Forum to focus on industrial finance

Speaking to reporters on the occasion of a forum to finance
industrial projects in GCC countries, which opens at the chamber on Tuesday, he
said the government and banks had not stopped providing loans to industrial
projects, if they were economically viable.
“The government has made a lot of efforts to finance small
and medium enterprises (SMEs) including industrial and commercial ones. It
continues in the same direction in order to support this important economic
sector,” the chairman told reporters.
He thanked Minister of Commerce and Industry Abdullah Zainal
Alireza for agreeing to open the forum. He expected that a number of senior
officials from the GCC ministries of commerce and industry and a large number
of businessmen and women would take part.
As many as 15 experts would make an analysis of the present
situation of financing for industrial projects in the GCC and provide
alternative financing means. Experts will also discuss best financing offers
being provided by public and private sectors.
Saudi Industrial Development Fund, Millennium Fund, Kuwait
Industrial Bank, Omani Development Bank, Gulf Industrial Investment
Organization, SABB and Saudi Basic Industries Corp. are taking part.
Al-Rashid underscored the tremendous development achieved by
the Kingdom’s industrial sector during the last 10 years. “Major international
companies still consider the Gulf countries as a fertile land for carrying out
various industrial projects because of their competitive advantages.”
He said the forum would enlighten industrialists in the
region the conditions they have to fulfill to receive required finance,
measures to further develop the sector and realize the objective of GCC leaders
to expand the base of industries in the region.
Salman Al-Jashi, a member of Asharqiya’s board of directors,
emphasized the need to making use of the natural resources available in the
region boost industrial development, adding that it would enhance GCC
countries’ ability to compete in the international market.
“The forum will discuss the present condition of the
industrial sector in the GCC with transparency, especially in terms of finance.
A number of senior officials will be present queries of industrialists and
investors,” he said. He said the Ministry of Commerce and Industry in Saudi
Arabia has completed all the requirements for carrying out the country’s
industrial strategy.