The number of approved industrial loans provided by the Saudi Industrial Development Fund reached 155 by the end of the fiscal year 1437/1438 (2016), with total financing of 7,943.2 million riyals and total investments of 17,082.9 million riyals.

Abdulkarim Al-Nafea, Director General of the Industrial Fund, attributed the continued financing of industrial projects to the significant support the Fund receives from the government of the Custodian of the Two Holy Mosques, which has made industrial development a top priority to meet the requirements of the Transformation Program and the Vision Strategy.

He said that the Fund gives special priority in its strategy to the development and modernization of industrial sectors through financial and advisory support programs for industrial projects, infrastructure, and projects supporting the industrial sector, in order to bolster the state’s efforts to enhance the competitiveness of national industry, diversify exports, and to provide job opportunities for the nation’s youth through thousands of factories spread across industrial cities. He noted that the Fund’s performance results also reflected its focus on small projects, as evidenced by the provision of 79 industrial loans, an approach that highlights the growing role of this sector in the industrial renaissance.

The Saudi Industrial Development Fund is a key partner in the success of the industrial sector, as it is one of the vital pillars that effectively contribute to the development process. The Fund works continuously to fulfill its mandate of supporting the aspirations and goals of industrial development across the Kingdom’s various regions, in line with the National Transformation Program under Saudi Vision 2030.