JEDDAH: Saudi Arabia’s industrial and mining sectors are brimming with promising opportunities for youth and entrepreneurs, according to the Kingdom’s industry minister.
Speaking at the Misk Global Forum 2024 in Riyadh, Bandar bin Ibrahim Alkhorayef highlighted that these opportunities extend beyond direct investment, encompassing the development of innovative ideas to enhance production efficiency, manufacturing quality, and energy conservation in industrial facilities. He noted that institutions involved in industrial and mineral resources have launched various enablers and initiatives to support entrepreneurial growth and facilitate investment for young innovators in these sectors, as reported by the Saudi Press Agency.
The Kingdom’s progress in fostering entrepreneurship is evident, ranking third in the Global Entrepreneurship Monitor report for 2023-2024. Saudi Arabia’s National Entrepreneurship Context Index score rose from 5 in 2019 to 6.3 in 2022 and 2023, reflecting successful efforts to diversify the economy and create a supportive business environment. The report also emphasized the rise of female entrepreneurship, with eight women starting new companies for every 10 men in 2023.
Alkhorayef mentioned programs like the 1K Miles initiative, which aids entrepreneurs in transforming ideas into projects, and the Industrial Hackathon, where young innovators can propose creative solutions to industrial challenges. He underscored that Saudi Arabia has emerged as a global hub for entrepreneurs, offering platforms to pitch innovative ideas and test their viability. The government’s continuous support for youth is creating ample opportunities for the success of their ventures.
The minister also highlighted the Kingdom’s strategic focus on leveraging its assets to develop the industrial sector and enhance global competitiveness. This includes harnessing natural resources and technological advancements to compete in emerging industries and secure a prominent position in international supply chains.
At the forum, Bill Gates, Co-Chair of the Bill and Melinda Gates Foundation, emphasized the pivotal role of innovation in addressing global development challenges and improving the quality of life for vulnerable populations. He praised Saudi Arabia’s leadership in youth empowerment through initiatives like MGF 2024, which aims to develop young people’s skills and promote innovation and entrepreneurship. Gates called for strengthened international cooperation to develop joint solutions to current challenges, highlighting the importance of fostering creativity, teamwork, and collective thinking for a more sustainable future.
The MGF 2024 also launched the “Misk Grand Challenges” initiative in partnership with the Gates Foundation, encouraging young people to propose innovative solutions to global education and citizenship issues. During a panel discussion, Abdullah Al-Saleem, CEO and co-founder of Mushtari, shared insights on when and how entrepreneurs should seek guidance for their ventures, advocating for continuous learning and consultation in business development.
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