SIDF News

​​​​ On the sidelines of the activities of Local Content Forum, concluded yesterday in Riyadh, the Saudi Industrial Development Fund (SIDF) signed a memorandum of cooperation with the Local Content and Government Procurement Authority, as part of the efforts exerted to localize industries in Saudi Arabia.​ The SIDF was represented in signing the memorandum of cooperation by the Executive Vice President of Strategy and Business Development, Eng. Nour Shabib, while the Local Content and Government Procurement Authority was represented by the Executive Vice President of Development, Mr. Sami Alhojilan. The memorandum of cooperation signed between SIDF and LCGPA aims to stimulate investment in the localization of industries through the available investment opportunities specified by the Authority, taking full advantage of "Tawteen" benefits, one of SIDF's incentivized programs built to support and enhance the direction of increasing local content spending. In addition, aspects of cooperation between the two parties include adding Local Content and Government Procurement Authority as partner to "Tawteen" program, introducing SIDF's initiatives in partnership with the Authority, and working to identify potential cooperation opportunities between the two parties to help enable the industrial sector and investors to successfully localize commodities and services in order to increase the local content. Jointly, these efforts contribute to achieving the goals of the Kingdom Vision 2030.​ It is noteworthy that signing the memorandum falls within the framework of SIDF's ambitious efforts to take the lead in offering financing solutions specifically designed to develop local content and enhance the participation of private sector. The memorandum also has a key role in strengthening cooperation and integration between government agencies, which boost development efforts in the Kingdom, promote industrial growth and support the plans set to raise the bar of SIDF's performance.​ ​