The Saudi Industrial Development Fund , or SIDF , has approved 2.9 billion Saudi riyals ($733 million) in loans to expand industrial growth and promote non-oil exports, the state-run Saudi Press Agency, or SPA, reported.
A total of 14 loans were approved to set up nine new projects and expand five existing ones, the report said citing Ali Bin Abdullah Al-Ayed, SIDF general manager.
The chemical industry received the biggest share–SAR1.7 billion–to help finance the expansion of four projects, SPA said.
Ayed said the fund will also provide advisory services to the projects in order to promote non-oil exports.
Last year Saudi non-oil exports rose 34% to SAR157.5 billion compared to the previous year, with SAR119 billion coming from the exports of chemical products, plastics and rubber.
Of the SAR2.9 billion, consumer industries received SAR991 million, while the engineering sector received three loans totaling SAR263 million and other industries had one loan worth SAR16.5 million approved.
Zawya Dow Jones