Saudi Arabia Boosts Entrepreneurship in Industry, Logistics

Saudi Arabia Boosts Entrepreneurship in Industry, Logistics

The Saudi National Industrial Development and Logistics Program (NIDLP) launched the "Thousand Miles" initiative for small and medium enterprises (SMEs) in the industrial and logistics fields.

The initiative seeks to facilitate material support, feasibility studies, and asset investment.

The launch came during the Global Entrepreneurship Congress (GEC), organized by the Small and Medium Enterprises General Authority (Monsha'at) in cooperation with the Global Entrepreneurship Network.

The conference witnessed the signing and launching of many programs and initiatives with a total value exceeding $1.6 billion.

NIDLP's new program is an opportunity to qualify entrepreneurs in industry and logistics in cooperation with the relevant authorities. It will also enable the qualification of skills in theory and practice, prepare preliminary and detailed feasibility studies, and provide qualitative incentives.

Technical Spending

Governor of the Saudi Digital Government Authority (DGA) Ahmed al-Suwaiyan said that 73 percent of the venture capital funding is going to technology and digital entrepreneurs.

Suwaiyan indicated during one of the panels at GEC that the Kingdom is the highest in the world in technical government spending out of national technical spending, reaching 21.7 percent last year with a value of $24 billion until 2025.

Several panels and sessions were held at GEC addressing young people and their interests, with the