RIYADH: Minister of Industry and Mineral Resources Bandar Alkhorayef launched the fourth 1K Mile Program in Riyadh, the Saudi Press Agency reported on Sunday.

The launch took place during the closing ceremony of the third edition, attended by entrepreneurs, representatives of supporting entities, and participants’ families.

Minister of Transport and Logistic Services Saleh Al-Jasser, Minister of Communications and Information Technology Abdullah Al-Swaha and Minister of Education Yousef Al-Benyan also attended.

Alkhorayef, who is also chairman of the National Industrial Development and Logistics Program, said the 1K Mile Program has evolved from an initiative supporting entrepreneurs into a key pillar of the Kingdom’s industrial and entrepreneurial transformation.

He said that the fourth edition reflects the successes of previous editions and the inspiring stories they produced, the SPA added.

Alkhorayef said the program empowers entrepreneurs by helping them develop realistic, sustainable business plans while providing support throughout their projects, ensuring growth, expansion, and readiness to compete.

He emphasized that the program has redefined industrial investment, showing that industry is no longer limited to large enterprises but open to ambitious, innovative young people.

He also highlighted its role in promoting advanced manufacturing and encouraging investment in modern technologies, according to the SPA.

There were 8,001 entrepreneurs registered for the third edition, with 147 projects nominated for aligning with Vision 2030 goals.

The Saudi Investment Bank, the ceremony’s official sponsor, presented financial awards to 20 pioneering projects in the industrial, mining, and logistics sectors.

First-place winners received SR500,000 ($133,000), while second-place winners in each sector received SR250,000.

Program winners also receive an official document offering unique benefits, including financing, industrial land, ready-made factories, and consulting services, designed to support the sustainability and growth of their projects.