SIDF approves 134 loans in 2023: Official

Khalil Al-Nammari, Official Spokesperson for SIDF

The Saudi Industrial Development Fund (SIDF) approved 134 loans during the fiscal year 2023, with project investments exceeding SAR 50 billion. Disbursements neared SAR 9.5 billion for the same year, Spokesperson Khalil Al-Nammari told Argaam.

Al-Nammari explained that the industrial, energy, mining, and logistics services sectors leveraged these loans. Moreover, those approved for small and medium-sized enterprises (SMEs) accounted for more than 60% of total lending in 2023.

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The chemicals sector showed the highest demand, with 49 loans and investments of SAR 49.2 billion. The consumer products sector came second with 42 loans and investments totaling SAR 662 million. The engineering products sector received 29 loans with an investment of SAR 1.1 billion, while the remaining sectors received a total of 14 loans.

He pointed out that over the past 50 years, SIDF has provided loans of over SAR 180 billion for more than 4,000 projects by the end of last year. Disbursements surpassed SAR 150 billion in 2023, with the total investments for these projects estimated at SAR 700 billion.

SIDF offers a wide range of non-financial services to support and develop the Saudi industrial sector. This includes consultancy, cost optimization, manufacturing efficiency and flexible manufacturing, Al-Nammari concluded.