Riyadh – Mubasher: The industrial sector in Saudi Arabia is adapting to the digital transformation and industrialization, according to the Saudi Minister of Industry and Mineral Resources, Bandar Al-Khorayef, in his opening speech to the 2019 Future Factory Show.

Launched in Riyadh on Monday 18 November, the event is discussing the changing dynamics in the modern industrial sector, and ways to cope and make the best use of the new technologies forming what is known as the fourth industrial revolution.

The minister’s speech was titled, “The Journey to become a Global Industrial Powerhouse: Government Initiatives in Industry 4.0,” in which he discussed Saudi Arabia's vision to become a global industrial powerhouse.

The event also featured leading executives from some of the world’s biggest companies, such as Siemens, General Electric (GE), ABB, and the International Data Corporation (IDC), as well as representatives from the Saudi Industrial Development Fund (SIDF) and the Saudi Authority for Industrial Cities and Technology Zones (MODON).

Digital transformation could present an opportunity for an annual economic value-added of $4.5 trillion in the manufacturing industry, however, less than 15% of all manufacturers have digitalization initiatives, according to IDC.

Meanwhile, Saudi Arabia is going through a major economic and social transformation, with manufacturing among the major areas of focus in Vision 2030.