The Saudi Industrial Development Fund has approved new industrial loans totaling 4.2 billion riyals to help finance 13 projects with total investments exceeding 20.4 billion riyals, This announcement came during a meeting of the Fund’s Board of Directors, chaired by Dr. Tawfiq bin Fawzan Al-Rabiah, Minister of Commerce and Industry and Chairman of the Fund’s Board of Directors.
During the meeting, the board discussed a number of important issues and topics related to the development of the industrial sector, as well as mechanisms to strengthen cooperation with relevant entities and sectors to ensure greater interdependence and integrated performance with other economic sectors, to create an attractive investment environment for industries through a package of initiatives and incentives that will contribute to the development and growth of industries in the Kingdom and attract new, competitive industries.
Regarding what was approved during the meeting, Abdulkarim Al-Nafea, Director General of the Saudi Industrial Development Fund, explained that the approved loans included five loans granted to projects in the chemical industry, four of which totaled 4 billion riyals, with total investments of approximately 20 billion riyals, to establish an industrial complex in Ras Al-Khair and the province of Turaif for the production of sulfuric acid, phosphoric acid, ammonia, and compound phosphate fertilizers. The fifth loan amounted to 119 million riyals, with a total investment of approximately 248 million riyals, for the expansion of an industrial project in Riyadh to produce calcium chloride, which is used in various industrial applications such as oil exploration and industrial processes. The Fund’s Director General noted that over the past two weeks, the Fund’s Administrative Committee approved eight industrial loans for small and medium-sized enterprises, with a total loan value exceeding 80 million riyals and total investments exceeding 152 million riyals, spanning a number of cities and regions across the Kingdom (Riyadh, Jeddah, Al-Qassim, Shaqra, and Hafar Al-Batin).
He concluded by stating that the Fund is continuing its policy of stimulating industrial projects, particularly small and medium-sized enterprises, by providing industrial loans and advisory services in technical, administrative, financial, and marketing areas to borrowing factories, noting that the consulting services provided have helped pave the way for success for many beneficiary projects by improving their performance, increasing their profitability, and raising the quality of domestic products.
