Saudi Gazette report

DAVOS — Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and President of the World Economic Forum (WEF) Børge Brende signed on Wednesday a cooperation agreement between the ministry and the WEF to advance industrial transformation in the Kingdom.

The signing ceremony was held, in the presence of Prince Faisal bin Farhan, minister of foreign affairs and head of the Saudi delegation to the Davos 2026 Forum, on the sidelines of the World Economic Forum 2026 in Davos, Switzerland. The signing ceremony was also attended by Minister of Economy and Planning Faisal Al-Ibrahim.

The agreement between the two parties focused on developing a scalable, systematic model for industrial transformation in the Kingdom. This will be achieved through capacity building and skills development across the industrial ecosystem, thereby strengthening the Kingdom's position as a leading regional hub for industrial transformation.

The agreement also aims to accelerate the pace of industrial transformation and promote technology adoption by developing a suite of digital tools that support the transformation process. This will facilitate the transition from theoretical assessment to effective practical implementation and expedite the adoption of modern technologies and leading industrial applications.

The agreement also includes provisions for the ministry's participation in the WEF's technology ecosystem, enhancing its interaction with global technology suppliers, systems integrators, and service providers. This will maximize the ministry's utilization of centers of expertise to improve the efficiency and resilience of the industrial sector.

Furthermore, the agreement highlights the Kingdom's efforts and leadership in adopting and developing international best practices for industrial transformation, and its role as a key contributor to the Lighthouse OS, developed internally in the Kingdom by Oxagon, a subsidiary of NEOM. Lighthouse OS serves as a leading national model for industrial transformation, built, implemented, and enhanced to meet the highest global standards and practices.

The agreement will be implemented in coordination between the WEF and the ministry's Center for Advanced Manufacturing and Production. This is part of the Kingdom's efforts to enable industrial transformation and accelerate the adoption of modern technologies in industrial facilities, thereby raising the efficiency of the industrial sector and enhancing its global competitiveness.

The agreement was signed in line with the objectives of the National Industrial Strategy and Saudi Vision 2030 to transform the Kingdom into a leading industrial power regionally and globally, and to maximize the impact of industry on the diversification of the national economy.