The Director General of the Saudi Industrial Development Fund (SIDF), Ibrahim bin Saad Al-Mojel, reviewed during the open meeting for industrialists at the Jeddah Chamber yesterday. The Director General of the Saudi Industrial Development Fund, Ibrahim bin Saad Al-Mojel, reviewed during the open meeting for industrialists at the Jeddah Chamber yesterday, the draft development of the Fund's strategy to achieve the objectives of the Kingdom's Vision 2030, stressing the role of the Fund in promoting industrial development through financing projects, providing studies and consultations, and supporting and managing various programs aimed at developing the industrial system to achieve sustainable development in the Kingdom.
The Director General of the Industrial Development Fund pointed out that the Fund aims to be the main financial enabler to contribute to driving the industrial transformation in the Kingdom. Al-Mojel pointed out that the “Loan Procedures Efficiency Initiative” is at the forefront of the Fund's initiatives due to the shorter time taken to approve and disburse loan applications and raise the quality of evaluation and analysis, in addition to the “SME Support Initiative” to empower and support small and medium enterprises by facilitating their access to finance, and the “Consultancy Services Development Initiative” to expand the scope of services provided by the Fund, in addition to the “Project Classification Mechanism Development Initiative” of a developmental nature, which is based on studying and analyzing the dimensions of project classification in terms of strategic alignment and economic impact.
He added that the Fund's initiatives are based on the development of a project classification mechanism that has a developmental nature, which is based on studying and analyzing the dimensions of project classification in terms of strategic alignment and economic impact. He added that among the initiatives of the Saudi Industrial Fund are “developing the cost calculation mechanism” to be based on transparency with customers by setting an upper limit for follow-up fees, taking into account the development goals, and the “strategic partnerships” initiative locally and internationally to support and enable the Fund and the industrial system, which resulted in a number of partnerships with various parties in various fields, after studying and identifying the scope of promising partnerships for the Fund on the scale of government agencies, financial institutions and development banks, in addition to leading global organizations in multiple fields.
Noting that the Fund has a number of partnerships with various government agencies, financial institutions and development banks, in addition to leading global organizations in multiple fields. It is noteworthy that the Industrial Fund recently launched the “Industrial Loan and Land” product in cooperation with the Saudi Authority for Industrial Cities and Technology Zones “MODON”, through which the industrial loan and industrial land are applied for in one form, and the Fund also provided industrialists with a new product of providing documentary credit to local banks, in addition to the initiative to raise the ceiling of financing limits for public joint stock companies up to 1.8 billion riyals within the initiatives of the program to stimulate private sector enterprises to transform into public joint stock companies.
Notewly, the Industrial Fund has launched a new product in cooperation with the Saudi Authority for Industrial Cities and Technology Zones "MODON".
