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 SIDF approves 47 loans, worth more than SR 4.7 billion, to finance setting up/expansion of numerous industrial projects Kingdom-wide, including Maritime Yard Joint Venture, in investment totaling as much as SR 7.6 billion

SIDF approves 47 loans, worth more than SR 4.7 billion, to finance setting up/expansion of numerous industrial projects Kingdom-wide, including Maritime Yard Joint Venture, in investment totaling as much as SR 7.6 billion​


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During its last week Board of Directors' meeting chaired by H.E. Engineer Khalid Al-Faleh, Minister of Energy, Industry and Mineral Resources, the Saudi Industrial Development Fund (SIDF) approved 12 industrial loans, along with approval of 35 loans by SIDF Management over the past three months, totaling SR 4.701 billion, in total investment of SR 7.641 billion.

 

Mr. Abdulkareem Al- Nafea, SIDF Director General, outlined that the engineering industries come on the top of SIDF-financed sectors, receiving the lion share of the SIDF loans approved by the Board at its last week session. SIDF has provided 4 industrial loans totaling SR 3,750 million, in total investment of SR 5,529 million, committed to finance setting up of Maritime Yard Joint Venture project, an integrated complex for marine industries and services in the city of Ras Al-Khair.  The remaining loans were committed to finance various other vital chemical, pharmaceutical, construction materials, and consumer industries.

 

Among these loans, the Board approved 2 loans valued at SR 213 million for 2 projects in the petrochemical sector, to contribute to setting up of a new industrial project and expansion of other existing one, in investment worth a total of SR 412 million. The first approved loan of more than SR130 million, in total investment of SR228 million, was committed to setting up a new pharmaceutical production project located in Sudair City for Business and Industry. The second approved loan, worth SR 83 million, in total investment of SR183 million, was committed to finance an expansion project for polymers production in Al-Kharj.

 

The Board also approved 3 more loans for expansion of two existing projects, and setting up of a new industrial project for polymer manufacturing, worth SR 155 million, in total investment of SR 411 million, of which the first loan of SR66 million, in total investment of SR 138 million, was committed to finance expansion project for food manufacturing in Riyadh. The second approved loan, worth SR 55 million, in total investment of SR 204 million, was committed to finance an expansion of existing cardboard packaging project in Dammam. The third approved loan of SR 33 million, in total investment of SR 68 million, was committed to finance a new factory for producing non-woven medical fabrics.

 

 

The Board  also approved a loan of SR 46 million, in total investment valued at SR85 million, to finance setting up a granite and marble production factory at Najran's Industrial City. This is in addition to Board's approval of two more loans, worth in total  more than SR 157 million, to support financing construction of two residential complexes at the industrial cities in Jeddah and Sudair, in total investment exceeding SR 415 million.

SIDF Management Committee approved over the past three months, 35 industrial loans for  numerous  industrial projects of which 21 loans, valued at SR 379 million, in total investment of SR 789 million, were committed to finance small and medium enterprises located Kingdom-wide, including Riyadh, Jeddah, Dammam, Al-Kharj, Shaqra, Hail, Madinah Al-Munawarah, Jubail, Tnwmah,  Jazan, Yanbou, Makkah, Sudair, Hafr Al-Batin, and Ar'ar. This makes the industrial loans recently approved by the Fund in direct support to the Kingdom's industrialization drive, totaling 47 loans, at value of  SR 4.701 billion, and total investment amounting to SR 7.641 billion.

 

SIDF, considered to be an essential partner for industrial drive success, continues to contribute effectively and efficiently to the Kingdom's overall development in general, and its industrialization advancement in particular. 

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