Industrial fund raises lending cap for Tadawul-listed firms

The Saudi Industrial Development Fund (SIDF) has raised its lending cap for the industrial projects owned by, or affiliated with, Tadawul-listed firms, Saudi Press Agency (SPA) reported.

The lending cap for the projects of Saudi-listed companies across major cities was incremented to SAR 1.2 billion, while the lending limit for private companies stood at SAR 300 million.

Listed companies that undertake projects in ‘selected regions and cities’, including Hail, northern borders, Al-Jouf, Tabuk, Jazan, Najran, Baha and Asir, can apply for loans up to SAR 1.8 billion, and a private firm operating in the same regions can get up to SAR 400 million.

This initiative seeks to incentivize investors to develop their projects, said SIDF’s Director General Ibrahim Al-Mujal.

The new limits will also encourage private companies to go public to take advantage of the facilities offered, he added.