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Saudi Industry Minister Discusses Boosting Industrial Cooperation with Hong Kong Officials

Alkhorayef underscored the Kingdom’s strategic advantages, which make it an attractive investment destination for leading global companies. (SPA)
Alkhorayef underscored the Kingdom’s strategic advantages, which make it an attractive investment destination for leading global companies. (SPA)
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Saudi Industry Minister Discusses Boosting Industrial Cooperation with Hong Kong Officials

Alkhorayef underscored the Kingdom’s strategic advantages, which make it an attractive investment destination for leading global companies. (SPA)
Alkhorayef underscored the Kingdom’s strategic advantages, which make it an attractive investment destination for leading global companies. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef held bilateral meetings on Saturday with officials in Hong Kong to boost cooperation in the industrial sector, Knowledge transfer, and innovation, and smart manufacturing solutions.

Alkhorayef underscored the Kingdom’s strategic advantages, which make it an attractive investment destination for leading global companies.

He reviewed the Kingdom's positive economic transformations in recent years and its role in developing the industrial and mining sectors.

He discussed joint investment opportunities in automation, in line with the Kingdom’s Future Factories initiative, inviting Hong Kong companies to invest in promising industrial sectors in the Kingdom.

Alkhorayef met with the Director of the Trade and Industry Department, officials from the Innovation and Technology Commission, and the Secretary for Commerce and Economic Development of Hong Kong.

They discussed the prospects for strengthening ties between Saudi Arabia and Hong Kong and the opportunities to develop industrial cooperation between them.

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Saudi Arabia, Italy Sign MoU to Boost Investment in Military Industries

Saudi Minister of Investment Khalid Al-Falih with officials from Italy’s Elettronica after signing the memorandum of understanding. (Asharq Al-Awsat)
Saudi Minister of Investment Khalid Al-Falih with officials from Italy’s Elettronica after signing the memorandum of understanding. (Asharq Al-Awsat)
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Saudi Arabia, Italy Sign MoU to Boost Investment in Military Industries

Saudi Minister of Investment Khalid Al-Falih with officials from Italy’s Elettronica after signing the memorandum of understanding. (Asharq Al-Awsat)
Saudi Minister of Investment Khalid Al-Falih with officials from Italy’s Elettronica after signing the memorandum of understanding. (Asharq Al-Awsat)

The Saudi Ministry of Investment and General Authority for Military Industries (GAMI) signed a Memorandum of Understanding (MoU) with Italy’s leading defense company, Elettronica aimed at strengthening cooperation in military industry investments in the Kingdom.

The signing ceremony was attended by Saudi Minister of Investment Khalid Al-Falih and Mohammed Al-Athel, Deputy Governor for Localization at GAMI.

The MoU will explore a range of investment opportunities within the sector, aligning with the Kingdom’s ambitious goals. These include increasing foreign direct investment (FDI) to 5.7% of GDP and boosting the private sector’s contribution to 65% of GDP.

Additionally, it supports Saudi Arabia’s objective to localize 50% of military spending by 2030.

The MoU was signed during the Ministry of Investment’s participation in the 2024 Ambrosetti European House Forum, held in Como, Italy, which brought together government representatives and major global corporations.

At the forum, the ministry engaged in various panel discussions, showcasing the Kingdom’s strategic investment opportunities and the ministry’s support services for investors, highlighting the competitive advantages Saudi Arabia offers to both domestic and international investors.