The Board of Directors of the Saudi Industrial Development Fund held a meeting chaired by Tawfiq Al-Rabiah, Minister of Commerce and Industry and Chairman of the Fund’s Board of Directors, during which it approved six industrial loans totaling 1.1 billion riyals to support the establishment of five new industrial projects and the expansion of one existing industrial project.

The Fund’s Director General, Abdulkarim Al-Nafea, explained that the approved loans included two loans for new industrial projects in the chemical industry sector in Yanbu, totaling 865 million riyals. The Board also approved two loans in the engineering industries sector totaling 184 million riyals, while another loan of 32 million riyals was provided to finance the construction of a factory in Jeddah for the production of solar wafers and cells.

The Council also approved two loans for new projects, one in the construction materials industry and the other in the “other industries” sector. The first loan, worth 62 million riyals, was approved to finance an industrial project in Dhurma, and the second, worth 37 million riyals, for the construction and development of an industrial complex in Riyadh. Over the past two months, the Fund’s Administrative Committee approved 13 industrial loans for a number of small and medium-sized enterprises, with a total loan value exceeding 173 million riyals.