The Director General of the Saudi Industrial Development Fund (SIDF), Ibrahim Almojel, said that the fund’s appropriations during the 2018 fiscal year exceeded SAR9 billion (USD2.5 billion), which contributed to the establishment of 108 industrial projects with total investments exceeding SAR35 billion.
During his meeting with investors at the Chamber of Commerce and Industry in Makkah, Almojel said that SIDF works toward empowering investors through improving standards and level of services provided to industrialists from programs that meet demands and facilitate procedures.
The loans of SMEs reached 84 percent of the total loans approved by the fund last year.
The fund provided a bundle of services that would enhance the client’s experience, pointed Almojel, in addition to a package of financial products to go in tandem with consultative solutions and motives to increase the attractiveness of the sector.
During the past ten years, SIDF approved 294 loans in Makkah to 265 industrial projects worth SAR17 billion (USD4.5 billion), he continued.