Oxagon, the industrial city in the sea being built at Saudi Arabia's $500 billion futuristic city Neom, has signed a preliminary agreement with the Ministry of Industry and Mineral Resources and the Saudi Authority for Industrial Cities and Technology Zones to support the transformation of the kingdom's manufacturing industry.
The partnership will see Oxagon participate in the Future Factories Programme, which is Riyadh's initiative to remove barriers in industrial capabilities by creating an ecosystem backed by sustainable digital transformation and remodelling about 4,000 factories, Oxagon said in a statement on Friday.
"By mixing the state-of-the-art approaches from Industry 4.0, utilisation of solely renewable energy and circular economy principles, Oxagon will enable industries of the future to avoid environmental degradation and preserve efficiency and profitability," Vishal Wanchoo, chief executive of Oxagon, said in the statement.
Oxagon is set to be the largest floating industrial complex in the world and will be "the catalyst for economic growth and diversity", Saudi Crown Prince Mohammed bin Salman has previously said.
It has a goal of establishing the world’s first fully integrated port and supply chain ecosystem for Neom, contributing to Saudi Arabia’s regional trade and commerce, and support creating a new focal point for global trade flows.
The agreement further sets a framework to co-operate in the development and implementation of the Advanced and Clean Manufacturing Improvement Tool, which allows organisations to assess their readiness for change and move towards advanced manufacturing systems and processes.
The partnership is in line with Vision 2030, the kingdom's initiative to diversify from oil, and represents a "major milestone in realising shared ambitions to sustainably future-proof industries and drive economic diversification across the country", said Nadhmi Al Nasr, chief executive of Neom.
Among the innovations, the Future Factories Programme is exploring to boost manufacturing are artificial intelligence, 3D printing and the Internet of Things.
