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 The Saudi Industrial Development Fund approved 6 6 industrial Loans totaling S.R. 3.2 billion.

​​The Saudi Industrial Development Fund approved 6 6 industrial Loans totaling S.R. 3.2 billion, investments of borrowers’ projects amounted to S.R. 11 billion.
 
Under the chairmanship of H.E. the Minister of Commerce and Industry, the Chairman of the Saudi Industrial Development Fund Dr. Tawfiq AlRabiah, SIDF’s Board held its 4th session. The meeting approved six industrial loans, totaling S.R. 3.2 billion, in assistance of building six new industrial projects. Investments of these six projects approximates S.R. 11 billion.
 
 H.E. Director General, Ali Al-Ayed stated that the six approved loans comprise three loans for the sum of S.R. 2.4 billion extended for projects in the Consumer Industries Sector. Investments of these three projects amounted to S.R. 9.1 billion. One of these loans, totaling S.R. 840 million loan, was awarded for establishing a white sugar factory in Jazan. Another loan of S.R. 900 million was extended for setting up a facility for the co-generation of electricity and desalinated water in Yanbu. The third loan, in the amount of S.R. 660 million was approved for a reverse osmosis sea water purification project in Jubail.
 
The Board has also approved 2 loans, amounting to S.R. 644 million for the construction of  two new projects in the Chemical Industries Sector. Investments of these two projects add up to S.R. 1.5 billion. One of these loans amounting to S.R. 600 million, was approved for the establishment of factory in Yanbu, for the production of hydrogen. The other loan of S.R. 44 million was granted for the construction of a plant in in Ha’il for the production of agrifilms. The Board has also approved a S.R. 137 million loan for a project in the Building Materials Sector in Yanbu. Investments of the project totals S.R. 286 million. The loan was extended for the production of walls and floor ceramic tiles. These six financed projects will provide 1030 job opportunities for the unemployed citizens.
 
H.E. Director General, Ali Ayed indicated that SIDF spares no effort in financing  the industrial projects in the Kingdom and creating a conducive environment for their prosperity and success. In addition, SIDF provides incentives and benefits to encourage investors to target different parts of the Kingdom, particularly the promising areas and towns, thereby contribute to the development of these areas, achievement of economic diversification and creating employment opportunities.

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