Saudi Arabia's National Industrial Cluster Development Program (NICDP) has signed a memorandum of understanding (MoU) with Siemens to develop sustainable industries through the localisation of technologies and driving the digital industrial transformation in the kingdom in line with Vision 2030.

The NICDP was initiated by the Government of Saudi Arabia to develop and to provide support to a range of new industries.

The agreement was signed in the presence of Saudi Arabia's King Salman and German Chancellor Angela Merkel, by Energy, Industry and Mineral Resources Minister Khalid Al Falih, in his capacity as chairman of NICDP; and Joe Kaeser, president and CEO of Siemens AG.

The MoU is part of organisations’ plans towards creating new industries and supporting the localisation of technologies and value chains. The objective will be achieved by supporting economic growth, enabling know-how and technology transfer, increasing foreign direct investment (FDI) and creating high-skilled training and employment opportunities in line with the goals of Saudi Arabia’s Vision 2030, said a statement.

Furthermore, Siemens and its partners will build capabilities among Saudi students to prepare them for the Fourth Industrial Revolution, whereas Siemens is looking at investing over €100 million ($109.14 million) for student development in the fields of digitalisation and automation at Saudi universities.

Khalid Al Falih said: “In order for us to achieve the objectives of Vision 2030, we must focus on the sustainable development of industries in Saudi Arabia, while acknowledging the importance of localisation of technologies and the development of local talent.”

“We are looking forward to our continuous and close partnership with Siemens, who is globally recognised as one of the leaders in industrial development, digitalisation and automation,” he added.

Arja Talakar, CEO of Siemens Saudi Arabia, said: “Our company has been a partner to Saudi Arabia for the past 90 years and we are proud of our rich heritage in the kingdom. We truly believe that the localization of skills and technology is part of the core foundation of our successful partnership.”

“We look forward to our continuous close cooperation with NICDP towards achieving the goals of the Kingdom’s Vision 2030,” Talakar added. – TradeArabia News Service