Saudi Arabia to focus on developing technology: Minister

Bandar AlKhorayef, the Minister of Industry and Mineral Resources

Saudi Arabia will no longer buy technology, but will focus on developing it, said Minister of Industry and Mineral Resources Bandar AlKhorayef on the sidelines of Alat’s launch.

The Kingdom is working to develop a climate for research, development, and innovation, which will generate significant value, AlKhorayef added.

Alat will significantly empower the industry together with developing an integrated environment. Additionally, Alat products will help cut imports and boost Saudization, he noted.

Earlier this month, Crown Prince Mohammed bin Salman announced the launch of an advanced products and solutions company—Alat, Argaam reported.

Owned by the Public Investment Fund (PIF), Alat will contribute to positioning Saudi Arabia as a global hub for sustainable technology firms that focus on advanced technologies and electronics.