The FII Fall Conference confirms the strength of the Saudi economy in light of global changes

Confirmed Minister of Industry and Mineral Resources Bandar bin Ibrahim Autumn Durability The Saudi economy and its efficiency and flexibility in light of global geopolitical changes, noting that the Kingdom is progressing at an accelerated pace towards enabling smart industrial transformation, by stimulating innovation and entrepreneurship and accelerating national factories’ adoption of the latest emerging technologies.

This came during his participation in a dialogue session entitled "Can artificial intelligence bring about a qualitative shift in light of geopolitical changes and supply chain challenges?"It was held as part of the ninth edition of the Future Investment Initiative conference FII, held in Riyadh, during which he noted the strength of the economic system in the Kingdom, and its attractiveness to local and international innovators and entrepreneurs.

A global model for economic stability

With regard to geopolitical changes and supply chain challenges, Al-Kharif indicated that the Kingdom continues economic growth despite the geopolitical challenges that the region has witnessed over the past years, and is considered a global model for economic stability, which consolidates its position as an attractive destination for investments. He pointed out that the National Strategy for Industry focuses, among its main objectives, on enabling the latest manufacturing technologies and enhancing qualitative investments in advanced technologies, by improving the legislative and regulatory frameworks to build factories that adopt future technologies, developing digital infrastructure, and developing human capabilities.

He added: "The world does not suffer from a lack of technology today, but what we need is to choose the appropriate mix of technologies in factories to increase their operational efficiency"

Al Khareef noted the ambitious steps taken by the industrial and mining system to enable smart transformation, stimulate innovation and entrepreneurship, and accelerate the adoption of the latest manufacturing and mining technologies, through the launch of many qualitative initiatives and programmes, including the Future Factories Program, which aims to automate 4,000 factories, and the Future Factories Programme. "A thousand miles" Which aims to transform entrepreneurial ideas into existing projects in the industrial and mining sectors.
In addition "Industry hackathon" Which works to open the way for creators and innovators from inside and outside the Kingdom to participate in addressing the challenges facing national factories.

Smart industrial cities

He pointed out that the Kingdom has smart industrial cities equipped with the latest global technologies, such as applications of artificial intelligence and the Internet of Things, in addition to the use of the latest technologies in mines and mining sites. The Kingdom is also an attractive destination for innovators, to incubate new ideas, and to test them practically in an enabling environment. For innovation.

Al Khareef concluded his participation in the dialogue session by praising the tangible results of local content policies, which include attracting the localization of insulin medications in partnership with the French companies Sanofi and Danish Novonordisk, which contributes to the localization of more than 90% of the local demand for insulin products.

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