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 SIDF’s New Plans and Strategies on the Table of the Sixth Industrial Forum

SIDF's New Plans and Strategies on the Table of the Sixth Industrial Forum


During SIDF's participation in the Sixth Industrial Forum held under the patronage of H.R.H Prince Khalid al-Faisal, Advisor to the Custodian of the Two Holy Mosques and Governor of Makkah Region, and organized by the Jeddah Chamber of Commerce and Industry, SIDF Director General, Abdulkarim Al-Nafie, affirmed the Fund's commitment to raising the competitive edge of the industrial sector, stressing that the Saudi industry had a proven record of accomplishments, which led to positive changes in the industry, knowledge, creativity and technology.


SIDF presented its new strategic plans, which mainly aim at strengthening its partnership with the industrial sector, stressing its keenness to communicate with all of its partners in order to develop the strategic partnership aiming for  a sustainable economy in accordance with the vision of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz - May Allah Protect Him.


SIDF Director General reminded the participants about the key developments in the Fund. SIDF has become under the umbrella of the Ministry of Commerce and Industry and chairmanned by the Minister of Commerce and Industry. The responsibility of financing small and medium enterprises has been transferred from Saudi Credit & Saving Bank to the Fund.


Since its inception until 2015, SIDF granted 3,924 cumulative loans valued at SR 129 billion, of which (40%) contributed to Chemical industries, (19%) to engineering industries, (17%) to consumable industries, (10%) to building materials, (9%) to cement and (15%) to other sectors. In 2015, the Fund witnessed many developments as it implemented a range of initiatives and made many influential improvements related to the industrial sector such as developing a customer services section, launching the new website, launching the data center, creating accounts on the social media, creating a section for carrying out tasks related to small industrial projects in order to facilitate their evaluation, as well as launching the new strategy and logo and approving a new organizational structure.


SIDF is offering many incentives to cope with new strategic directions in order to play a greater role in the economic development, and the development of basic industries. Moreover, it is creating a chance to support structuring strategic industrial sectors while continuing to finance the established economic sectors and maintaining a solid financial performance.


Mr. Abdulkarim pointed out to SIDF's role in the development of industrial sectors, the incentives for change & development within the new strategic directions, the effective establishment of a new diversified industrial sector in the Kingdom and the expansion of the range of products and services as well as the development of strategic and promising sectors and the development of the industrial system of the established sectors. He also mentioned the role that SIDF played in developing its current mechanism to support the future economic development in the Kingdom. He added that systems are changeable to serve the economic growth in the Kingdom, using the experiences of international development banks. Moreover, Mr. Abdulkarim presented the new trends of the Fund in the light of the new strategies and identity.


Finally, he affirmed "SIDF will continue to support all industrialists and entrepreneurs, meet their needs, reduce the obstacles and focus on the importance of effective communication between all partners in the industrial sector". He added "we owe our success to ALLAH, then to the support of the government and the efforts of all the strategic partners in the industrial sector".



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