Raising SIDF’s capital by SAR 25 bln is part of Vision 2030, says Al-Falih

Saudi Arabia’s government has been providing continuous support the Saudi Industrial Development Fund (SIDF) and paying close attention to the development of industry in the Kingdom, energy minister Khalid Al-Falih said in a statement.

Almost a year ago, the cabinet approved raising SIDF’s capital by SAR 25 billion to SAR 65 billion, in order to support the industrial development and to help finance the Kingdom's entry into new fields such as mining, renewable energy, and the manufacture of vehicles, medicine and electronics.

These efforts aim to increase the local content of industries and promote local manufacturers, as part of Vision 2030, he added.