Minister of Industry launches 'Nuthree' exploration incubator initiative

Minister of Industry and Mineral Resources Bandar AlKhorayef

Minister of Industry and Mineral Resources Bandar AlKhorayef launched the "Nuthree" mining exploration incubator initiative to empower emerging individuals and local companies in the mining exploration sector.

The move aims to create a sustainable local exploration environment to develop the Kingdom's resources and become an entry point for promising industries, in cooperation with the Small and Medium Enterprises General Authority (Monsha'at).

The ministry’s Spokesperson Jarrah Aljarrah said the incubator aims to develop the skills of emerging explorers and employ their capabilities as well as support them with enablers that ensure sustainability in the mining exploration sector by promoting investments in the sector.

He stressed the importance of enabling entrepreneurship in mineral explorations locally from a regulatory perspective, as well as financing and supporting it.

Aljarrah noted that the initiative comes in line with Vision 2030 and the National Industrial Development and Logistics Program (NIDLP) to make the mining sector the third pillar of national industries.

The initiative targets students and researchers (academics), small and medium-sized enterprises (SMEs) applying for an exploration license, emerging companies in the field of exploration, and investors interested in the mining sector.

The incubator will also provide a range of services to support startups, including analyzing geological data, assisting them in obtaining exploration licenses, and offering intensive courses and training workshops in the fields of earth sciences.

It also will conduct events and dialogue sessions with experts and specialists in the field of mineral explorations, laboratory services, samples analytics, geophysical survey for metal detection, preserving diamond drilling samples, offering guidance and direction throughout the initiative program, and providing office space to carry out their work.