Davos, January 25, 2025 – Minister of Industry and Mineral Resources, Bandar Alkhorayef, engaged in a series of high-level bilateral meetings with executives from some of the world’s leading companies during the World Economic Forum (WEF) Annual Meeting in Davos. These discussions centered on identifying and exploring mutual opportunities in several key strategic industries, including automotive, food production, pharmaceuticals, healthcare, and mining. The aim was to further strengthen global partnerships and highlight the vast potential within Saudi Arabia’s rapidly growing industrial and resource sectors.
The meetings provided a platform to explore the diverse and high-quality investment opportunities presented by Saudi Arabia’s National Industrial Strategy, which is designed to position the Kingdom as a global hub for advanced manufacturing, innovation, and sustainable development. Alkhorayef emphasized the Kingdom's commitment to creating a business-friendly environment that encourages foreign investments, particularly in sectors where Saudi Arabia offers competitive advantages, such as smart manufacturing, renewable energy, and resource extraction.
Alkhorayef’s discussions focused on Saudi Arabia’s role as a pivotal center for attracting investments in industries that are integral to the global economy. He highlighted the Kingdom’s strong infrastructure, strategic location, and the government’s ongoing efforts to streamline investment processes and incentivize innovation. The Minister also emphasized the Kingdom’s push towards enhancing industrial capabilities and creating an ecosystem that fosters collaboration between local and international businesses, especially in high-value sectors such as healthcare, automotive, and clean energy.
Among the prominent companies represented in these discussions were the pharmaceutical and healthcare giant Sanofi, which is exploring opportunities in the Kingdom’s rapidly expanding healthcare sector; Topsoe, a leader in clean energy technologies, which is assessing the Kingdom’s renewable energy potential; Fortescue, a global mining firm, which is keen on the Kingdom’s growing mining sector and its vast untapped resources; Volvo Cars, which is investigating prospects within Saudi Arabia’s burgeoning automotive industry; and Pladis Foods, a major player in the global food production sector, which is exploring opportunities in Saudi Arabia’s food industry amidst a growing demand for sustainable and locally produced food.
These meetings also delved into the enablers available for investors, such as the Kingdom’s efforts to provide access to cutting-edge technologies, including smart manufacturing solutions. Alkhorayef underscored the importance of digital transformation and technological advancements in boosting industrial efficiency and driving sustainable growth. He also emphasized how Saudi Arabia is well-positioned to serve as a strategic partner for companies seeking to expand their presence in the Middle East and beyond.
As the WEF Annual Meeting concluded, the Minister’s engagements underscored Saudi Arabia’s commitment to leveraging its industrial and natural resources to fuel economic diversification and growth. With the Kingdom’s Vision 2030 at the forefront of its development strategy, Alkhorayef’s discussions with global industry leaders reinforced the importance of international collaboration in realizing these ambitious goals.
By facilitating these high-level meetings and fostering productive dialogues, Saudi Arabia is continuing to demonstrate its readiness to play a central role in shaping the future of key industries worldwide. The Kingdom’s proactive approach to attracting investment and fostering innovation across multiple sectors highlights its growing significance on the global economic stage.