Industry minister champions innovation and youth empowerment at Misk Global Forum, highlighting Saudi industrial mining growth as a key entrepreneurial hub

Saudi Arabia’s industrial and mining sectors are paving the way for a new era of entrepreneurship, fueled by innovation and strategic government support. Bandar bin Ibrahim Alkhorayef, the Kingdom’s Minister of Industry and Mineral Resources, highlighted key opportunities for Saudi industrial mining growth during the Misk Global Forum 2024 in Riyadh.

Alkhorayef highlighted how the Kingdom’s industrial transformation under Vision 2030 offers fertile ground for entrepreneurs. Beyond traditional investment avenues, he called on innovators to devise solutions that enhance production efficiency, improve manufacturing quality, and prioritise energy conservation in industrial operations.

The minister explained that the government has introduced tailored initiatives to nurture entrepreneurship. These include financial programmes like the 1K Miles initiative, which helps transform concepts into actionable projects, and the Industrial Hackathon, where young minds propose creative solutions to address industrial challenges.

A Global Leader in Entrepreneurship

Saudi Arabia’s efforts to foster a supportive entrepreneurial ecosystem are gaining international recognition. The Kingdom recently climbed to third place in the Global Entrepreneurship Monitor (GEM) report for 2023-2024.

Particularly noteworthy is the growing presence of women in entrepreneurship. According to the GEM report, for every 10 men starting a business in Saudi Arabia, eight women are doing the same—an encouraging sign of gender inclusivity in the Kingdom’s evolving economy.

Youth at the Centre of Saudi Arabia’s Vision

Alkhorayef emphasised that Saudi Arabia’s strategic assets, including its vast natural resources and technological capabilities, are being harnessed to elevate the industrial sector. By developing a competitive edge in emerging industries, the Kingdom is positioning itself as a major player in international supply chains.

“Our aim is to create a global hub where entrepreneurs can innovate, test ideas, and succeed,” Alkhorayef said. He attributed much of this progress to the government’s commitment to empowering youth, describing them as the driving force behind the Kingdom’s ambitious transformation.

Global Perspectives: Bill Gates Praises Saudi Innovation

A highlight of the Misk Global Forum was a keynote speech by Bill Gates, co-chair of the Bill and Melinda Gates Foundation. Gates spotlighted the power of innovation in addressing global development challenges, emphasising that investments in technology and education are critical for a sustainable future.

Gates praised Saudi Arabia’s leadership in fostering youth empowerment, citing initiatives like the Misk Global Forum as global benchmarks. He called the forum a “model for nurturing creativity and entrepreneurship,” highlighting its focus on equipping the next generation with essential skills.

The forum also introduced the Misk Grand Challenges initiative in partnership with the Gates Foundation. This programme encourages young people to devise creative solutions to pressing global issues, particularly in education and citizenship, demonstrating Saudi Arabia’s commitment to engaging with the global community.

Insights for Aspiring Entrepreneurs

Practical advice was not in short supply at the forum. Abdullah Al-Saleem, CEO and co-founder of Mushtari shared valuable tips on seeking guidance throughout the entrepreneurial journey.

“Every time is the right time to ask for help,” Al-Saleem stated, stressing the importance of learning and collaboration at every stage of business development. His remarks resonated with the forum’s focus on building a supportive network for young innovators.

An Era of Opportunity

Saudi Arabia’s industrial and mining sectors stand at the forefront of the Kingdom’s Vision 2030 economic transformation. By leveraging its natural wealth and adopting advanced technologies, the nation is reshaping its industrial landscape while creating vast opportunities for its youth.

The government’s strategy blends financial backing, skill development programmes, and inclusive policies to empower entrepreneurs. This multifaceted approach not only bolsters the national economy but also establishes Saudi Arabia as a global leader in innovation and industrial growth.

As forums like MGF 2024 continue to inspire, Saudi Arabia’s commitment to entrepreneurship and Saudi industrial mining growth signals a promising future for the Kingdom—and for innovators worldwide.