Saudi Arabia on verge of promising industrial future: Minister

Bandar Alkhorayef, Minister of Industry and Mineral Resources, said Saudi Arabia is on the cusp of a promising industrial future inspired by the Fifth Industrial Revolution to boost global competitiveness and create a sustainable industrial environment.

Entrepreneurship is a crucial pillar of economic and social development due to its vital role in creating new job opportunities, encouraging innovation, and diversifying income sources, Alkhorayef said during his participation in a panel at the Biban24 Forum.

The minister emphasized the ministry's commitment to enhancing the entrepreneurial ecosystem through industrial incubation and acceleration programs, such as Nomow and 1K Mile Entrepreneurship.

These initiatives support innovative entrepreneurial ideas that contribute to diversifying the Saudi economy and achieving Vision 2030 goals.

Alkhorayef highlighted the initiatives launched by the ministry to support entrepreneurs and owners of small and medium-sized industrial enterprises. These initiatives include facilitating access to industrial licenses and financing programs.