Saudi Industry Minister Pushes for Localizing Key Industries at Local Content Forum 2024

Riyadh: Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Ibrahim Alkhorayef, held strategic meetings with global and local business leaders during the Local Content Forum 2024 in Riyadh. These discussions focused on advancing Saudi Arabia’s local content initiatives, a key driver of the Kingdom’s Vision 2030 goals.

Boosting Local Industry and Investment

Minister Alkhorayef emphasized the importance of empowering national factories, improving the quality of Saudi-made products, and expanding the mandatory list of locally sourced goods. Discussions also highlighted:

• Localizing promising industries like energy, logistics, and healthcare.
• Attracting foreign investment to support local capabilities.
• Strengthening partnerships between public entities and local suppliers.

Key Industry Engagements

The minister engaged with executives from global companies including:

• GE HealthCare: Supporting advancements in Saudi healthcare.
• Honeywell: Specialized in aviation and industrial solutions.
• Ardian: A French leader in financial services.

Additionally, he met with leaders of major Saudi companies operating in priority sectors such as construction, transportation, IT, pharmaceuticals, and water management.

Public Sector’s Role in Vision 2030

Minister Alkhorayef praised state-owned companies for their initiatives to develop local content. He noted that these organizations are pivotal in achieving Vision 2030 by leveraging their resources and strengthening ties with Saudi suppliers.

About the Local Content Forum

Now in its second year, the Local Content Forum serves as a vital platform for:

• Sharing success stories from public and private sectors.
• Raising awareness about local content’s economic impact.
• Empowering national capabilities and fostering collaboration.

The event underscores Saudi Arabia’s commitment to economic growth through localization, knowledge transfer, and innovation-driven partnerships.