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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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Energy Fund to Boost Saudi-US Strategic Investments

Heads of companies investing in the energy fund (Asharq Al-Awsat)
Heads of companies investing in the energy fund (Asharq Al-Awsat)
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Energy Fund to Boost Saudi-US Strategic Investments

Heads of companies investing in the energy fund (Asharq Al-Awsat)
Heads of companies investing in the energy fund (Asharq Al-Awsat)

A $5 billion energy investment fund was unveiled in Riyadh on Tuesday during the Saudi-US Investment Forum, held in conjunction with US President Donald Trump’s visit to the kingdom, in a move aimed at boosting bilateral partnerships and stabilizing the global energy sector.

The White House announced in a statement that the fund was among several key initiatives agreed during Trump’s visit, calling it a “historic step” toward deepening economic cooperation between the United States and Saudi Arabia.

Scott Pruitt, who served as the Administrator of the Environmental Protection Agency (EPA), told Asharq Al-Awsat the fund will target strategic investments in the energy sector, focusing primarily on US-based companies.

These include firms supporting existing energy hubs and those developing transitional technologies to advance the global energy future and promote efficient manufacturing.

Pruitt said the fund aligns with Saudi Arabia’s Vision 2030, aiming to invest in companies that can benefit from the kingdom’s business environment while also supporting energy-related infrastructure, services, and manufacturing in the US.

The fund is expected to begin deploying its $5 billion capital in 2025, he added.

Strategic Investment in Energy

Neil Bush, chairman of Skytower Investments, a green technology investment firm, said the energy fund brings together experienced partners in fund management and energy investment.

He noted that it will play a critical role in directing strategic capital toward the future of global energy and efficient production.

The fund naturally targets the development of US infrastructure, bolstering America’s leadership in global energy markets and delivering strong returns to investors, Bush said.

Launched during President Trump’s visit, this initiative sends a strong signal of renewed economic momentum between Washington and Riyadh.

Saudi businessman Abdullah Al-Meleihi, CEO of Saudi Excellence Co., described the fund as more than a capital mechanism, calling it a “bridge of trust and ambition” between the two countries.

He emphasized Trump’s role in creating a climate conducive to innovation and opportunity.

Al-Meleihi said the fund is expected to be fully established and financed in 2025, characterizing it as a model of public-private cooperation and strategic alignment between the US and Saudi Arabia.

He noted that it enjoys robust support from the private sector in both countries as well as international investors, and will focus on energy, technology, artificial intelligence in energy, and advanced industries, while also facilitating knowledge transfer to the kingdom and capital investment in the US.