SIDF News

​​The Saudi Industrial Development Fund (SIDF) won the Middle East Award for Excellence in Government and Smart Cities in its 27th session under the category (Excellence in Government Services). This has been in recognition of launching the “Tamkeen” electronic system and SIDF applications on smartphones. The award was received by VP of Legal, Governance, and Compliance Mr. Muhammad bin Abdullah Al-Jasir, in a ceremony organized by the Middle East Excellence Award Institute during the period from February 28 to March 2, 2022, in Dubai, United Arab Emirates.  ​The reason behind winning this award came from SIDF’s journey in digital transformation to include the launch of “Tamkeen” electronic system for applying and follow-up of loans alongside introducing SIDF’s programs on smartphones. All lending processes were automated, and all financing products have been covered, such as loan financing, working capital financing, supply chain financing, acquisition financing, multi-purpose financing, as well as digitalizing contracts in integration with "Absher" service. Such automation shall add high security to the ecosystem while issuing bonds "To the order of", electronic registration and release of mortgages with Ministry of Justice, without the need for investors to be present at SIDF headquarters.  SIDF's digital transformation journey contributed to the rise in the number of approved loans by 38%, and the ability to process and study loans has been thricely multiplied. Moreover, loan obtaining procedures have been reduced by 53%, i.e. from 11 months to only 5 months, and contracts’ signing period lessened from three weeks to less than three days after activating the electronic signature. Moreover, SIDF complied 100% to the maturity level indicator for the transformation of main government services electronically. Spending efficiency measures adopted by SIDF contributed to the rationalization of its digital assets through the integration of applications, to become 5 applications in one platform instead of 70 applications. More than 2,600 electronic contracts and documents have been approved, and more than 190 electronic contracts have been signed.  It is worth noting that the Middle East Institute Excellence Award is granted annually, in recognition of best achievements and practices of smart institutional transformation, initiatives to develop service competitiveness, and for honoring the sectors of the government system, smart cities, and related sectors, based on the institute's standards in encouraging organizations and personalities.