Saudi Arabia plans new initiative to boost industrial activities

Saudi Arabia’s Ministry of Industry and Mineral Resources is planning to launch a new initiative to further support the growth of small and medium enterprises and boost the country’ industrial sector.

This was revealed by Minister of Industry and Mineral Resources Bandar Alkhorayef at an event in Riyadh on Sunday.

The minister said the initiative will provide entrepreneurs and innovators with promising opportunities for growth and expansion in various industrial activities.

Speaking at the closing ceremony of an industrial business accelerator and incubator initiative, Alkhorayef said support through the initiative will not be limited just to industrial activities but will be extended to the services and logistics sectors as well, the Saudi Press Agency reported.

He said the Kingdom’s industrial strategy aims to increase the base of mature and innovative small and medium industrial companies, enabling them to compete globally.

Industrial SMEs constitutes about 92 percent of the total number of industrial facilities, representing 34 percent of the total investment volume and employing 55 percent of the workforce in the sector.

Furthermore, the top official said the recently concluded accelerator and incubator initiative called Nomu reflected the ministry’s commitment to introducing programs that contribute to enabling innovations and emerging projects.

It also aims to enable SMEs in the industrial sector and provide a conducive environment for industrial entrepreneurs, he added.

Nomu has achieved significant success since the Ministry of Industry and Mineral Resources invited entrepreneurs to register in May last year.

It attracted 17 quality industrial projects from Saudi industrial pioneers. The incubator serves as an entity that nurtures businesses, generates ideas, and assists in the establishment and accelerated growth of SMEs.

Incubators focus mainly on entrepreneurs in the early stages, and provide short-term programs, consultations, training, and optional financial support.

In August, the official spokesperson for the ministry, Jarrah bin Muhammad Al-Jarrah, said the initiatives fall in line with Vision 2030 and the National Industrial Strategy to expand the industrial base of Saudi Arabia and promote SMEs and enable them to compete globally.