Saudi Arabia and Singapore are poised to deepen their industrial ties, focusing on sustainable growth, small and medium enterprises (SMEs), and advanced manufacturing technology. This development follows a series of high-level meetings between senior officials from both nations aimed at exploring areas of mutual cooperation.
Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, led an official visit to Singapore, where he met with key leaders, including Singapore Economic Development Board (EDB) Chairman Png Cheong Boon. Their discussions centered on leveraging the EDB’s expertise to foster industrial growth and sustainability.
Minister Alkhorayef also engaged with Enterprise Singapore Executive Chairman Lee Chuan Teck to explore collaborative opportunities in capacity building, innovation, and industrial transformation. Additionally, he met with Meinhardt Group’s head of the fourth industrial revolution division to discuss the integration of modern technologies to enhance sectoral efficiency and innovation.
Accompanying the minister were prominent Saudi officials, including Abdullah Ali Al-Ahmari, Assistant Minister for Planning and Development, Saleh Al-Sulami, CEO of the National Industrial Development Center, and Majed Rafed Al-Argoubi, CEO of the Saudi Authority for Industrial Cities and Technology Zones.
These meetings form part of a broader economic tour of East Asia, during which Alkhorayef is leading a delegation to strengthen bilateral relations, attract high-quality investments to Saudi Arabia, and explore joint opportunities in the industrial sector.
This visit follows a significant milestone in October 2023, when Saudi Arabia and Singapore signed seven memorandums of understanding (MoUs) during the third session of the Saudi-Singapore Joint Committee held in Riyadh. These MoUs aim to facilitate investment across multiple sectors, further solidifying the robust partnership between the two nations.
Trade between Saudi Arabia and Singapore reached SR45.2 billion ($12.05 billion) in 2022, marking a 50% increase from the previous year, underscoring the growing economic ties between the countries.
During his visit, Minister Alkhorayef also toured the Port of Singapore, the world’s largest automated maritime terminal, and the recently opened Tuas Port, set to be fully operational by 2040, which will play a crucial role in global shipping with its state-of-the-art infrastructure and capacity.
