Dr. Ibrahim bin Saad Al-Mojel
In support of the Kingdom’s digital transformation process, the SIDF has increased the number of loans in this field by 38%.
The SIDF Academy offered 36 training programs to more than 4,300 trainees from 300 governmental and private entities.
Over the course of 47 years, the SIDF played a pivotal role in empowering national industry through the provision of financing and advisory products and services. This role was expanded to contribute to the achievement of the objectives of Saudi Vision 2030, as the Fund became, in 2019, the chief financial enabler of the NIDLP and expanded its activity to include the industrial, mining, energy, and logistics sectors.
After a challenging year for the Kingdom’s economy, which saw various sectors affected by the economic impact of COVID-19, the SIDF has been pivotal in enabling the recovery of the national economy, promoting private sector investment, and supporting it to overcome the impact of the pandemic. By this, the SIDF complemented its efforts to provide financing and advisory support to its clients in various sectors.
In 2021, the SIDF launched several programs, products, and initiatives aimed at empowering the private sector at the financial and advisory levels. It also launched the Saudi Advanced Manufacturing Hub (Saudi AMHUB) in collaboration with the World Economic Forum. Moreover, the SIDF upheld its efforts to improve its customer experience through automation of operations and electronic approval of loans, mortgages, and promissory notes.
The digital transformation journey has contributed to increasing the number of approved loans by 38%, boosted the capacity to process and study loans threefold, reduced the duration of procedures to receive loans by 53% from 11 months to just 5 months, and shortened the duration of contract signing from three weeks to less than three days after activating electronic signature.
The SIDF Academy has been instrumental in training and developing national cadres in 2021 by delivering 36 academic programs in collaboration with 13 of the most renowned training and educational entities, benefiting more than 4,300 trainees from over 300 entities in the public and private sectors.
Finally, I extend my sincere appreciation and gratitude to HRH King Salman Bin Abdul Aziz and Crown Prince Mohammed Bin Salman for their continued support of the SIDF orientation and aspirations. I am also pleased to thank the SIDF Board of Directors, my colleagues in the SIDF, and all those who have worked with us and supported us from the public and private sectors in the fields of industry, mining, energy, and logistics, ultimately enabling this long-standing national powerhouse to move forward with achieving national development ambitions.
Ibrahim bin Saad Al-Mojel
Chief Executive Officer
Saudi Industrial Development Fund