SIDF Stimulates Entrepreneurships and small businesses

SIDF Stimulates Entrepreneurships and small businesses

The Saudi Industrial and Development Fund (SIDF) has been seeking to stimulate SMEs; by financing projects in the manufacturing sector within Saudi Arabia’s Vision 2030.

In order to promote the industrial sector and provide it with its financial needs, the SIDF has provided a package of innovative specialized financing programs with many payment facilities.

The Fund adopted “Mutajadida” (renewable) program; which aims to achieve national aspirations in this field by building sustainable industrial utilities for renewable energy. Besides, stimulating production projects to serve the industrial, commercial and agricultural sectors. Adding to raising the quality of products specialized in solar and wind energy, and aligning them with local and global demand.

The SIDF has also launched the “Afaaq” (Horizons) program; it contributes to the growth and motivation of SMEs and entrepreneurs through early financing with payment facilities.

Another program, called “Tawtin” (nationalization), seeks to raise the level of spending to maximize local content by supporting existing national products.

SIDF is the main financial supporter of the sectors of industry, mining, energy and logistic services listed under NDLP.

This will support Saudi Arabia’s transformation into a major industrial power, and a global logistical platform; as one of the most important targets of Vision 2030.

The Fund approved loans worth $3.3bn (SAR12.5bn) during the 2019 fiscal year, with an increase of 32% compared to 2018.