Saudi Industrial Development Fund (SIDF) is preparing to start a new phase that would stimulate, support and finance the private sector, contributing to the Kingdom’s Vision 2030, an ambitious national vision aimed at diversifying the economy.
The Fund is expected to target new areas that will keep pace with the vitality of the Saudi economy in light of Vision 2030 and its national programs.
SIDF targets several areas including industry, mining, energy and logistics services under the National Industrial Development and Logistics Program (NIDLP).
The Saudi private sector is heading towards a new stage, which will stimulate it to contribute more to the Kingdom’s GDP and open a new horizon for investment.
The SIDF is now considered one of the most important arms that target stimulating, supporting, and financing the national industry.
The Cabinet approved Wednesday amendments to SIDF’s regulations, which marks a key step towards enhancing its role as a financial enabler for the Kingdom’s ambitious development plans, the most important of which is the NIDLP, which was launched earlier this year.
SIDF Director-General Dr. Ibrahim al-Mojel said that the amendment will enable the Fund to expand its support to a number of new and promising sectors through a new package of financial services and products that meet the needs of the private sector in the fields of industry, mining, energy, national industry, and logistics services.
“After 45 years of work, SIDF continues to contribute to a wide range of programs and services that will meet our ambitious goals under the Kingdom’s Vision 2030 to bolster the industry’s needs and meet its requirements, while providing first-class support to enterprises operating in the sector,” Mojel explained in a press release.
