Tuesday, 16 July 2024

SABB, Saudi Industrial Development Fund sign an ‎agreement to finance the industrial sector


Saudi British Bank (SABB) has entered into a collaboration agreement with the Saudi ‎Industrial Development Fund (SIDF) to implement the Fund’s guarantees program that ‎aims to provide financing solutions to stimulate growth of industrial segments and ‎promote advancement of the national industries by empowering private sector ‎institutions and achieving their aspirations in terms of investment and expansion.‎

The agreement came on the sidelines of SIDF’s annual ceremony to empower the ‎private sector, under patronage and presence of His Excellency the Minister of Industry ‎and Mineral Resources, Chairman of the Board of Directors of the Saudi Industrial ‎Development Fund, Mr. Bandar Al-Khorayef. The agreement was signed by Dr. Ibrahim ‎Al Mojil, CEO of SIDF, and Mr. Yasser Al Barrak, CEO of Corporate and Institutional ‎Banking at SABB.‎

Under this agreement, SABB will provide financing solutions to the Fund’s clients, to ‎enable them to meet the necessary needs for the establishment, operation, and ‎expansion of economic projects, in exchange for guarantees in favor of the ‎beneficiaries of the Fund’s products and services after fulfilling all requirements and ‎meeting the necessary Laws, regulations and conditions.‎

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On this occasion, Mr. Yasser Al-Barrak said: “We are proud to boost our partnership ‎with the Saudi Industrial Development Fund, based on the principle of complementary ‎work to provide valuable initiatives and programs to ensure growth and development of ‎the industrial advancement in the Kingdom. SABB is determined to proceed steadily in ‎collaboration with the Fund and play the intended role towards empowering the ‎industrial sector’s institutions and companies, stimulating investment and development ‎projects in various fields, and enhancing its contributions towards achieving the goals ‎of the Kingdom’s Vision 2030”. ‎

CEO of the Saudi Industrial Development Fund, Dr. Ibrahim bin Saad Al-Mojil, ‎indicated that this agreement with SABB serves the goals and aspirations of ‎industrialists, by providing such programs to them. “We are happy for the conclusion of ‎this agreement and looking forward to its positive impact on the advancement of the ‎Saudi industrial sector” he added. ‎

Saudi British Bank (SABB) has a cooperation relationship with SIDF, which ‎contributed to providing several programs and initiatives implemented by the Fund with ‎the aim of accelerating the growth and development of the industrial sector and ‎enhancing its positive impact on sustainable economic growth in the Kingdom.‎