SIDF News

"The Saudi Industrial Development Fund (SIDF) has signed a Memorandum of Cooperation (MoC) with King Faisal University (KFU) to launch the Industrial Business Incubator Program. This program aims to support industrial entrepreneurs by transforming innovative ideas into viable business ventures within the industrial sector and other SIDF-supported sectors, such as energy, mining, and logistics services.

The agreement outlines the launch of a program designed to provide industrial entrepreneurs with tailored technical programs to help turn their ideas into successful ventures. The program is also launched to assist promising industrial startups that are still working to fulfill SIDF's financing and advisory criteria. Additionally, the program aims to capitalize on the expertise and resources of both entities to address challenges and fulfill the diverse needs of these projects across technical, financial, administrative, and commercial areas, enabling entrepreneurs to enhance their ventures and meet SIDF's eligibility requirements.

The MoC seeks to strengthen cooperation between the two parties by leveraging KFU's technical and professional expertise alongside SIDF's financial and advisory capabilities. This cooperation is a testament to the mutual dedication of both parties to fostering industrial and economic development in Saudi Arabia, in alignment with the objectives of Vision 2030.

This cooperation highlights the mutual commitment of both parties to promoting innovation and entrepreneurship, enhancing the industrial sector in the Kingdom, and contributing to sustainable development. It further reflects SIDF's role in supporting business incubators through key partnerships, including ""Nusaned"" and ""1K Mile"" programs, as well as other initiatives designed to enable industrial entrepreneurs."