Saudi Arabia Advances Industrial Development
Saudi Arabia boosts its Industrial Development Fund (SIDF) to position itself as an industrial and logistics leader in the Saudi market.
Saudi Arabia boosts its Industrial Development Fund (SIDF) to position itself as an industrial and logistics leader through greater private sector participation in the Saudi market. SIDF’s mission is to develop and diversify the Saudi economy by supporting priority sectors and competitive enterprises. The fund offers a range of short, medium, and long-term loans plus technical assistance. In the past decade, SIDF approved a total of 1,545 medium- and long-term loans for industrial projects totaling 107 billion SAR ($28.5 billion). In 2020, SIDF approved loans worth up to 17 billion SAR (approximately USD 4.5 billion).
In 2019, the SIDF’s mandate was amended to align with Saudi Arabia’s Vision 2030 strategy, which enabled it to support new and promising sectors such as mining, energy, and logistics. It also received an increase of 105 billion SAR (USD 28 billion) to facilitate greater collaboration with local and international organizations.
As foreign business increases in the Kingdom, U.S. companies are encouraged to explore SIDF supported projects that are expected to increase in the coming years.
For more information about SIDF’s products and programs, please contact Mohammed Shujauddin at Mohammed.Shujauddin@trade.gov.