Saudi Minister of Energy Prince Abdulaziz bin Salman, Minister of Investment Khalid al-Falih, and the National Center for Industrial Development CEO, Abdul Rahman al-Qirtas, signed an agreement to support the sustainable growth of the Kingdom’s manufacturing sector.
The partnership takes Vision 2030 ambitions a step closer towards economic diversification and localization, with $760 billion invested into the renewable energy sector enabling sustainable development of energy supply chains.
Prince Abdulaziz stated that the Energy Ministry supports the establishment of the Tuwaiq Casting and Road Company to contribute to the localization of the energy sector in its various projects.
He noted that energy projects in oil and gas, petrochemicals, conventional, renewable energy, and hydrogen are significant tributaries in the national economy.
Prince Abdulaziz stated that the system aims to localize 75 percent of the materials required in energy sector projects, seeking to attract Saudi investments and capabilities worth $69.3 billion over the next decade.
He explained that the energy system established distinct projects to localize supply chains for the energy sector components, including the Tuwaiq Casting and Metal Industries project.
Prince Abdulaziz stressed that the project provides the main components needed by the energy sector and other sectors, making these projects essential in increasing the local content and sustainability of the energy supply chains.
For his part, the Investment Minister indicated that the Ministry is interested in supporting and developing this category of qualitative investments, which lay the foundations for establishing great industries.
Falih explained that casting and metal methods are the cornerstones of many industries, such as the machinery and equipment industry, paving the way for the development of many manufacturing industries, in line with Vision 2030.
He pointed out that the Ministry facilitated the provision of government incentives that enabled the launch of qualitative investment that would launch several strategic value chains.
Tuwaiq Casting and Road Company is expected to contribute to a $5.5 billion increase in the domestic product and localize supply chains for machinery and equipment.
Furthermore, the Chairman of the board of directors of Saudi Arabian Industrial Investments Company (Dussur), Mohammed Abunayyan, said the agreement is one of the facilities provided by the Saudi government to investors who aim to construct strategic and qualitative projects in line with Vision 2030.
The agreement aimed to localize promising industries, create quality jobs, contribute to raising the gross domestic product, and achieve the desired economic diversification, said Abunayyan.
Tuwaiq Casting and Roads Company was established in 2020, in partnership between Dussur, Aramco, and Doosan, with an investment volume of more than $2 million, aiming to produce 60,000 tons annually of industrial iron products of varying sizes.
