SMEs account for 80% of new industrial licenses YTD, says Alkhorayef

Minister of Industry and Mineral Resources Bandar Alkhorayef

Saudi Ministry of Industry and Mineral Resources seeks to develop a stimulating industrial climate for small and medium enterprises (SMEs), which account for more than 80% of total new licenses year-to-date (YTD), Saudi Press Agency reported, citing Minister Bandar Alkhorayef.

The industrial and mining business activities are key enablers of Vision 2030 and its economic transformation process, Alkhorayef said on the sidelines of a meeting with several entrepreneurs in the Eastern Province.

The minister added that the current opportunities in the industry and mineral resources sectors are not restricted to large capitals but can attract new business startups.

Alkhorayef highlighted the significance of the fourth industrial revolution applications, which will widely restructure the industrial sector and help provide new innovative job opportunities.

The ministry seeks to increase the SMEs’ active role via three key pillars, namely, developing a stimulating industrial climate for SMEs, boosting SMEs’ growth and encouraging thought leadership in the industrial sector, in addition to setting up an integrated entity to cater to the needs of entrepreneurs and investors in both sectors.

The ministry licensed 670 new factories at total investments exceeding SAR 74 billion year-to-date (YTD). A total of 477 factories launched operations over the same period, while providing more than 31,000 job opportunities.

The minister also indicated that both sectors continue to boost the industrial investment environment to improve investor experience.