SIDF loans to exceed SAR 12 bln by 2022-end, plans to approve SAR 45 bln loans in 3 years: CEO

Ibrahim Almojel, CEO of Saudi Industrial Development Fund

Saudi Industrial Development Fund (SIDF) is expected to approve more than SAR 12 billion in loans by the end of 2022, CNBC Arabia reported, SIDF CEO Ibrahim Almojel.

SIDF plans to approve SAR 40-45 billion in new loans over the next three years, he added.

During the past two years, the fund worked with value-added and high-tech companies such as electric vehicles (EVs) firms, new energy companies like green hydrogen in NEOM, and clean battery companies.

It also seeks to expand the automation of existing industrial projects to raise their efficiency and competitiveness, CEO highlighted.

Almojel stated that the newly established Industrial Investment Fund Co. aims to add new financial products that support higher risks to support small and medium-sized enterprises (SMEs).

According to data compiled by Argaam, Minister of Industry and Mineral Resources Bandar Alkhorayef announced on Dec. 5, the establishment of the Industrial Investment Fund Co., which, along with the private sector, will engage in investing in promising opportunities available in the strategic and qualitative sectors.