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 SIDF approves financing 13 industrial projects, at value of SR4.2 billion in loans, and more than SR20.4 billion in investments

SIDF approves financing 13 industrial projects, at value of SR4.2 billion in loans, and more than SR20.4 billion in investments


In its regular meeting, SIDF Board of Directors, chaired by Minister of Commerce and Industry Dr. Tawfiq Al Rabiah, has approved granting loans worth SR4.2 billion to support setting up of 13 new industrial projects, with investments exceeding in total SR20.4 billion.


During the meeting, the Board discussed a number of important items on its agenda relating to development of the industrial sector; mechanism to further enhance cooperation with related parties and sectors for establishing closer link and greater integration with other economic sectors, aiming at creation of an attractive environment for industrial investments by providing a package of initiatives and incentives that contributes to Kingdom's industrialization development, and attracts investments in new value-added and competitive industries.


SIDF Director General, Mr. Abdul Karim Al-Nafie, stated that the loans approved at the Board meeting include 5 loans for chemical projects, 4 of which worth SR4 billion, with total investments of about SR20 billion, to finance setting up of an industrial complex for production of sulfuric acid, phosphoric acid, ammonia, and phosphate compound fertilizers in cities of Ras Al-Khair and Turaif. The fifth loan, at value of SR119 million with investment totaling nearly SR248 million, is to finance expansion of an existing industrial project in Riyadh producing calcium chloride which is used in several industrial applications such as oil drilling and other industrial processes. He also highlighted the approval by the SIDF Management Committee during the past two weeks of 8 industrial loans to finance small and medium projects, totaling more than SR80 million, with total investments of more than SR152 million, Kingdom-wide including Riyadh, Jeddah, Qassim, Shaqra, and  Hafr Al-Batin.


Mr. Al-Nafie concluded by stating that SIDF is pursuing its supportive policy for industrial projects, especially SMEs by providing industrial loans along with technical, administrative, financial and marketing advisory services to SIDF-financed factories. Mr. Al-Nafie elaborated that the consultancy services provided by the Fund have helped many beneficiary factories to achieve success through improving their performance and profitability and enhancing the quality of national products.


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