His Excellency the Deputy Minister of Industry and Mineral Resources, Engineer Osama bin Abdulaziz Al-Zamil, opened the Top Five Exhibition, which kicked off yesterday evening at the Riyadh International Convention and Exhibition Center and will continue through March 31.
During the opening ceremony, Al-Zamil emphasized that the Ministry of Industry and Mineral Resources is working to develop the investment environment in the industrial sector to serve the construction industry, in line with the objectives of Saudi Vision 2030, which aims to advance economic sectors linked to the construction industry—most notably the real estate and housing sectors—in a coordinated manner that aligns with the Kingdom’s economic growth and transformation.
He explained that advancing the modern construction industry requires the integration of new technology into factory production lines, such as Fourth Industrial Revolution applications, which will be a key factor in keeping pace with this transformation, opening new investment opportunities in the industry and local resources, and strengthening the Kingdom’s position and leadership in this field.
His Excellency the Deputy Minister of Industry and Mineral Resources noted that support has been provided to more than 360 suppliers of modern construction technology at all stages of the work, emphasizing that the Kingdom possesses all the necessary requirements to advance the construction and building industry sector, such as the presence of well-developed infrastructure in 40 industrial cities across the Kingdom, in addition to the capabilities and legislation necessary to ensure the sector can handle growth, adapt to changes, and adopt automation, new business models based on modern technology, and applications of the Fourth Industrial Revolution.
His Excellency noted that the Modern Construction Technology Initiative aims to bridge the current gap, by establishing 80 to 90 factories, which will have a significant impact on boosting productivity. The initiative aims to reduce costs by 20%, shorten the construction period to less than 3 months, and raising the quality of modern construction methods to 75%, in addition to increasing production capacity in the field of modern construction methods to 193 thousand, and raising the percentage of units constructed using this technology to 40% by 2025.
Al-Zamil emphasized that the future strategic direction of the Modern Construction Technology Initiative aims to enhance the competitiveness of this technology, promote its use in construction, and create an enabling and attractive environment in the sector,through the implementation of financial and non-financial products to increase the production capacity of construction technology providers, rehabilitate existing factories, develop and empower the value chain for modern construction technology, and link it to the supply chains for construction materials.
