SIDF News

​​​​​​​​​​​​ In a prestigious event that gathered top government officials & investors: Saudi Industrial Development Fund (SIDF) unveils extensive financing program that serves a wide range of sectors and industries     Under the patronage of H.E. Bandar bin Ibrahim Alkhorayef, Saudi Minister of Industry and Mineral Resources, and Chairman of the Saudi Industrial Development Fund (SIDF), SIDF hosted a prestigious ceremony to announce the launch of its new extensive financing program that seeks to expand its range of financing coverage into a host of new strategic industries. Attended by top government officials and industry leaders, the event follows the Saudi Cabinet's approval of an  expanded role and responsibilities for SIDF in support of national strategic industries. The Cabinet has recently amended SIDF's bylaws to enable it to offer financing services and products to the new sectors of industrialization, mining, energy and logistics, to help advance the strategic goals of the National Industry Development Program. Addressing the event, H.E. Bandar Alkhorayef, Minister of Industry and Mineral Resources, pointed out that  Saudi Industrial Development Fund (SIDF) has acted, over its 45-year tenure, as the government's arm by providing indispensable financing solutions to thousands of industrial establishments, in realization of the industrial development goals of the Kingdom. Saudi Arabia's industrial sector has seen relentless developments, and realized considerable successes over the past years, he added, as the Kingdom designated industrialization as a strategic lever for diversifying the national economy; that itself incremented the investments into the sector to over a trillion Saudi riyal. Between 2000 and mid-September 2019, SIDF has dispensed 2186 loans and credit facilities with a total amount of SAR 132 billion; from which the small and medium enterprises (SMEs) accounted for 81%. These projects combined have produced 187,000 direct jobs and contributed SAR 189 billion to the national industrial GDP. "Today, the Saudi Industrial Development Fund (SIDF) ushers in a new era of support and development for national industry, by launching this new package of financing products and services to meet the private sector's needs," said the Minister. "This support has been possible following the Cabinet's approval of SIDF's new bylaws. That does reflect the confidence of our astute leadership in the significance of this vital sector, and reflects the direct patronage of His Highness The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, and His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz," he added. "The Ministry of Industry and Mineral Resources will assign high priority to the industrialization and mining sectors. Our goal is to make these sectors the first, go-to option for investment in the Kingdom, by offering all requisite support and enablement to our strategic partners and the players in the sector." On his part, Dr. Ibrahim bin Saad Almojel, Director General of SIDF, delivered a speech announcing the launch of the new products and services, enacting SIDF's new role as the principal financial enabler for the respective sectors. Almojel said that SIDF has started receiving new applications from the renewable energy sector, and that a new program was launched to support renewable energy projects. The program, he said, seeks to leverage the sector based on Saudi Arabia's credentials as a major regional market in the MENA region. SIDF's new products encompass, among other things, a working-capital financing program that grants short-term facilities to investors with tenures that do not exceed 12 months. The Fund has also restructured its internal procedures to reduce funding application processing time to an average of 4-5 months. During the event, SIDF unveiled its new identity that reflected an active and robust role in enabling the private sector to contribute to the diversification of Saudi economy in line with Vision 2030. The event saw the signing of agreements with companies and government agencies as follows: 1- Agreement with Saudi Telecom Company (STC) 2- Agreement with the Saudi Local Content and Government Procurement Commission 3- Agreement with the Royal Commission for Jubail and Yanbu (RCJY) 4- Agreement with Renewable Energy Project Development Office (REPDO) 5- Cooperation Agreement with Social Development Bank (SDB) 6- Cooperation Agreement with Saudi Venture Capital Company Financing agreements were also signed, including three deals focused on logistical services and four related to the 'Public Capital Product'.   ​