Saudi Arabia’s industrial and mining sectors, Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef said, offer young entrepreneurs big challenges. “This of course includes direct investment, but it goes beyond it as well to include improvements in production efficiency, quality of manufacturing, and the promotion of energy conservation in industrial operations,” said Alkhorayef at the Misk Global Forum 2024 in Riyadh.
The minister noted that various initiatives have been introduced by institutions in the industrial and mineral sectors to support entrepreneurship. Those initiatives focus on innovation in making the process easier for youngsters to enter and thrive in these industries. Alkhorayef highlighted the strategic efforts of the Kingdom towards diversifying its economy and creating a supportive environment for business owners, reflected in ranking third in the 2023-2024 Global Entrepreneurship Monitor report.
The report showed that Saudi Arabia was making progress, with its National Entrepreneurship Context Index rising from 5 in 2019 to 6.3 in both 2022 and 2023. Key to note was the female entrepreneurship level as eight women started new businesses for every 10 men in 2023.
As part of support for entrepreneurial ventures, the Saudi government has initiated various programs, including the 1K Miles program, which assists in moving ideas into projects, and the Industrial Hackathon, wherein young innovators can present solutions to industrial challenges. Alkhorayef emphasized that it is good because Saudi Arabia has become a global hub for entrepreneurs, thus given opportunities for innovators to present their innovative ideas and test their market potential.
The industrial sector of the Kingdom is utilizing natural resources and technological edge to become a world leader in global competition. Alkhorayef emphasized such efforts to turn Saudi Arabia into an international champion in supply chains for emerging industry chains.
Other than Alkhorayef, some of the other notable speakers that attended the forum are Bill Gates, the Co-Chair of the Bill and Melinda Gates Foundation. He told the audience that innovation has a crucial role to play in dealing with the global challenges.
He commended Saudi Arabia for empowering its youth and encouraging entrepreneurship by initiatives like MGF 2024. He remarked that the world should collaborate to live better and grow well.
It also announced the Misk Grand Challenges initiative in collaboration with the Bill and Melinda Gates Foundation, to inspire young people to come forward with innovative solutions for global education and citizenship challenges.
