SIDF News

​ The Saudi Industrial Development Fund won the IDC Excellence Award for the year 2021, in the category of excellence in digital creativity, for the system enabling applications of the fund on smart devices, in the IDC Excellence Awards eleventh edition.​ The award was received by VP/Technology, Abdulaziz Saleh Al-Ghufaili, on behalf of the Industrial Fund. The award included four categories: “Excellence in Digital Creativity, Best Information Technology Manager of the Year, Best Information Security Manager of the Year, and an Award for Ladies category in Technology and business Sector." This came during a ceremony held via a video conference, with participation of a number of nominees for the said award. The Fund's winning of the award comes as a culmination of its sustainable efforts to develop the Tamkeen system within the digital transformation journey, coinciding with the Saudi industrial sector pace of growth, as efforts have been exerted on migrating data of more than forty years old, to a unified digital platform to provide the optimal financing necessary for industries in the Kingdom. Automation of all processes coming to the beneficiary: “Automation of payment transactions along with inline self-approval process, transferring the bank file, and automation of the electronic contract system in integration with Absher service for more automation and high security, in addition to the application of smart devices that includes more than forty services, besides the full automation of the documentary letter of credit process, linking it with commercial banks with full automation of issuance of payment bonds to the order of , registration and release of mortgages electronically with the Ministry of Justice." The fund was able to implement the automation plans in less than two years, a period exceeding expectation for the implementation thereof, “i.e. from three to five years." The Industrial Fund's journey towards digital transformation contributed to a 38% increase in the number of approved loans and an increase in the absorptive capacity for processing and studying loans to 3 times, in addition to reducing the duration of procedures for obtaining loans by 53%, from 11 months to only 5 months, according to international standards. The IDC Award for Excellence aims to shed light on achievements, initiatives and people who have a positive impact on their organizations in particular and the technology sector in general. The IDC Award is one of the oldest and most impartial international awards. Where work is judged, and results are announced by a judging team of leaders in the governmental, military and private sectors in several countries around the world. ​​​​