RIYADH — Minister of Industry and Mineral Resources Bandar Al-Khorayef launched the (Nuthree) exploration incubator initiative to empower emerging explorers, both individuals and local companies, in the mining exploration sector.
Nuthree aims to establish a local, sustainable exploration environment to develop Saudi Arabia's fortunes sites to become an entry point for promising industries.
This came in cooperation with the Saudi Geological Survey (SGS) and the General Authority for Small and Medium Enterprises (Monshaat) .
The Ministry's spokesperson Jarrah Bin Mohammed Al-Jarrah said that the incubator aims to develop the skills of the emerging explorers, employ their capabilities, and support them with enablers that ensure sustainability in the mining exploration sector through enhancing the investment in the exploration field.
The incubator would also aim in transferring and exchanging the knowledge and experiences between the pioneering companies in the mining sector, and to build strategic and sustainable partnerships.
He referred to the importance of empowering the entrepreneurship in mineral exploration locally from a regulatory perspective, also to fund, support it with a appropriate infrastructure to strengthen its business and drive economic growth in the sector.
The Nuthree initiative comes in line with the goals of Saudi Arabia's Vision 2030, and the National Industrial Development and Logistics Program (NIDLP) to make the mining sector the third pillar of national industries.
Also it would support incubation and a number of national startups and emerging explorers to be a factor in building the future of their country, and enhancing local investment in the field of mining exploration.
Al-Jarrah said the Nuthree targets locally the students, academic researchers, small and medium-sized companies who applied for an inspection license, startups in the exploration sector, and the investors who are interested in the mining sector.
The incubator will provide several services to support the startups, including analyzing geological data, as well as to helping them obtain exploration licenses, in addition to providing intensive courses and training workshops in the fields of earth sciences.
It will also conduct activities, doing dialogue sessions with experts and specialists in the mineral exploration field, in addition to laboratory services, samples analytics, geophysical survey for metal detection, preserving diamond drilling samples.
This will be alongside offering the trainees guidance throughout the period of the initiative program, as well as they will be provided with office space to carry out their work.
It is noteworthy that the name (Nuthree) comes as a sign to the importance of optimal utilization of Saudi Arabia's mineral resources in more than 5,300 sites, with an estimated value of SR5 trillion.
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