¶¶Òõ¶ÌÊÓƵ’s energy future: Advancing localization, global partnerships 
I was invited recently to a forum co-hosted by the Ministry of Industry and Mineral Resources, and the Ministry of Investment to highlight the newly launched incentives program for the industrial sector.
The program, with an allocated budget of SR10 billion ($2.6 billion), aims to enable industrial investments, spur their growth, and achieve sustainable industrial development in the Kingdom while enhancing the global competitiveness of Saudi industry.
Another feature of the Saudi industrial ecosystem is the localization of content, especially in the energy sector. ¶¶Òõ¶ÌÊÓƵ continues to make remarkable strides toward achieving its energy localization target of 75 percent by 2030, supported by innovative foreign direct investments and robust government initiatives.
A Saudi oil and gas business development team is implementing a game-changing business and technology model for localizing pipe manufacturing for OCTG, drilling, hydrogen, and specialty high-end energy pipes.
A case in point is Dalipal Holdings, a Hong Kong-listed company with over 26 years of acclaimed technical expertise and unparalleled innovation capabilities in manufacturing oil and gas seamless pipes. The company has gone from strength to strength following its business demerger from PetroChina.
Dalipal continues to be a key supplier to PetroChina, in addition to Sinopec and China National Offshore Oil Corporation. This underscores Dalipal’s technical performance excellence.
Dalipal received support from the Ministry of Energy, the Ministry of Investment, King Salman Energy Park, and Saudi Aramco’s localization program iktva to establish a state-of-the-art global manufacturing hub at King Salman Energy Park, supported by R&D and global sales departments.
The clean environment and ESG-compliant facilities will be based on intelligent manufacturing and digital management. This project aligns with ¶¶Òõ¶ÌÊÓƵ’s energy localization target to locally produce energy-related goods and services, contributing to the sustainability of the energy supply chain. Construction is planned to start in September this year.
The four-pronged approach will result in the profitable localization of manufacturing and knowledge assets, the acquisition of R&D capabilities and sales skills, and the attraction of local and foreign capital to become part of the Saudi financial and economic fabric.
As part of its mandate, BMG Financial Group took Dalipal’s management, headed by its founder and chairman Meng Fanyong, on a weeklong tour across the country to meet government officials and potential partners. Tomorrow, we are traveling to Alkhobar to complete our tour at the iktva annual forum.
To give our Hong Kong guests a more colorful and cultural flavor of the country, my dear friend Jerry Inzerillo, CEO of Diriyah Gate Development Authority, and his team have organized a tour of the UNESCO World Heritage Site.
• Basil M.K. Al-Ghalayini is chairman and CEO of BMG Financial Group.
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