The Ministry of Industry and Mineral Resources in Saudi Arabia has launched a new initiative called the Industrial Business Accelerator and Incubator to support small and medium-sized enterprises (SMEs) and industrial project owners in the Kingdom. This new drive aims to meet the specific needs of entrepreneurs and help them to establish and accelerate their businesses in terms of future growth and success.

Incubators primarily concentrate on entrepreneurs in the early stages, sponsoring businesses from those at the stage of generating ideas to emerging companies. These programs aid in establishing and growing their businesses. On the other hand, accelerators mainly focus on late-stage startups that have high-growth potential. These programs offer short-term support including business consulting, training, mentorship, and optional financial support to help businesses expand their scope.

The new initiative is expected to provide a boost to entrepreneurs in Saudi Arabia and create a more supportive environment for SMEs and industrial project owners. This will help to promote economic growth and development in the Kingdom, as well as provide more job opportunities for Saudi citizens.