The Ministry of Industry and Mineral Resources in Saudi Arabia has introduced a new business accelerator and incubator program as part of its ongoing efforts to expand the country’s industrial base. This strategic initiative aims to foster sustainable growth by addressing challenges and supporting industrial pioneers across the Kingdom.
The program comprises 15 significant industrial projects, focusing on identifying key challenges and devising effective solutions to ensure sustainable growth. Moreover, it aims to enhance the efficiency of small and medium-sized industrial projects, thereby strengthening the industrial landscape of Saudi Arabia.
The program, which is scheduled to run for more than three months, is in alignment with Saudi Arabia’s Vision 2030 and the National Industrial Strategy. These national initiatives aim to diversify the Kingdom’s economy, promote small and medium-sized enterprises (SMEs), and position Saudi Arabia as a global competitor in various industries.
Jarrah bin Muhammad Al-Jarrah, an official spokesperson for the Ministry of Industry and Mineral Resources, stated that the ministry had invited entrepreneurs to register with the Nomu accelerator and industrial business incubator in May. These platforms are designed to cater to the specific needs of industrial project owners and SMEs, facilitating their growth and success.
Al-Jarrah emphasized that the program serves as a platform to support industrial entrepreneurs in establishing and advancing their projects. The ministry aims to create an enabling environment for these entrepreneurs by conducting in-depth assessments of emerging and small to medium-sized industries in the Kingdom. This includes comparing local industry standards with international benchmarks to ensure that Saudi industrial enterprises can compete effectively on a global scale.
The launch of this business accelerator and incubator program underscores Saudi Arabia’s commitment to fostering innovation and growth within its industrial sector. It represents a significant step towards achieving the goals outlined in Vision 2030 and the National Industrial Strategy, positioning the Kingdom for sustained economic development and global competitiveness.
