– Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef highlighted that SMEs make up 90% of the industrial sector in Saudi Arabia, reflecting their central role in the country’s economic framework.

– The ministry provides comprehensive support throughout all project phases, from initial concept to completion, including assistance with licensing, infrastructure, and export financing, to streamline the entrepreneurial process.

– Efforts to reduce project costs and risks are central to the ministry’s strategy, aiming to lower barriers for entrepreneurs and enhance the overall operational efficiency and growth of SMEs.

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef emphasized that SMEs are crucial to the industrial base in most countries, and this is particularly evident in Saudi Arabia, where they constitute 90% of the industrial sector.

This dominance underscores the significant impact SMEs have on the country’s economic structure and highlights their role in driving industrial growth and innovation.

The minister detailed the comprehensive support system provided by the Ministry of Industry and Mineral Resources, which covers all stages of project development.

This approach ensures that investors and entrepreneurs receive consistent and effective assistance, from the initial idea to the final stages of project completion. By streamlining processes related to licensing, infrastructure, and financing, the ministry aims to simplify the business environment and foster a more conducive atmosphere for industrial development.

Alkhorayef’s comments also reflect a strategic effort to enhance the operational efficiency of SMEs. The integrated system mentioned facilitates smoother interactions across various business functions, such as licensing, infrastructure, and export support. This holistic approach helps create a more seamless experience for entrepreneurs, potentially leading to higher success rates and more robust industrial growth.

The ministry’s focus on reducing project costs and risks is a critical factor in promoting a thriving SME sector. By mitigating financial and operational risks, the government aims to lower barriers to entry and encourage more entrepreneurial activity, thereby strengthening the industrial base and supporting economic diversification efforts.