A Saudi official announced the launch of Saudi Arabia's industrial strategy within a month.
He said it will include precise details about the Kingdom's Vision 2030 in industrial development and logistics in a move to enhance economic diversification and maximize the benefits of the gross domestic product (GDP).
Director General of the Saudi Industrial Development Fund (SIDF) Dr. Ibrahim al-Mojel said that changes will be made to the SIDF.
Most notably among these changes, he said, was the facilitation of procedures and the quality of the strategic projects that would be supported as well as remote or less developed areas, which were called the promising areas.
He pointed out that the SIDF provided $2.9 billion (SR11 billion) in 2017 in the form of industrial loans, of which 56 percent were directed to small and medium-sized enterprises.
In the past 45 years, it has provided 4,238 loans worth $39.5 billion (SR148 billion) of which 3,127 industrial projects were implemented.
The Fund launched a loan and land product in cooperation with the Saudi Industrial Cities and Technology Estates (MODON) about a month ago, whereby the industrial loan and the industrial land are submitted in one form, Mojel explained.
He said that the Fund received a large number of applications and provided industrialists with a new product, which is the Fund's documentary credit given to local banks.
