Saudi industry and mineral resources ministry launches new mining innovation program

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Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said the program will boost innovation. X/@mimgov
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Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said the program will boost innovation. X/@mimgov
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Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said the program will boost innovation. X/@mimgov
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Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said the program will boost innovation. X/@mimgov
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Updated 29 December 2024
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Saudi industry and mineral resources ministry launches new mining innovation program

  • Initiative will support digital transformation in the industrial and mining sectors

RIYADH: Saudi Arabia has said it will launch a new initiative dedicated to fostering innovation in the mining and industrial sectors, according to official statements.

The Ministry of Industry and Mineral Resources announced the Innovative Industrial and Mining Products Program, which is described as a significant undertaking to enhance developments and support the digital transformation of these sectors, it said on its official X account. 

The authority added that the program represents “a key step toward fostering innovation in the industrial and mining sectors” and reflects its commitment to “developing innovative solutions that support the Kingdom’s industrial transformation and stimulate the growth and sustainability of the mining sector.” 

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said the program seeks to “provide an integrated environment that enables innovators to transform their ideas into executable and competitive products locally and internationally.” 

He added that the initiative will boost innovation, which is a key pillar of economic growth, and support digital transformation in the industrial and mining sectors, according to a tweet by the minister. 

In August, the ministry said that the petrochemical sector received a boost after a digital platform delivered over 100,000 tonnes of raw materials to local factories. 

Launched in mid-2023, the platform was designed to tackle challenges related to the surplus of locally available raw materials and to address competitiveness issues stemming from price disparities. 

The ministry continues to implement initiatives aligned with Saudi Vision 2030, with a focus on strengthening the Kingdom’s industrial base and enhancing its global competitiveness.

In September, it launched a new program aimed at facilitating investment and acquisitions within the industrial sector. This initiative is designed to create diverse investment opportunities tailored to the specific goals of investors, while also supporting industrial companies in expanding production and addressing operational challenges, as reported by the Saudi Press Agency.

This program is part of the ministry’s broader strategy to boost industrial investment and foster a more attractive investment environment. It offers three key benefits: promoting acquisitions within the industrial sector, providing liquidity to industrial companies, and presenting suitable investment opportunities for potential investors.

These efforts are intended to enhance production capacity and strengthen the competitive edge of industrial enterprises in the Kingdom.


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.