Saudi Industrial Investments Target $260 Bln

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef (SPA)
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Saudi Industrial Investments Target $260 Bln

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef called on the industrial business sector to take advantage of opportunities available in the Kingdom, noting that there are 12 sectors that have been targeted by 64 initiatives.

Speaking at the Sixth Riyadh Industrialists Council meeting organized by the Riyadh Chamber of Commerce, Alkhorayef said that gains achieved through Saudi Vision 2030 were remarkably substantial.

Alkhorayef pointed to the need for strengthening small factories, expanding large factories, and bringing developed factories to global competition.

International companies in all countries of the world are asking directly to identify investment opportunities in the Kingdom, revealed Alkhorayef, explaining that this can be traced back to the Kingdom’s role as an important and influential player within the global economy.

The meeting witnessed an open discussion on Saudi Arabia’s national strategy for industry.

The strategy had been developed according to several levels, aiming for the private sector to lead the industrial sector by 2035. This will be done through focusing on the principles of global leadership, diversity, and technology adoption.

Key objectives of the strategy focus on creating a flexible industrial economy capable of adapting to changes and leading industrial regional integration to meet demand and achieve leadership in manufacturing a group of selected commodities.

Alkhorayef noted that government capabilities and strengths help achieve these goals.

A presentation given during the meeting on the national strategy for industry drew attention to developing phased plans to activate the targeted groups of industrial commodities.

According to the presentation, current capabilities, technologies and qualifying human capital can attract 814 opportunities, with an investment size of SAR979 billion ($260 billion) in 2035.

Abdullah Alkhorayef, a member of the board of directors and chairman of the Industrial Committee at the Riyadh Chamber, expressed confidence in the development the sector is witnessing and the incentives it is offering to increase competitiveness.

In related news, the Saudi Industrial Development Fund, known as SIDF, approved 111 loans amounting to SAR14 billion ($3.7 billion) in 2022 in sectors including industry, energy, mining, and logistics.

The organization has revealed that small and medium enterprises obtained 87 loans, representing 79% of the total approved, while 40 loans were provided to factories.

Lending from the fund was directed at qualitative and strategic projects that would contribute to increasing the local content and raising the quality of local industries.



Saudi Arabia Draws Silicon Valley with $21 Bn Investment Deals

Buildings are seen in Riyadh, Saudi Arabia, December 18, 2017. REUTERS/Faisal Al Nasser/ File Photo
Buildings are seen in Riyadh, Saudi Arabia, December 18, 2017. REUTERS/Faisal Al Nasser/ File Photo
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Saudi Arabia Draws Silicon Valley with $21 Bn Investment Deals

Buildings are seen in Riyadh, Saudi Arabia, December 18, 2017. REUTERS/Faisal Al Nasser/ File Photo
Buildings are seen in Riyadh, Saudi Arabia, December 18, 2017. REUTERS/Faisal Al Nasser/ File Photo

Tech and investment heavyweights from Silicon Valley descended on the Saudi capital this week on a historic visit alongside US President Donald Trump, marking a dramatic revival of strategic partnerships that had stalled under previous restrictive US policies.

The visit, seen as a pivot away from Washington’s earlier constraints on exporting artificial intelligence technology, featured some of the most influential figures in the global tech industry.

Among those attending Tuesday’s high-level gathering were Tesla CEO Elon Musk, NVIDIA founder Jensen Huang, OpenAI CEO Sam Altman, Amazon chief Andy Jassy, BlackRock Chairman Larry Fink, and Palantir CEO Alex Karp.

The visit was hailed by officials as ushering in a “new golden era” of US-Saudi relations. It came just one day after Crown Prince Mohammed bin Salman announced the launch of HUMAIN, a Saudi AI innovation venture aimed at reshaping the Kingdom’s future through advanced technology.

In just 48 hours, US investment pledges in Saudi Arabia’s AI sector surged from $3 billion to over $21 billion, according to forum organizers.

Also announced was an expanded strategic partnership between Saudi Arabia’s Public Investment Fund and Google Cloud, projected to contribute approximately $70.6 billion to the Kingdom’s GDP in the coming years.

The series of announcements reflect Riyadh’s growing ambition to become a global hub for artificial intelligence, backed by top-tier US tech leadership and capital.

NVIDIA has delivered 18,000 next-generation AI chips to HUMAIN, in a move that could open the floodgates for artificial intelligence semiconductors across the Middle East.

The landmark delivery coincides with a sharp shift in US export policy, as the Trump administration begins dismantling restrictions on semiconductor exports imposed under President Joe Biden.

On Tuesday, the US Commerce Department announced it would scrap Biden’s “AI deployment rule,” which had created three broad tiers of access for countries seeking to acquire AI chips. The rule was due to take effect on Thursday.

The reversal signals a significant policy pivot, potentially expanding access to powerful AI technology for key allies in the region, including Saudi Arabia, which has been aggressively positioning itself as a future hub for artificial intelligence and advanced computing.

Industry analysts say the delivery of NVIDIA’s high-performance chips marks a major step toward establishing a regional AI infrastructure capable of supporting large-scale machine learning, cloud computing, and autonomous systems.

Saudi Foreign Minister Prince Faisal bin Farhan affirmed that the Kingdom’s strategic partnership with the US in artificial intelligence and hyperscale data centers is expected to generate more than 22,000 high-quality jobs.

Speaking at a press conference, Prince Faisal emphasized that deepening cooperation in advanced technologies will play a key role in shaping Saudi Arabia’s economic future and workforce development.