Officials during the signing ceremony | Image Courtesy: NEOM
Saudi Arabia’s Ministry of Industry and Mineral Resources, and the Saudi Authority for Industrial Cities and Technology Zones (MODON) have signed a Memorandum of Understanding (MoU) with OXAGON, home to advanced and clean industries in NEOM, in order to cooperate in the implementation of the ‘Future Factories Program’.
The program aims to build a strong technology ecosystem enabling a sustainable digital transformation of the manufacturing sector in the Kingdom, remodeling 4,000 existing factories in order to enhance the Saudi Arabia’s competitiveness on a global scale.
According to the statement, “A key aspect of the MoU is the development of legislation, incentives, and enablers that will support the Future Factories Program to remove barriers to industrial innovation in the Kingdom.”
For his part, Mr. Osama bin Abdulaziz Al-Zamil, Deputy Minister of Industry and Mineral Resources, said that, “This MoU lays the groundwork for implementing the Future of Factories Program by strategically unifying the efforts of the private and public sectors. Through this program, the Ministry aims to enhance the competitiveness of local industries and create significant job opportunities in key areas for the Saudi youth in line with the goals of Saudi Vision 2030.”
Nadhmi Al Nasr CEO – NEOM
“NEOM’s objectives are in line with the Kingdom’s Vision 2030 goals. This memorandum represents a major milestone in realizing the signatories’ shared ambitions to sustainably future-proof industries and drive economic diversification across the country. OXAGON represents the future of advanced clean industries and will be powered by 100 percent renewable energy. Together with the Ministry of Industry and Mineral Resources and MODON – who we enjoy close relationships with – we will deploy our considerable collective resources, and talents, to develop such industries for the Kingdom and the world.”
“OXAGON is continuously seeking new ways to transform the future of manufacturing and create a sustainable industrial blueprint for the world. By mixing the state-of-the-art approaches from Industry 4.0, utilization of solely renewable energy, and circular economy principles, OXAGON will enable industries of the future to avoid environmental degradation and preserve efficiency and profitability,” remarked Mr. Vishal Wanchoo, CEO of OXAGON.
During the next several months, OXAGON and MODON will form a joint working group to develop an action plan to implement the programs as stipulated in the MoU. “Efforts will be devoted to developing a policy program and work models geared toward developing future industries,” as per the statement.
Thank you very much for choosing GCC Business News to be an important part of your professional life. You will receive a confirmation e-mail. Please check SPAM or UPDATES folder
