December 29, 2024 - Riyadh
As part of its efforts to promote innovation and sustainable development in the industrial and mining sectors, the Ministry of Industry and Mineral Resources has launched the "Innovative Industrial and Mining Products" program, aimed at encouraging creative ideas and turning them into value-added products that are manufactured locally and exported globally. The launch came during the "Future of Industrial and Mining Innovation" event, held at the ministry's Riyadh headquarters and attended by Minister of Industry and Mineral Resources Bandar Alkhorayef and a number of senior officials and partners from the public and private sectors.

Program Goals and Significance

The program aims to empower innovators in the industrial and mining sectors through a comprehensive platform bringing together all the services and enablers creative idea-holders need throughout their project's development, from the idea stage through to export. It provides support across nine core stages:

  1. Idea generation.
  2. Idea testing.
  3. Intellectual property registration.
  4. Prototype development.
  5. Training and mentoring.
  6. Business model development.
  7. Project financing.
  8. Production.
  9. Expansion and export.

A Broad Network of Partners

The ministry has built a strong network of more than 30 local and international partners providing over 80 services covering every stage of the innovation journey. The partner network includes academic institutions, research centers, business incubators, accelerators, and legal and consulting firms. The ministry continues to forge new partnerships to strengthen the ecosystem supporting innovators.

Boosting the National Economy

The program is expected to contribute to strengthening the Kingdom's non-oil economy and support its strategy to become a global hub for industrial and mining innovation. It also encourages strategic partnerships between local and international innovators, helping achieve sustainable development and raise the competitiveness of both sectors globally.

An Ambitious Future Vision

Through the program, the ministry aims to make the Kingdom the world's top destination for innovators and a leading platform for turning creative ideas into widely marketable products. The program marks a decisive step toward achieving Saudi Vision 2030's goals of diversifying the economy and developing vital sectors.