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Riyadh Int’l Industry Week Connects 10,000 Leaders Worldwide

Saudi Arabia’s Deputy Minister of Industry and Mineral Resources Khalil bin Salamah speaks at the event. (Asharq Al-Awsat)
Saudi Arabia’s Deputy Minister of Industry and Mineral Resources Khalil bin Salamah speaks at the event. (Asharq Al-Awsat)
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Riyadh Int’l Industry Week Connects 10,000 Leaders Worldwide

Saudi Arabia’s Deputy Minister of Industry and Mineral Resources Khalil bin Salamah speaks at the event. (Asharq Al-Awsat)
Saudi Arabia’s Deputy Minister of Industry and Mineral Resources Khalil bin Salamah speaks at the event. (Asharq Al-Awsat)

Saudi Arabia’s Deputy Minister of Industry and Mineral Resources Khalil bin Salamah highlighted the Kingdom’s strong position in the industry globally, revealing that over 10,000 industrial leaders from around the world gathered at the Riyadh International Industry Week 2024, which kicked off on Monday.

Bin Salamah stressed that Saudi Arabia aims to boost its manufacturing sector, especially in specialized chemicals, which could greatly contribute to the economy by creating more jobs and increasing exports.

He said the strategy includes focusing on 39 priority commodities such as building chemicals and automotive components.

During the event's second day, held at the Riyadh International Convention and Exhibition Center on Tuesday, the deputy minister emphasized Saudi Arabia’s leadership in the petrochemical industry, which plays a crucial role in driving economic growth and supporting related industries, such as automotive and pharmaceuticals.

Bin Salamah added that his ministry is working closely with the Ministry of Energy and other government bodies to strengthen the petrochemical supply chains in Saudi Arabia.

This involves ensuring a steady and competitive supply of petrochemical materials for producing specialized products, boosting growth, and exports in the sector.

They’re also focused on building specialized industrial complexes that link up with raw material sources or demand centers, offering infrastructure and services to specific industrial clusters.

They have various initiatives in place, including product development, promoting local content, and empowering exports.

“We aim to lead private sector investment in manufacturing industries and capitalize on the Kingdom’s rapid growth. Collaboration between basic and advanced companies is key to developing businesses, creating opportunities, and driving targeted transformation,” emphasized Bin Salameh.

“We're currently working on maximizing production capacities by integrating petrochemical supply chains. This involves addressing challenges related to petrochemical materials. We urge all sector companies to join us in tackling challenges and finding solutions,” he explained.

He stressed that Saudi Arabia aims to bolster its industrial base and diversify the economy, with private sector investment being crucial.

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Foreign Investments in Saudi Arabia Triple, with Over 1,200 Benefiting from Premium Residency

The 28th Global Investment Conference kicked off in Riyadh on Monday. (SPA)
The 28th Global Investment Conference kicked off in Riyadh on Monday. (SPA)
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Foreign Investments in Saudi Arabia Triple, with Over 1,200 Benefiting from Premium Residency

The 28th Global Investment Conference kicked off in Riyadh on Monday. (SPA)
The 28th Global Investment Conference kicked off in Riyadh on Monday. (SPA)

Saudi Arabia has tripled its foreign investment inflows and increased the number of investors tenfold since the launch of Vision 2030. More than 1,200 international investors have also obtained premium residency in the Kingdom.

These figures were revealed by Minister of Investment Khalid Al-Falih during the 28th Global Investment Conference, held in Riyadh on Monday under the patronage of Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister.

Al-Falih emphasized that premium residency is a key enabler for attracting foreign investment, as it simplifies procedures for investors and enhances their ability to seize the opportunities available in Saudi Arabia, solidifying the Kingdom’s position as a global investment hub. Residency holders, he noted, are treated as if they were in their home countries.

Since the introduction of Vision 2030, investment inflows have tripled, and the GDP has grown by 70%, reaching $1.1 trillion—half of which comes from non-oil sectors, he continued.

Al-Falih also stressed the immense opportunities in areas such as digital infrastructure and research-driven economic growth. He identified sustainability and circular carbon economy projects as key focus areas for future investment.

He acknowledged the geopolitical risks and labor shortages that pose challenges to investment. However, he projected that the Global South is poised to attract half of global financial flows by 2025.

The minister went on to say that hosting the Global Investment Conference in Riyadh provides Saudi Arabia with a platform to present its strategic vision to international partners and highlight its status as a trusted partner in sustainable economic growth.

Nivruti Rai, Managing Director and CEO of Invest India and President of the World Association of Investment Promotion Agencies (WAIPA), underscored the importance of international collaboration in achieving sustainable growth and digital transformation. She lauded Vision 2030 as a model for economic and social progress, underlining the role of technology, education, and tourism in driving development.

The world has consumed nearly 2.5 trillion metric tons of greenhouse gas emissions, leaving only 500–700 billion metric tons for sustainable use, she noted, while underscoring the need for countries like Saudi Arabia and India to lead innovation in renewable energy sources such as solar, wind and green hydrogen.

Saudi Arabia’s commitment to innovation in energy and water was also commended, with Rai describing mega projects like NEOM as a “dream come true” and a leading example of integrating technology and sustainability to improve quality of life.

During a panel discussion, Saudi Minister of Economy and Planning Faisal Al-Ibrahim revealed that investment and fixed capital now constitute 25% of the GDP. He noted that Vision 2030 has unlocked vast opportunities in previously untapped sectors, including mining, tourism, culture, and entertainment, significantly contributing to the Kingdom’s non-oil growth.

Al-Ibrahim stressed the importance of adopting advanced technologies in renewable energy, green hydrogen, defense, education, and healthcare.

He stressed Saudi Arabia’s role as a central platform for accessing new markets and boosting global economic stability through continuous innovation.

Egyptian Minister of Investment and Foreign Trade Hassan Al-Khatib highlighted the importance of Saudi-Egyptian cooperation and sound policy adoption to attract investments in promising sectors.

Saudi investments in Egypt would significantly contribute to fostering a favorable investment climate, he said.

Greek Deputy Minister of Foreign Affairs Kostas Fragogiannis discussed Greece’s focus on attracting investments in gas, including talks with Saudi Arabia and other nations, to access European markets.

The Invest in Saudi Arabia platform organized the three-day Global Investment Conference from November 25 to 27 in collaboration with WAIPA. This major event brings together global leaders, investors, and stakeholders to explore opportunities in sustainable growth and digital transformation, aiming to diversify and enhance global investment strategies.