SIDF loans based on private-sector applications, approved plan

Khalil Alnammari, spokesperson of Saudi Industrial Development Fund (SIDF)

The Saudi Industrial Development Fund's (SIDF) loans are based on applications received from the private sector as well as on the plan it approves for the year, spokesperson Khalil Alnammari told Argaam.

The SIDF has supported over 4,000 projects over the last 50 years, with loans totaling more than SAR 180 billion. These projects have an investment value of around SAR 700 billion, according to Alnammari, who spoke on the sidelines of the fund's 50th anniversary.

He indicated that, with support from the state, the Kingdom’s industrial output grew from SAR 4 billion in the mid-1970s to more than SAR 250 billion at the end of 2023.

The sectors with the most applications depend on the demand of the private sector, said the official, noting that the fund’s portfolio consists of projects in various sectors, including basic sectors for the industrial sector, such as sectors that fall under Vision 2030, like clean hydrogen projects in the east and west of the Kingdom and the electric vehicles sector in the west of the Kingdom, as well as Iron, logistics, and mining projects.

Alnammari stressed that, following the launch of Vision 2030 and the National Industrial Development and Logistics Program (NIDLP), SIDF's capital developed and the statute changed to include the industry, energy, mining, and logistics sectors.

SIDF has expanded into financial products that are designed for projects according to their needs, and also launched SIDF Academy, through which it provides academic programs and seminars to raise the level of awareness of the sector and to serve workers in the industrial sector, he added.

Alnammari also indicated that, as for the number of companies benefiting from SIDF's services, support is open for registration in SIDF Academy’s programs to all interested parties from the private sector and the Saudi industrial and mining system.