The Saudi Industrial Development Fund (SIDF) plans to raise its capital pool to SAR 105 billion from SAR 65 billion to increase its lending capacity in the near term to serve the goals of the Saudi National Industrial Development and Logistics Program (NIDLP), the fund’s director general, Ibrahim Al-Mojil, said on Monday.
The Saudi government kicked off today the NIDLP program with aim to boost national industrializtion and logistics sectors in line with Vision 2030.
The industrial development fund's planned capital increase is a bid to cover the financing needs of new investors and market players.
“The fund will expand its activities to offer various services in the industrial, mining, logistics and energy sectors under the new program,” said Al-Mojil.
“SIDF will also offer new tailored products as of February 2019, including mixed-use loans for capital expenditure, and financing for acquisitions and working capital,” he further added.
On the other hand, SIDF signed nine agreements at a total value of over SAR 10 billion.
Among the deals, one was signed with Tadawul-listed Saudi Arabian Mining Company (Maaden) for local content development; the other one was signed to finance three construction technique factories, along with another financing contract for factories under the Fourth Industrial Revolution.
The remaining agreements were closed with the Saudi Exports Development Authority, King Salman Energy Park (SPARK), and the National Fisheries Sector Development Program.
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