Saudi Arabia Signs Strategic Cooperation Agreement with World Economic Forum to Accelerate Industrial Transformation
Davos, The Gulf Observer: On Wednesday, Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and President of the World Economic Forum (WEF) Børge Brende signed a landmark cooperation agreement aimed at advancing industrial transformation in the Kingdom of Saudi Arabia.
The signing ceremony took place on the sidelines of the World Economic Forum 2026 in Davos, in the presence of Prince Faisal bin Farhan, Minister of Foreign Affairs and head of the Saudi delegation to the forum. The event was also attended by Minister of Economy and Planning Faisal Al-Ibrahim.
Under the agreement, both parties will collaborate to develop a scalable, systematic model for industrial transformation in Saudi Arabia. Key focus areas include capacity building, skills development across the industrial ecosystem, and strengthening the Kingdom’s position as a regional hub for industrial advancement.
The agreement also aims to accelerate the pace of industrial transformation and promote the adoption of modern technologies by deploying a suite of digital tools designed to facilitate practical implementation, moving beyond theoretical assessment.
In addition, the agreement ensures the ministry’s active participation in the WEF’s technology ecosystem, enhancing engagement with global technology suppliers, systems integrators, and service providers. This collaboration is expected to maximize the use of centers of expertise, improve sector efficiency, and bolster industrial resilience.
Highlighting Saudi Arabia’s leadership in industrial innovation, the agreement references the Kingdom’s internal development of the Lighthouse OS by Oxagon, a subsidiary of NEOM. Lighthouse OS represents a national model for industrial transformation, built and refined to meet global best practices.
Implementation of the agreement will be coordinated between the WEF and the Ministry’s Center for Advanced Manufacturing and Production. This initiative aligns with the objectives of the National Industrial Strategy and Saudi Vision 2030, aiming to position Saudi Arabia as a leading industrial power, enhance economic diversification, and boost the global competitiveness of its industrial sector.
