SIDF approves SR1.6 billion for 44 projects

The Saudi Industrial Development Fund (SIDF) has approved 44 loans worth SR1.6 billion in Q3 aimed to finance 35 new industrial projects and expansion of 9 existing industrial projects, local media said quoting SIDF Chief Ali bin Abdullah Al-Ayid. The overall investments in the projects reached SR3.3 billion, or an increase of 57 percent compared to investments during Q2, 2013, he was quoted as saying.
The number of loans approved for the “less developed regions” during the Q3 increased by 129 percent compared to Q2 of the same year, valued at SR798 million, he said.
The least developed regions captured 50 percent of the overall approved loans and 45 percent of the approved loans during the Q3 of the current year, which proves the success of the Kingdom’s policy to accelerate the pace of development in these regions, he said.
“The percentage of loans approved by SIDF to projects located in these regions during the current fiscal year until the end of Q3 stood at 52 percent of the total loans approved during the year,” he added.
Touching on the new industrial projects, he said 80 percent of the approved loans went to 35 new projects versus 9 loans for the expansion of the existing projects. The total loans for the new projects stood at SR1.2 billion, or 73 percent of the total value of loans approved during the Q3 of the current year.
The volume of investments in the new projects amounted to SR2.4 billion, capturing 74 percent of total investments approved during the same period, he said.
The new projects are expected to create 2,804 new jobs, which is a positive indication of the extent of investor confidence in the industrial sector in the Kingdom and reflects the positive expectations for the course of development in the Kingdom for years to come, the local media said.