Al-Khorayef: 90% of companies in the industrial sector are SMEs

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RIYADH — Minister of Industry and Mineral Resources Bandar Al-Khorayef has confirmed that 90% of companies operating in Saudi Arabia's industrial and mining sectors are small and medium enterprises.

During a dialogue session within the activities of “Industry and Mineral Resources Pioneers” week, organized by the General Authority for Small and Medium Enterprises “Monsha’at”, Al-Khorayef said, "Pioneering projects today play a major and pivotal role in the sector through various contributions."

He added that "industrial technical applications have proven their effectiveness in solving many problems of large industries because technologies depend on the efficiency of innovators and entrepreneurs. In the mining sector, we find proven and tested technologies that meet the sector's needs in preserving mines, the environment, safety and productivity at a higher level."

He said, "Thanks to the unlimited support from the leadership, the industry is no longer limited to the big players only, and there is great integration in the system through the services provided, from licensing to financing."

The minister pointed out that work in the industry system is not only to facilitate the entry of investors and entrepreneurs into the sector, but also to ensure the continuity of these projects to help investors overcome challenges and clarify the investor’s journey in this regard.

Regarding the most prominent opportunities available in the industrial sector, Al-Khorayef explained that the mining sector today holds great opportunities for entrepreneurs in light of the great trend toward investment in the sector, calling on all entrepreneurs to consider these opportunities available in the field.

He pointed out that there are more than 100 incentives and initiatives that the ministry has worked on that entrepreneurs and owners of small and medium enterprises can benefit from in the industrial and mining sectors.