SIDF disburses SAR 47 bln since Vision 2030 launch: Almojel

Ibrahim Almojel, CEO of SIDF

Saudi Industrial Development Fund (SIDF) disbursed SAR 47 billion since the launch of the Vision 2030, Chief Executive Officer (CEO) Ibrahim Almojel, said on the sidelines of the annual meeting to empower the private sector.

These funds are equal to the SIDF disbursements in its first 34 years of operations, Almojel added.

The fund’s total credit payments reached SAR 69 billion since the launch of Vision 2030 and until this year, he indicated.

SIDF new phase will focus on the customer, along with sustainability and localization to enable the Kingdom to emerge as a leading industrial hub and a global logistics destination.

“The fund will focus on financing the supply chains in order to enhance the use of local content via the introduction of a short-term instant financing for local suppliers,” Almojel said.