Riyadh, February 06, 2024, The Minister of Industry and Mineral Resources, Bandar bin Ibrahim Alkhorayef, unveiled the inauguration of the National Automotive and Vehicles Academy, marking a significant milestone as the first of its kind in the Kingdom. In tandem, he announced the establishment of the Automotive Manufacturers Association, aimed at fostering the development and expansion of the automotive sector while safeguarding the interests of manufacturers and industry experts.
Alkhorayef made these revelations during his engagement in a ministerial session titled 'The Importance of the Private Sector in Achieving Vision 2030,' as part of the second edition of the PIF Private Sector Forum. He outlined that the primary objective behind establishing the National Automotive and Vehicles Academy is to cultivate expertise in the electric car industry through a comprehensive training model, ultimately culminating in the graduation and employment of skilled individuals to contribute to Lucid and Sir factories.
Furthermore, the ministry aims to enhance awareness within local communities regarding the automotive sector, bolstering human capabilities in car manufacturing and maintenance within a cutting-edge technological ecosystem. This objective is to be realized through the establishment of the Automotive Manufacturers Association and national supply chains.
Alkhorayef underscored the pivotal role of the association and the academy in optimizing the utilization of local content by amplifying the contribution of major projects. Notably, between 2020 and 2022, the Kingdom's imports surged by approximately 38%, while the rise in imports of products listed as mandatory during the same period amounted to approximately 15%. Over the course of three years, the number of factories producing mandatory list products has reached a substantial count of 1,437.
