Riyadh – Mubasher: Saudi-based Business Incubators and Accelerators Company (BIAC) and Simera Innovate GmbH, a global leader in engineering simulation and data management systems, have jointly unveiled the formation of a new joint venture (JV) company to support and develop Industry 4.0 technology applications in Saudi Arabia.
The JV named Simera Innovate Saudi Arabia will focus on the development of small and medium enterprises (SMEs) in order to better achieve and accelerate the accomplishment of the kingdom’s National Transformation Plan 2020 and Vision 2030, BIAC said in a statement on Wednesday.
BIAC is a subsidiary of the Saudi Technology Development and Investment Company (TAQNIA), which in turn is a wholly-owned unit of the kingdom’s Public Investment Fund (PIF).
Commenting on the new JV, BIAC CEO Nawaf Alsahaf said the newly-established firm will train and employ Saudi creators and engineers, specialising in Industry 4.0-related technologies.
Simera Innovate Saudi Arabia will also provide advanced problem-solving solutions to local firms, develop new intellectual property, and establish specialist production capacity within the kingdom of Saudi Arabia, Alsahaf added.
“While Industry 3.0 was centred on the automation of single machines and processes, Industry 4.0 encompasses on the end-to-end digitisation of all physical assets and integration into digital ecosystems with value chain partners. The Kingdom has adopted Industry 4.0 as a national priority to generate thousands of skilled jobs, as nearly two-thirds of its population is below 30,” BIAC added in its statement.
Meanwhile, Simera Innovate CEO Johann du Toit said that the JV would focus on SME development, support large national projects, and encourage economic diversification.
"This will be done through industrial and research implementation support for Industry 4.0, product life management and product development technologies. The new venture will also focus on the localisation of aerospace and precision optical industries, product design, production, evaluation and test activities,” du Toit explained.
