Amendments to SIDF rules would support new economic sectors: official

Director General of the Saudi Industrial Development Fund (SIDF) said that the amendments of the fund’s regulations will allow it to target a number of promising economic sectors through providing new financial services and products catering to the private sector’s needs. 

“The target promising sectors include industry, mining, energy and logistics services under the National Industrial Development and Logistics Program (NIDLP),” Ibrahim Al-Mojel, SIDF Director General, said in a statement on Wednesday.

The overhaul aims to enhance the fund’s role as a financial enabler of the Kingdom’s ambitious development plan under the Saudi Vision 2030, particularly NIDLP, Al-Mojel added.

Saudi Arabia’s Cabinet yesterday approved amendments to the regulations of SIDF, which was launched in March 1974 to finance and support the development of the private industrial sector, Argaam reported.