Riyadh – Sharikat Mubasher: Saudi Arabia is accelerating its push to become a global hub for next-generation industries, drawing on its energy advantage, large-scale ambition, and infrastructure readiness, industry leaders said during discussions at the World Economic Forum in Davos.

Rayan Fayez, deputy CEO of NEOM, highlighted Oxagon as a cornerstone of the Kingdom’s industrial diversification strategy, noting that the city is already hosting clean manufacturing, green hydrogen projects, renewable energy production, and AI data centers. He indicated that the world’s largest green hydrogen project, developed with ACWA Power and Air Products, is nearing completion and is expected to begin operations by 2027. Fayez also pointed to growing interest from international manufacturers, including Chinese firms setting up renewable energy production outside China for the first time.

Frederico Torti from the World Economic Forum noted that global manufacturing is being reshaped by supply chain volatility, geopolitical shifts, and rapid technological change, making collaboration and operational agility essential. He added that Saudi Arabia’s low-cost energy and infrastructure readiness position it as an attractive destination for industrial investment.

Marco Arcelli, CEO of ACWA Power, described the Kingdom as a compelling market for large-scale renewable energy and desalination projects, emphasizing the growing importance of the water-energy nexus. Panelists agreed that future competitiveness will be driven less by scale and more by speed, partnerships, and talent development.