Arabia. George Oliver, the chairman of Johnson Controls, reportedly said that the Saudi government has planned to expand the country’s manufacturing sector as part of its Vision 2030.
Mohannad Al-Sheikh, the CEO of Johnson Controls Arabia, said that KSA has played a leading role in facing climate change.
