Saudi Arabia has signed a new cooperation agreement with the World Economic Forum (WEF) to accelerate industrial transformation across the Kingdom. This partnership is part of Saudi Arabia’s broader goal to strengthen its position as a leading industrial hub in both the region and globally.
The agreement, signed at the World Economic Forum in Davos, was led by Bandar Alkhorayef, Saudi Arabia’s Minister of Industry and Mineral Resources, and Borge Brende, President and CEO of the World Economic Forum. The signing was attended by Faisal bin Farhan Al Saud, Minister of Foreign Affairs, and Faisal Alibrahim, Minister of Economy and Planning.
The focus of the agreement is to create a scalable model for industrial transformation in Saudi Arabia by building capabilities and enhancing competencies across the industrial sector. This initiative aims to elevate the Kingdom’s role as a regional leader in advanced manufacturing and industrial innovation.
As part of the collaboration, the Ministry of Industry and Mineral Resources will work with the WEF to promote the adoption of advanced technologies. This will include a digital toolkit designed to help accelerate the deployment of industrial applications across manufacturing facilities.
The agreement also enables the integration of Saudi Arabia’s industrial initiatives into the WEF’s global technology ecosystem. This connection will strengthen Saudi Arabia’s engagement with international suppliers, system integrators, and service providers, helping improve the efficiency, resilience, and competitiveness of the country’s industrial sector.
Additionally, the agreement highlights Saudi Arabia’s commitment to adopting international best practices and contributing to the Lighthouse OS operating system. Developed by Oxagon, a subsidiary of NEOM, Lighthouse OS serves as a model for industrial transformation aligned with global standards.
The implementation of this agreement will be overseen by the WEF and the Ministry of Industry and Mineral Resources through the Advanced Manufacturing and Production Centre. This forms part of Saudi Arabia’s broader Vision 2030 goals, which focus on diversifying the Kingdom’s economy, increasing industrial productivity, and enhancing global competitiveness.
In conclusion, this partnership with the World Economic Forum represents a crucial step in Saudi Arabia’s industrial transformation journey. By leveraging global expertise and advanced technologies, Saudi Arabia is set to become a leading industrial power both regionally and internationally.
