SIDF approves 44 loans for industrial projects in Saudi Arabia

jubail-RDKAbout 80 per cent of the loans approved by the SIDF for industries went towards new projects. (Image source: Edward Musiak)The Saudi Industrial Development Fund (SIDF) has approved 44 loans worth US$430mn in Q3 2013 to finance 35 new industrial projects and the expansion of nine existing projects in the Kingdom

According to Arab News, SIDF chief executive officer Ali bin Abdullah Al-Ayid said that about 80 per cent of the loans approved for industries were for new projects.  

The least developed regions within the Kingdom reportedly received 50 per cent of the overall loans approved during the quarter ended September 2013.

“The number of loans approved for the less developed regions during this period increased by 129 per cent to US$212mn, from the previous quarter,” Al-Ayid added.

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