21 Oct 2024
RIYADH: Saudi Arabia is exploring partnerships with Spanish companies in drone technology, automotive components, and geological surveying, as the Kingdom’s industry minister held talks with business leaders in Madrid.
During the meeting, Saudi Industry and Mineral Resources Minister Bandar Alkhorayef discussed localizing the production of heavy-duty drones, automotive parts, and shipbuilding supplies, the Saudi Press Agency reported.
These efforts are part of Saudi Arabia’s broader strategy to bolster industrialization and diversify the economy away from crude oil dependence. The National Industrial Strategy aims to attract investment, encourage economic expansion, and enhance the gross domestic product and non-oil exports.
In Madrid, Alkhorayef met with officials from several companies including Drone Hopper, a Spanish start-up known for developing multi-rotor unmanned drones; Ferroglobe, a silicon metal supplier; and Reinosa Forgings & Castings, which manufactures large forgings and moldings.
He also engaged with representatives from IDIADA, a firm specializing in design, engineering, testing, and homologation services for the automotive industry, and Xcalibur, which provides airborne geophysical surveys.
Alkhorayef held discussions with Ana Maria Alonso-Zarza, director of the Spanish Geological and Mining Institute, to explore opportunities in geological research and the acquisition of high-resolution technical data for various scientific and industrial applications.
Alkhorayef also met with Spain’s Industry and Tourism Minister Jordi Hereu and Economy, Trade, and Business Minister Carlos Cuerpo to discuss enhancing economic relations and increasing Spanish investment in the Kingdom.
He outlined Saudi Arabia’s Vision 2030 goals aimed at economic diversification and noted that the Kingdom is providing funding to attract foreign investment in the industrial and mining sectors.
Additionally, Alkhorayef met with Spanish Minister of State for Energy Sara Aagesen Munoz to discuss strengthening mining cooperation between the two nations. He emphasized that sectors such as industry, mining, energy, and logistics are critical to achieving Vision 2030 objectives, with mining playing a vital role in the Kingdom’s economic transformation.
Last week, Alkhorayef met with Italy’s Minister of Environment and Energy Security Gilberto Pichetto Fratin to discuss the significance of collaborative development and strategic partnerships across various sectors, primarily mining.
Alkhorayef also met with members of the Saudi-Spanish Business Council to discuss ways to support and strengthen economic ties between the two countries.
These discussions highlight Saudi Arabia’s commitment to fostering international collaborations that align with its economic goals, further solidifying its position as a key player in the global industrial landscape.