Saudi minister sees bright future in industrial sector

Saudi Arabia hopes that technology will push its local economy forward as the kingdom tries to reach the goals of Crown Prince Mohammed bin Salman’s Vision 2030 plans, a top Saudi official has told The Associated Press. Saudi Arabia’s Minister of Industry and Minerals, Bandar Al-Khorayef said that his ministry is “betting” on technology to aid it, adding “Technology will be a main driver for our growth in the sector.” Al-Khorayef said technology also will create more jobs for the Saudi youth. That’s a goal of the Vision 2030 plan, which also calls for weaning the kingdom off relying on fossil fuel sales. Investments in the industrial sector have reached more than $350 billion, and the number of factories in the kingdom has exceeded 10,000, according to the ministry. The value of Saudi non-oil exports in the first half of 2022 amounted to about $44 billion, an estimated increase of 31%. Al-Khorayef also discussed Lucid, a U.S.-based electric car builder in which Saudi Arabia has shares. The company will open a plant in Saudi Arabia for the local and regional markets. CEER, a Saudi electric car brand, will create a factory soon. Saudi investments in electric cars are expected to reach $50 billion in the next decade. Al-Khorayef said he expects a bright and “great future” for Saudi Arabia as a lot of investments are being allocated to invest in people. He said his country has “one of the largest programs to develop human capital, to make the Saudi citizen a global citizen.” This article was provided by The Associated Press.