Saudi Arabia’s Automotive Sector Localization Gaining Momentum
Amid efforts to achieve Vision 2030 targets, Saudi Arabia’s automotive sector localization is rapidly progressing, as highlighted by a senior official.
Transitioning Towards Domestic Production
During a Saudi-American Business Council seminar, Aftab Ahmed, a senior adviser to the Kingdom’s National Center for Industrial Development in the automotive sector, emphasized the shift towards domestic production of passenger vehicles and parts.
Aligned with National Industrial Strategy
Ahmed noted that this transition aligns with the ambitious objectives set forth in the National Industrial Strategy under Saudi Vision 2030, as reported by the Saudi Press Agency.
Insightful Seminar on the Future of the Automotive Sector
The council, in partnership with the NCID, recently organized a virtual seminar to discuss the future of Saudi Arabia’s automotive sector. Over 100 industry leaders from Saudi Arabia and the US participated, exchanging insights and opportunities in the evolving field.
Prominent Industry Leaders Contribute
Key figures such as Ceer CEO James DeLuca and Lucid Motors Vice President for the Middle East, Faisal Sultan, contributed to the dialogue, sharing their perspectives on government initiatives, investment standards, and operational experiences within the Kingdom.
Commitment to Collaboration and Growth
Susan Lindman, Interim President and CEO of the Saudi-American Business Council, reiterated the council’s commitment to fostering collaboration and growth opportunities within Saudi Arabia’s automotive sector. She emphasized the importance of networking and discussions in driving innovation and progress.
Striving Towards Regional Automotive Industry Center
CEO of NCID, Khalil Ibn Salamah, expressed Saudi Arabia’s aspiration to become a regional center for the automotive industry. Vision 2030 and the National Industrial Strategy reinforce the Kingdom’s dedication to this initiative, aiming to attract domestic and international investment.
National Industrial Strategy Driving Economic Transformation
The National Industrial Strategy aims to transform the sector’s economy into a flexible, regionally integrated powerhouse, with a focus on strengthening supply chains, enhancing the legislative and financing landscape, and boosting local content. The strategy also aims to increase international trade and promote innovation and talent retention within the industrial sector.
Ambitious Economic Impacts
The NIS targets significant economic impacts by 2035, including growing the industrial gross domestic product contribution, creating millions of jobs, and increasing exports and localization rates, reflecting the Kingdom’s commitment to achieving its vision for the automotive sector.