Agreements made with international manufacturers of military hardware could result in thousands of skilled jobs for Saudi citizens and substantial investment in the Kingdom. The deals comprise the first steps of a plan to create a domestic defence industry capable of supplying more than half of its annual demand for advanced weapons systems,...
The 4IR has been described as a SR1trn ($266.6bn) opportunity for Saudi Arabia, but experts are warning that the Kingdom’s industries will have to adapt rapidly if they are to make the most of it by 2030. Following on from mechanisation, mass production and digitisation of production, the next step change in industrial development will be to...
Ambitious plans to develop and expand automotive manufacturing are being drawn up, with a view to capitalising on the increasing availability of raw materials and a strong domestic market for cars and trucks. In August 2018 the Ministry of Energy, Industry and Mineral Resources (MEIM) announced that the Kingdom “is currently developing a city...
The role of SMEs is being re-evaluated in the light of Vision 2030, which has made boosting their contribution to GDP a key part of its strategy to create opportunities in a thriving economy. A new government agency, the SME Authority (SMEA), was created in October 2015 to champion small businesses. SMEA notes that while in many advanced...
The sweeping changes announced in Vision 2030 aim at giving rise to a reinvigorated and prosperous private sector, driving growth through broad industrial development. By the time the G20 summit convenes in Riyadh in 2020, four years after the Vision 2030 announcements, the country’s leaders will be able to showcase some of the first results...
The global economy is entering the Fourth Industrial Revolution (4IR), or Industry 4.0, based on the application of new digital and automated technologies in production processes and service delivery. These changes are presenting emerging markets with opportunities such as improved productivity, as well as risks, namely reshoring and the...
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