Global shipping rates weigh on profits at Saudi shipping giant Bahri

RIYADH: Saudi Arabia plans to create a globally competitive industrial sector by converting 4,000 factories to use fourth industrial revolution, 4IR technology.

The sector’s new strategy will focus on increasing locally sourced inputs, as well as adopting 4IR technologies, Minister of Industry and Mineral Resources Bandar Alkhorayef said at a conference to launch the military manpower development strategy in Riyadh.

The 4th Industrial Revolution largely involves four specific technologies: high-speed mobile internet, AI and automation, the use of big data analytics, and cloud technology.

An industry fund will also be created, with a clear program to help investors in the sector switch to 4IR technologies using soft loans, Alkhorayef added.

The Saudi Authority for Industrial Cities and Technology Zones, MODON, is also working to convert 100 factories into models that others can emulate.

New technologies are the biggest proponent of transforming the sector into a local workforce, he added, during the launch of the workforce strategy by the General Authority for Military Industries , GAMI.

“The privileges that exist today were present in the past, whether in terms of infrastructure, funding or otherwise, but the difference today is that those privileges have been activated by the enactment of the necessary legislation,” did he declare.

The Kingdom’s industrial strategy aims to shift from a reliance on cheap labor to a focus on quality jobs.

“Our role is to ensure the existence of job opportunities corresponding to skills. And also to work on improving human capacities to meet future needs,” he said.

About Leni Loberns

Check Also

Saudi Arabia-listed Petro Rabigh posts $173m profit as oil prices soar in first quarter

RIYADH: Saudi shares closed lower for the fourth straight day in the final trading session …