In an Open Meeting in Al Baha
SIDF Continues to Introduce Its New Strategy to the Industrial Community
During an open meeting held by SIDF in the Secretariat of Al Baha Region and in the presence of a number of investors in the industrial sector, the Fund revealed a new system of initiatives and products as a part of its new strategy. Dr. Ibrahim bin Saad Almojel, Director General, has said, "The Fund has studied and evaluated its products and services in order to develop them to meet investors' needs through providing project loans, studies, consultations as well as supporting and managing specialized and advisory financing programs which aim at developing the industrial system and enhancing the industrial investment environment in line with Saudi Vision 2030."
Dr. Ibrahim Almojel added that the Fund's vision was to connect with the business community and investors in cooperation with the Chambers of Commerce in the various regions of the Kingdom. The vision also enhanced meetings as well as exchanging opinions and proposals that would contribute to enabling industrial sector to maximize its revenues by searching for strategic partnerships to exchange different experiences and knowledge. He said, "The Fund's initiatives are the result of a careful and thorough review of the previous procedures, in a way that makes the investor central to the industrial transformations where initiatives diversify between new financing products and advisory services in addition to initiatives of improving client experience and developing technical services."
During the meeting, the Fund team has presented the strategic transformation plan and the most important achievements and initiatives launched by SIDF, including increasing efficiency of loan procedures initiative which aims at reducing the time of application approval by half the time it previously used. That procedures required a comprehensive review to redesign loan procedures which led to a number of effective development ideas that took account of project differences.
Two of the initiatives presented by SIDF are "Financing Digital Transformation Program" and "Financing The of Improvement of Energy Efficiency Program" in their initial versions. The two initiatives aim to support the current manufacturing process to improve energy efficiency and reduce costs as well as to employ the latest technologies to improve work mechanisms and productivity by providing a number of incentives such as longer repayment periods, accelerating financing and evaluating procedures where it does not exceed 8 weeks maximum as well as a grace period of up to 24 months.
The Fund team has also touched upon the memorandum of understanding signed between SIDF and Saudi Authority for Industrial Cities and Technology Zones "MODON" which focuses on supporting the industrial system through companied action, to provide a number of products and services that meet the needs of industrial investors such as (Loan and Industrial Land) which allows investors to apply for a loan and industrial land, as a unified industrial package.
This encounter comes as a part of a series of introductory meetings held by SIDF in cooperation with the Chambers of Commerce and Industry in various regions to meet with the industrial community of investors and enhance initiatives as well as the financing and advisory products designed by SIDF to meet the current and future needs of the industrial sector in the Kingdom.