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 Dr. Almojel Presents the New Strategy of the Fund in a Meeting with the Industrialists in Jeddah Chamber

Director General of the Saudi Industrial Development Fund, Dr. Ibrahim Almojel, has confirmed that the Fund is adopting a new strategy in order to be the main financial supporter to be in a leading position in the industrial transformation in the Kingdom by offering integrated financial and advisory products and services to meet the needs of investors. He added that this strategy includes more than 40 initiatives currently underway.

Dr. Almojel presented the new strategy during an open meeting held at Jeddah Chamber in the presence of industrialists and people who are interested in the industrial sector. He pointed out that the strategy is aiming to achieve some of the objectives of the vision 2030. Moreover, he mentioned Fund's active role in advancing industrial development by lending projects, providing studies and consultancies, and supporting and managing various programs aimed at developing the industrial sector in the Kingdom.

Since its establishment, the Fund has approved 4238 loans estimated at 148 billion Riyals which resulted in launching and developing 3127 projects. In addition, the Fund focuses on sustainable development and planning to launch an initiative to form a system to finance projects that includes a number of governmental and private institutions that support the local content. The Fund is also in a constant search for strategic partnerships to exchange knowledge and experience and generate greater returns to the industrial sector.

The Director General has mention the importance of many initiatives taking place at the Fund and the most important one is "Increasing Efficiency of Loan Procedures Initiative" which aims at reducing the time of approval and disbursement and increases the quality of analysis and evaluation. This initiative required the Fund to review and restructure the loan procedures and come up with more efficient procedures for many different projects. 

"Small and Medium Enterprises Support" is another initiative that aims at supporting and enabling small and medium enterprises by facilitating the loan processes. This initiative was developed after studying and developing the processes and comparing them with developing banks to arrive at the best solutions.

 

In order to develop consulting products and expand the scope of the Fund services, "Development of Consulting Services Initiative" was launched to meet the needs of the industrial investors. As a result, four consulting products were developed to meet the investor's needs.

Dr. Almojel also highlighted the "Development of Project Classification Mechanism" initiative which studies and classifies projects from a strategic and economic perspectives. Moreover, he briefed about "Development of Cost Calculation Mechanism" initiative which relies on the transparency with clients by setting maximum follow-up fees. This initiative will be formed by designing a pricing approach based on four key principles (transparency, effectiveness, sustainability and flexibility).

Moreover, he briefed about "Local and International Strategic Partnerships" initiative which aims at supporting and empowering the Fund and the industrial system. As a result, partnerships were formed with various parties in various fields, after studying and determining the scope of the promising partnerships. This included government agencies, financial institutions and development banks in addition to the leading international organizations in different fields.

The Fund has recently launched "Loan and Industrial Land" in cooperation with The Industrial Property Authority "MODON" which allows investors to apply for a loan and industrial land in one request. The Fund has also provided a new product "Letter of credit" for local banks. In addition, public companies can now secure up to 1.8 billion Riyals in order to stimulate private companies to become public shareholding companies.

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