SIDF News

​   Saudi Industrial Development Fund has signed an agreement with Al Rajhi Bank to provide a letter of credit services to promote the growth of national industries through partnerships between SIDF and the private sector. The agreement was signed by the CEO of the Industrial Fund, Dr. Ibrahim Almojel, and the CEO of Al Rajhi Bank, Waleed Al-Mogbel at the Fund's headquarters in Riyadh. The letter of credit service enables investors to obtain necessary liquidity to execute projects and accelerate project implementation procedures by issuing credits with reduced fees through SIDF guarantee to finance letters of credits of its clients with commercial banks. The agreement is an extension of efforts of SIDF to enable the private sector to play a vital role in the national economy, and support projects in industrial, mining, energy, and logistics sectors, through the provision of several financing and advisory programs and products.​ ​​​