Davos: Minister of Industry and Mineral Resources Bandar Alkhorayef emphasized that Saudi Arabia's most crucial resource is its young talent and human capital, despite the Kingdom's wealth in natural resources like oil, gas, petrochemicals, and minerals. He shared these insights during a high-level panel discussion titled 'The Human Code: Designing Capability Systems' at the Saudi House, part of the World Economic Forum Annual Meeting 2026 in Davos, Switzerland.
According to Saudi Press Agency, Minister Alkhorayef highlighted the strategic importance of Saudi Arabia's youthful population, which constitutes a significant proportion of the total population. This demographic advantage comes at a time when many advanced economies are grappling with challenges of aging populations and shrinking workforces. He pointed out the necessity of converting this human wealth into sustainable added value by enhancing human capabilities through education, training, and skill development, alongside technology adoption across various sectors.
The minister noted the growing interest of Saudi youth in technology-based roles, which is reshaping the perception of traditional sectors. He stressed the need to attract young talent to industries such as mining by transforming them into modern, technology-driven sectors characterized by innovation and competitiveness. He outlined the Kingdom's vision to equip its human resources with advanced skills to work with manufacturing technologies and artificial intelligence, aligning with the ongoing industrial transformation.
Minister Alkhorayef explained how technological advancement is redefining industrial models. The Kingdom's approach to adopting AI and advanced manufacturing is part of a strategic vision to automate roles and tasks, making technology a pillar of competitiveness and opening up more diversified industrial capabilities. He emphasized that industrial transformation in the Kingdom requires coordinated efforts between the public and private sectors, with the government providing the necessary infrastructure and investment in technology to ensure sustainability.
He also reviewed various initiatives aimed at enabling industrial transformation, strengthening the innovation ecosystem, and developing human capital in the Kingdom. He acknowledged the role of leading national companies, such as SABIC, Aramco, Ma'aden, stc, and the Saudi Electricity Company (SEC), in empowering entrepreneurs and innovators to test and implement new technologies in real industrial environments.
Regarding the mining sector, a key component of Saudi Vision 2030, Alkhorayef stated that the Kingdom is making strides in exploring and utilizing its mineral resources while adhering to sustainability and energy efficiency standards. He noted the adoption of modern mining technologies, including advanced mine management and remote operations.
Alkhorayef's participation in the session underscores Saudi Arabia's commitment to being an active partner in global economic discussions, supporting stability, growth, and sustainable development on international platforms.