27/04/2026 03:54 AST
Saudi Arabia's Ministry of Industry and Mineral Resources signed three memorandums of understanding with partners during its participation in Hannover Messe 2026 in Germany.
The agreements, aimed at advancing electrical manufacturing, smart grid technologies and industrial localization, involve collaborations with Phoenix Contact Saudi Arabia, Alfanar Co., Abunayyan Trading, and the United Technology of Electric Substations & Switchgears.
The deals were announced during the Kingdom's participation in Hannover Messe, held in Germany from April 20 to 24, where officials used the global industrial platform to promote Saudi Arabia's manufacturing ambitions and attract foreign investment.
The MoUs form part of a broader push to attract foreign investment and deepen industrial partnerships, aligning with Saudi Arabia's strategy to localize high-value manufacturing and accelerate technology transfer.
"The participation comes as an extension of the Kingdom's efforts to consolidate its position as an attractive destination for industrial investment and to expand its international partnerships," the ministry's release stated.
At the exhibition, the Saudi pavilion showcased investment opportunities across industrial and mining sectors, highlighting the Kingdom's push to adopt Fourth Industrial Revolution technologies to enhance productivity and competitiveness.
Officials also held meetings with global industrial and technology firms, including Siemens, Festo, Schneider Electric and the Fraunhofer Institute, to explore opportunities for collaboration, technology transfer and localization.
The ministry also underscored the country's investment environment, citing competitive advantages such as incentives for investors and mineral resources valued at more than $2.5 trillion.
It said these resources position Saudi Arabia as a key player in downstream industries and value chains linked to critical minerals and clean energy technologies.
In parallel, the ministry marked International Women's Day in Industry, observed annually on April 21, highlighting efforts to increase female participation in the industrial sector.
The observance aligns with broader initiatives to expand workforce diversity and support human capital development within the Kingdom's industrial strategy.
Saudi Arabia's pavilion at Hannover Messe included participation from several government entities, including the Saudi Industrial Development Fund, the Saudi Authority for Industrial Cities and Technology Zones, and the Saudi Export Development Authority.
Saudi Arabia's industrial sector has expanded rapidly, with more than 10,000 factories operating and investments exceeding $350 billion. Under Vision 2030, the Kingdom aims to increase the sector's contribution to gross domestic product to 20 percent and further localize advanced manufacturing.
Arab News
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