Ministry of Industry, Mineral Resources Launches Industrial Business Accelerator in Saudi Arabia

(MENAFN) The Ministry of Industry and Mineral Resources in Saudi Arabia has launched a new initiative called the Industrial Business Accelerator and Incubator Initiative to provide a boost to entrepreneurs in the country. The aim of the initiative is to meet the specific needs of small and medium-sized enterprises (SMEs) and industrial project owners in the Kingdom. According to a statement, the initiative will benefit from the experience and joint resources of the industry system as a whole, in addition to other government agencies, leading national universities, and large industrial companies.

Incubators and accelerators are the two primary components of the initiative. Incubators sponsor businesses from those at the stage of generating ideas to emerging companies, while helping them to establish and further accelerate in terms of future growth and success. On the other hand, accelerators mainly focus on late-stage startups which have high growth potential. They offer short-term programs that provide business consulting, training, mentorship, and optional financial support while aiming at further expanding their scope.

The new initiative will see the participation of financial investors, leading international operators of incubators, and accelerator networks. All parties involved are expected to work hand-in-hand to provide comprehensive, high-quality support to the industrial entrepreneurs registered to the program. The initiative will also fall in line with the Kingdom's Vision 2030 and the objectives of the National Industrial Strategy by increasing the base of mature, innovative, and globally competitive SMEs.

According to Jarrah bin Muhammad Al-Jarrah, the official spokesman of the Ministry of Industry and Mineral Resources, the initiative will help address the challenges of industrial entrepreneurs and SMEs in the Kingdom, thereby encouraging more industrial entrepreneurship and improving the continuity of industrial startups in the long run.

The SME sector is perceived as a vital economic engine and a key generator of new employment, as well as the foundation of a global economy, said Ahmad Al-Sa'adi, Senior Vice President of Technical Services at Aramco in an interview with Arab News in 2022. Under the Vision 2030 goals, the sector is working to contribute 35 percent to Saudi Arabia's gross domestic product by 2030. In addition to this, SMEs are set to play a significant role in achieving the Kingdom's objectives of lowering the unemployment rate from 11.6 percent to 7 percent, and increasing women's participation in the workforce from 22 percent to 30 percent.

The new Industrial Business Accelerator and Incubator Initiative launched by the Ministry of Industry and Mineral Resources in Saudi Arabia is expected to provide a significant boost to entrepreneurs in the country. By meeting the specific needs of SMEs and industrial project owners in the Kingdom, the initiative aims to accelerate their growth and success. The participation of financial investors, leading international operators of incubators, and accelerator networks is expected to provide comprehensive support to the industrial entrepreneurs registered to the program. This move aligns with the Kingdom's Vision 2030 and the objectives of the National Industrial Strategy by increasing the base of mature, innovative, and globally competitive SMEs, thereby encouraging more industrial entrepreneurship and improving continuity of industrial startups in the long run.

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