Saudi Arabia aims to stimulate industry financing; in advanced talks with 2 carmakers: Al-Falih

Saudi Minister of Investment, Khalid Al-Falih

The industrial sector is the key driver of economic progress, as this sector is of great importance and reflects the development of countries, said Saudi Minister of Investment, Khalid Al-Falih.
 

Commenting on the National Industrial Strategy, the minister said the investment strategy targets fixed capital worth over SAR 12 trillion, of which the industry dominates SAR 1.7 trillion, noting that SAR 1 trillion are invested in industrial projects.
 

The Kingdom reached advanced talks with two car manufacturers other than Lucid, and relevant details will be announced soon, Al-Falih said.
 

As for financing, the minister said the industry is one of the most capital-intensive sectors, and financing of the sector is facilitated through the Saudi Industrial Development Fund (SIDF), which plays a distinguished role.
 

"We seek to activate a greater role for the banking sector in industrial financing, as we are working with the Financial Sector Development Program to stimulate financing for the sector," he noted.