The Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, stated that 90% of companies in the sector are small and medium-sized enterprises (SMEs).
Speaking at the “Industry and Mineral Resources Pioneers Week” organized by the General Authority for Small and Medium Enterprises, he highlighted the significant role of entrepreneurial projects in the sector through various contributions.
Saudi Industry and Mining Sector
Al-Khorayef emphasized that industrial technology applications have proven effective in solving many issues faced by large industries. These technologies rely on the efficiency of innovators and entrepreneurs, particularly in the mining sector where tested technologies meet the sector’s needs for higher productivity, environmental preservation, and safety.
He added that, thanks to unlimited support from the leadership, the industry is no longer exclusive to large entities. The comprehensive system now includes services from licensing to financing.
The minister pointed out that the work within the industry ecosystem is not just about facilitating the entry of investors and entrepreneurs but also ensuring the sustainability of these projects. This helps investors overcome challenges and provides clarity in their investment journey.
He also mentioned that the mining sector currently offers significant opportunities for entrepreneurs, urging them to explore these available prospects. The ministry has developed over 100 incentives and initiatives for entrepreneurs and SMEs to benefit from in the industry and mining sectors.
