SIDF CEO says every SAR 1 bln spent by fund boosts GDP by SAR 2.2 bln, leads to SAR 1.3 bln exports

CEO of the Saudi Industrial Development Fund (SIDF), Ibrahim Almojel

CEO of the Saudi Industrial Development Fund (SIDF), Ibrahim Almojel, said the financial impact of the funds injected by the fund in the Saudi economy since inception was studied. This study showed that every SAR 1 billion spent by the fund boosted gross domestic product (GDP) by SAR 2.2 billion and led to SAR 1.3 billion exports.

It also contributed to SAR 1.7 billion procurements of local raw materials, and created almost 5,000 direct and indirect jobs, Almojel said during the second day of the Budget Forum 2023.

In light of Vision 2030, SIDF has become the main financial enabler for Saudi Arabia’s transformation into a leading industrial power and a global logistics hub, he added, pointing to the Kingdom’s competitive and financial ability, backed by its solid infrastructure.

The funds spent by the fund since the Vision 2030 launch in 2016 to date exceed the amounts it spent since SIDF inception in 2009, Almojel concluded.