Industry Minister says NIDLP sectors included within SIDF activities, launches 3 new products

Bandar Alkhorayef, Chairman of Saudi Industrial Development Fund (SIDF)

Saudi Arabia’s Minister of Industry and Mineral Resources and Chairman of the Saudi Industrial Development Fund (SIDF) Bandar Alkhorayef announced the expansion of the fund’s product range.

This includes the launch of three new products – logistics land and credit, supply chain financing and industrial incubator program.

Speaking at his annual meeting on private sector empowerment, the minister added that SIDF will strengthen its role in empowering the National Industrial Development and Logistics Program (NIDLP) sectors through the transport and logistics sector.

He noted the importance of the transport and logistics sector in reducing costs, increasing the efficiency of other sectors and reducing investment risks.

The minister also revealed that the fund signed agreements with the Economic Cities and Special Zones Authority, the Royal Commission for Jubail and Yanbu, the Saudi Authority for Industrial Cities and Technology Zones (Modon) to provide land and loan to the logistics sector, indicating that the leases will reach 50 years.

On the supply chain financing product, Alkhorayef noted that it came through an agreement between SABB and SIDF, while the industrial incubator program is in collaboration with King Saud University and Prince Sultan bin Abdulaziz Development Fund to provide a package of services to entrepreneurs.

The minister stressed that all services developed to serve the sectors were activated to benefit the private sector to develop its business and overcome the challenges.