Industry

The United Nations Industrial Development Organization (UNIDO) hosted the second Multilateral Industrial Policy Forum (MIPF 2024) in Riyadh, Saudi Arabia, focusing on AI, digitalization, and automation in manufacturing. The event also addressed the global energy transition and the creation of sustainable and resilient supply chains to enhance local value and job opportunities. UNIDO Director General Gerd Müller emphasized that the...

Saudi Arabia's Public Investment Fund (PIF) has partnered with Brookfield Asset Management to become a strategic anchor investor in Brookfield's new private equity vehicle, Brookfield Middle East Partners. This collaboration aims to enhance investment opportunities within the region. The investment platform will focus on buyouts, structured solutions, and other opportunities in various strategic sectors such as industrial, business, consumer services,...

Mayar Holding Co. has announced a new partnership through its subsidiary, Gulf Elevators & Escalators Co. Ltd. The agreement is with China’s Shenyang Yuanda Intellectual Industry Group Co. to produce elevators and escalators in Saudi Arabia. This collaboration aims to enhance and modernize existing production lines and facilitate the transfer of technology, along with intellectual and engineering expertise, according to...

Desert Technologies, a pioneer in renewable energy in Saudi Arabia, has announced a new partnership with the Saudi Authority for Industrial Cities and Technology Zones, known as "Modon." This collaboration aims to establish a major industrial complex in Jeddah's third industrial city dedicated to solar panel and cell production. The planned facility will boast an impressive 5 GW annual production...

A new joint venture between Next Generation SCM and City Cement is set to significantly reduce CO2 emissions in cement production. This innovative factory uses only a fraction of the fuel required by traditional methods and operates at lower temperatures, leading to reduced costs and emissions. In Denmark, the current facility produces calcined clay, emitting just 8kg of CO2 per...

Lucid Group, a leading electric vehicle manufacturer, has inaugurated its first international production facility in Jeddah, Saudi Arabia. This development aligns with the nation's strategic initiative to enhance its electric vehicle industry. The company previously announced its intention to establish this plant in Jeddah. Additionally, Saudi Arabia has committed to purchasing up to 100,000 vehicles from Lucid over the next...

Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Alkhorayef, engaged in discussions with Stefano Pontecorvo, chairman of Leonardo, in Milan. The talks aimed to expand their partnership, focusing on localizing helicopter component manufacturing in Saudi Arabia. The discussions centered on producing aircraft structures, propellers, fins, and electronic flight systems within the Kingdom. Leonardo, an Italian firm in aerospace, defense,...

Saudi Arabia is set to advance in the field of vertical take-off and landing aircraft as well as unmanned planes through a new collaboration between its military and aviation sectors. The General Authority for Military Industries (GAMI) and the General Authority of Civil Aviation (GACA) have entered into a memorandum of understanding to enhance technological development and industrial capabilities in...

Startups in Saudi Arabia are set to gain from a new financial boost as Saudi Venture Capital Co. (SVC) has pledged $15 million to the Saqr 2 Fund. This fund, valued at $90 million and managed by Vision Ventures, focuses on early-stage investments across the Middle East and North Africa, from pre-seed to pre-series B stages. Nabeel Koshak, CEO of...

Saudi Arabia is set to strengthen its industrial and mining ties with Italy following a visit by the Saudi Minister of Industry and Mineral Resources, Bandar Bin Ibrahim Al Khorayef. Starting on October 14, Al Khorayef will explore potential collaborations in sectors like automotive, food, space, and marine industries, aligning with Saudi Arabia's manufacturing development strategy. The visit will span...