In a strategic move to amplify entrepreneurship and industrial transformation, His Excellency Minister of Industry and Mineral Resources, Bandar Alkhorayef, unveiled the fourth edition of the 1K Mile Program in Riyadh. This initiative stands as a cornerstone for elevating startups into competitive industrial ventures.
The launch took place at the closing ceremony of the third edition, attended by entrepreneurs, representatives of supporting bodies, participants’ families, as well as senior officials including the Ministers of Transport and Logistics, Communications and IT, and Education, underscoring the integrated national support backing the initiative.
Operating under the umbrella of the National Industrial Development and Logistics Program, 1K Mile has evolved into a key driver of industrial investment, encouraging aspiring innovators to enter the sector. The program equips participants with tools to create realistic and sustainable business plans, fostering growth, scalability, and readiness to compete on both domestic and global stages.
The third edition welcomed 8,001 applicants, with 147 projects aligning with Vision 2030 goals selected for nomination. The Saudi Investment Bank, serving as the official sponsor, presented significant awards—SR 500,000 for first-place winners and SR 250,000 for second-place winners in each category.
Awardees also receive a comprehensive support package, including access to financing, industrial land, turnkey factories, and expert consulting services, ensuring long-term sustainability and growth.
This program reflects the Kingdom’s vision for a vibrant industrial future, transforming entrepreneurs into powerful engines of growth and positioning the Kingdom as a leading global hub for industrial innovation and investment.
