The Saudi Industrial Development Fund (SIDF) continued its support for the industrial sector, as the Fund's Board of Directors approved in its meeting chaired by the Minister of Commerce and Industry and Chairman of the Board of Directors Dr. Tawfiq bin Fawzan Al-Rabiah, three industrial loans worth more than 703 million riyals, to contribute to the establishment of two new projects and the expansion of an existing industrial project with total investments of about 538 million riyals.
New and advanced projects The Director General of the Fund, Abdulkarim Al-Nafea, explained that the approved loans included an industrial loan worth more than SR 166 million to contribute to the establishment of a new industrial project in Hail Industrial City with an investment of more than SR 245 million to produce a variety of plastic pipes and fittings made of high-density polyethylene (HDPE). An industrial loan worth about 133 million riyals was approved to establish a factory in Yanbu to produce animal feed with a total investment of about 276 million riyals, and another loan worth more than 8 million riyals was approved to expand an industrial project with an investment of 17 million riyals. Initiatives and procedures The Council also approved new initiatives and procedures that allow industrial projects in the Kingdom to overcome some potential obstacles to the launch of their industrial projects, including guaranteeing Letters of Credit with commercial banks to finance project implementation, especially machinery and equipment, which will serve SMEs, especially those whose owners do not have a lending relationship with commercial banks. The Council also approved new initiatives and procedures that allow industrial projects to overcome some potential obstacles to the launch of their industrial projects, including the guarantee of documentary credits (Letters of Credit) with commercial banks to finance project implementation, especially machinery and equipment.
The Line of Credit provides the opportunity to obtain short-term financing to be used for various purposes to finance operations. Line of Credit provides the opportunity to obtain short-term financing to be used for various purposes to finance operations. 91
The Administrative Committee of the Fund also approved 19 industrial loans for a number of small and medium-sized enterprises with a loan value of more than 193 million riyals and total investments of more than 414 million riyals, and these projects were distributed in a number of cities and regions of the Kingdom (Al-Kharj, Riyadh, Abu Arish, Hail, Sudair, Jeddah, Shroura, Dammam, Asfan, Khamis Mushait and Rabigh), bringing the total number of loans approved by the Fund during this period to 22 industrial loans with total loans exceeding 500 million riyals and total investments amounting to about 952 million riyals.
<p class="p1Fund Strategy
After the Board of Directors meeting, the Fund organized a workshop entitled "Industrial Development Fund Strategy" under the patronage of the Minister of Commerce and Industry Dr. The workshop comes out of the keenness of the Saudi Industrial Development Fund to harmonize the modern changes and future aspirations of the industrial sector in the Kingdom and keep pace with the special attention given by the government of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz - may God protect him - in supporting the industrial sector and the development of various regions of the Kingdom to achieve economic diversification, encourage small and medium industries and create job opportunities for Saudi youth.
The workshop was held after the Board of Directors meeting.
