RIYADH: Investment funds of all sizes are being encouraged to consider pouring funds into Saudi Arabia’s industrial sector, according to a top minister. Speaking at the Industrial Investment Accelerator Program on July 31, Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef said that the goals outlined in the Kingdom’s strategy for the sector can only be achieved by helping investors make see Saudi Arabia has a place to put their money. Saudi Arabia’s National Strategy for Industry aims to create a comprehensive roadmap for accelerating the diversification of the Kingdom’s industrial base by increasing non-oil exports, encouraging privatization and attracting more foreign investment as well as boosting innovation and research, and creating local jobs. Alkhorayef pointed out that 15 projects out of 600 applications have been selected for the ministry’s Industrial Business Accelerator and Incubator Initiative, which was launched by the Ministry of Industry and Mineral Resources in May. After the launch of the initiative, Jarrah bin Muhammad Al-Jarrah, the official spokesperson of the ministry, said that incubators under this program will primarily concentrate on entrepreneurs in the early stages, while accelerators mainly focus on late-stage startups which have high growth potential. In July, Alkhorayef said that Saudi Arabia’s Mining Investment Law was framed according to the latest international practices in a bid to address the concerns of investors all across the world, especially with regard to growth and opportunities in the Kingdom’s mining sector. In February, speaking at the Sixth Riyadh Industrialists Council meeting organized by the Riyadh Chamber of Commerce, Alkhorayef called on venture captialists to take advantage of the huge opportunities that the Kingdom has to offer as it seeks to diversify its sources of income by expanding its industrial base. He also noted that the industrial sector in Saudi Arabia has been witnessing massive growth over the past few years due to various government initiatives aimed at turning the Kingdom into a business-friendly destination. Data released by the ministry in July revealed the total number of industrial facilities hit 10,819 by the end of March — up from 10,518 factories at the end of 2022 — with an estimated capital of amounting to over SR1.43 trillion ($381 billion). The ministry added that chemical product manufacturing plants attracted the most investment, followed by producers of other non-metallic mineral products and basic metal factories.