Minister of Industry and Mineral Resources and Chairman of the National Industrial Development and Logistics Program (NIDLP), Bandar Alkhorayef, officially launched the fourth edition of the 1K Mile Program during the closing ceremony of its third edition. The event took place on Saturday at The Garage headquarters in Riyadh.
Program Evolution, Impact
In his address, Alkhorayef emphasized that the 1K Mile Program has grown from a simple initiative to support entrepreneurs into a cornerstone of the Kingdom’s industrial and entrepreneurial transformation. He noted that the launch of the fourth edition reflects the cumulative achievements of earlier rounds and the many inspiring success stories they produced.
The program, he explained, empowers entrepreneurs by:
- Helping them create realistic, sustainable business plans
- Providing a supportive environment for growth and expansion
- Preparing them to compete effectively in the market
Alkhorayef stressed that the program has redefined industrial investment, proving that the field is not limited to large corporations but is also open to ambitious, innovative youth. It also plays a major role in advancing manufacturing and encouraging investment in modern technologies.
Achievements of 3rd Edition
The third edition of the program attracted 8,001 entrepreneur registrations, with 147 projects shortlisted for their alignment with Saudi Vision 2030.
During the ceremony, the official sponsor—The Saudi Investment Bank—presented financial awards to the winners:
- First place winners in each sector received SAR 500,000
- Second place winners received SAR 250,000
A total of 20 pioneering projects in the industrial, mining, and logistics sectors were honored.
Benefits for Winners
Winners of the program receive an official recognition document, granting them access to:
- Financing opportunities
- Industrial land and ready-made factories
- Professional consulting services
These benefits also aim to enhance the sustainability, scalability, and competitiveness of their projects.
As a flagship initiative under the NIDLP, the 1K Mile Program seeks to empower Saudi youth to seize the opportunities created by the Kingdom’s economic and industrial transformation, reinforcing their role in shaping the future of industry and entrepreneurship.
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