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 SIDF Bylaws Expand Support to Promising New Sectors

The Saudi Industrial Development Fund (SIDF) has announced the approval of the new bylaws. This represents an integral next step to its role as key financial enabler of the Kingdom's ambitious industrial development plans, defined through Vision 2030 and underpinned by the National Industrial Development and Logistics Program (NIDLP) launched earlier this year. The new bylaws have been approved by the Saudi Council of Ministers.

 

Dr. Ibrahim Al Mojel, Director General of the Saudi Industrial Development Fund (SIDF), expressed his gratitude to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Deputy Prime Minister and Minister of Defense. Dr. Al Mojel pointed out that the support that is given to the sector by the leadership allows the Fund's role to grow as a main supporter of the development of the national economy.

 

Dr. Al Mojel mentioned that the new bylaws will enable SIDF to expand its support to new and promising sectors through a new package of services and financial products that meet the needs of the private sector in the fields of industry, mining, energy and logistics under the National Industrial Development and Logistics Program (NIDLP).

 

Dr. Al Mojel also added: after 45 years of trusted delivery, the Fund continues to contribute to many programs and services that will achieve our ambitious goals in line with Saudi Vision 2030 and meet the needs of the industry while providing first-class support to businesses in the sector.

 

The expansion comes along with new services and products launched by SIDF, such as a multi-purpose loan product that address investors' needs, providing a more flexible option to finance industrial capital expenditures; "Tanafusiya" Program, aimed at raising and incentivizing efficient use of energy; the Industrial Digital Transformation Program, that aims at employing cutting-edge technologies to improve the productivity of the existing projects; "Afaaq: Program, which supports SMEs and enhances the role they play in the local economy; and "Tawteen" Program, to support the localization of  the supply chains.

 

SIDF's capital was raised from 65 billion riyals to 105 billion riyals in January, an increase of more than 60% to cover the expansion of the Fund during the upcoming period, to serve all sectors targeted in the National Industrial Development and Logistics Program (NIDLP).

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