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Saudi Investment Minister Emphasizes Role of Transportation, Logistics in Driving Global Development

Officials take part in the panel discussion at the Global Logistics Forum 2024. (SPA)
Officials take part in the panel discussion at the Global Logistics Forum 2024. (SPA)
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Saudi Investment Minister Emphasizes Role of Transportation, Logistics in Driving Global Development

Officials take part in the panel discussion at the Global Logistics Forum 2024. (SPA)
Officials take part in the panel discussion at the Global Logistics Forum 2024. (SPA)

Saudi Minister of Investment Khalid Al-Falih emphasized on Sunday the crucial role of transportation and logistics in driving global development.

During the opening session of the Global Logistics Forum 2024, Al-Falih highlighted the strategic significance of the Middle East, which serves as a pivotal link between East and West due to its prime geographical location.

He acknowledged the rapid advancements in Saudi Arabia’s transportation and logistics sectors, underscoring their direct impact on investment and the national economy.

Speaking on the goals of the Kingdom’s Vision 2030, Al-Falih pointed out that the development of the transportation and logistics sectors is key to achieving a qualitative transformation both locally and regionally, empowering the private sector to play a more significant role in these sectors.

The session, “Logistics Builds Nations, and Nations Build Logistics”, included participation from leading Arab ministers, including Saudi Arabia’s Minister of Transport and Logistic Services Saleh Al-Jasser; Egypt’s Minister of Transport Major General Kamel Al-Wazir; the UAE’s Minister of Energy and Infrastructure, Suhail Al Mazrouei; and Oman’s Minister of Transport, Communications, and Information Technology Eng. Saeed Al-Maawali.

Al-Jasser emphasized that the logistics sector is crucial for realizing the objectives of Vision 2030 by prioritizing and enabling projects across various sectors, such as Hajj and Umrah, tourism, trade, industry, and quality of life. Aligning these priorities has significantly contributed to economic growth and development in the Kingdom.

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Saudi Energy Minister Inaugurates New Factories to Enhance Localization of Sector

Saudi Energy Minister Prince Abdulaziz bin Salman during his tour to several factories specialized in producing components for the sector in the Riyadh Industrial City on Wednesday (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman during his tour to several factories specialized in producing components for the sector in the Riyadh Industrial City on Wednesday (Asharq Al-Awsat)
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Saudi Energy Minister Inaugurates New Factories to Enhance Localization of Sector

Saudi Energy Minister Prince Abdulaziz bin Salman during his tour to several factories specialized in producing components for the sector in the Riyadh Industrial City on Wednesday (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman during his tour to several factories specialized in producing components for the sector in the Riyadh Industrial City on Wednesday (Asharq Al-Awsat)

Saudi Energy Minister Prince Abdulaziz bin Salman inaugurated on Wednesday two new factories specialized in energy and toured several factories specialized in producing components for the sector in the Riyadh Industrial City.

He was accompanied by Minister of State Hamad Al-Sheikh and Industry and Mineral Resources Minister Bandar Alkhorayef.

The tour comes within the framework of the ongoing efforts to enhance localization in the energy sector, which aims to achieve a localization rate of 75% in the components of the sector by 2030.

The ministers and a number of senior officials were briefed on the progress of production of energy equipment and electrical panels for connection, control, automation and distribution, and factories for smart ring linking units for electrical stations.

The tour of Prince Abdulaziz bin Salman included the factories of Al-Gihaz Holding Company, such as the new factory specialized in energy equipment and electrical panels, with a production capacity of 25,000 units annually.

The minister was briefed on three of the main production lines located in one area, and watched a visual presentation of the rest of the lines and the high-quality production process of energy equipment and electrical panels for connection, control, automation and distribution.

The new factory is considered a cornerstone of the company's projects in the lines of engineering, design and automation of electricity network systems, in addition to manufacturing control panels and current and voltage conversion equipment.

A total of 500 engineers and employees, including 100 Saudi female employees are working in the factory.

It has plans to double the current production capacity in line with Saudi Vision 2030, and within the energy sector's targets to achieve a 75% localization rate in the components of the sector by 2030.

The Minister also visited Alfanar factories, where he was briefed on the production processes and advanced technologies used in them.

He also heard a detailed presentation on the company's work in the field of technology ownership and industry localization, and its effective role in increasing local content and strengthening the national economy.

During his visit to Alfanar, the Minister inaugurated the smart ring-connection units factory, free of sulfur hexafluoride (SF6), which is the first factory of its kind in the Middle East, where more than 700 Saudi female employees work. It represents a qualitative shift in the use of green technology and contributes to reducing the Kingdom's carbon footprint.

The research and development team at Alfanar gave a presentation on the stages of progress made in green technology for medium voltage, and the achievements that enhance the company's position as a pioneer in innovation and technological development.

Prince Abdulaziz was also briefed on the company's efforts in renewable energy projects (wind and solar), the sustainable aviation fuel facility, carbon capture and storage technologies and green hydrogen.

The company's advanced technological capabilities were also reviewed, which enable it to provide sustainable and advanced solutions for energy distribution.