SIDF Concluded “Private Sector Enablement Event” Fourth Edition

Saudi Industrial Development Fund (SIDF) concluded its fourth Edition of Private Sector Enablement Event, titled “Differentiate through Enablement”, held today in Riyadh. The event was held under the patronage of H.E. the Minister of Industry and Mineral Resources, Chairman of SIDF Board, Mr. Bandar Ibrahim Alkhorayef, and in the presence several excellences, government officials, private sector leaders, and investors in sectors of industry, energy, and mining and logistics.
During the event, H.E. Minister of Industry and Mineral Resources announced the launch of the first phase of “Improving Local Industrial Initiative”, which includes two tracks: the first is “Tanafusiya Accelerator Track”, the second “Soft Loans Track”. H.E. also announced the establishment of “SIDF Investment Company”, in a step intended to motivate local and foreign investments in promising projects, to develop the Kingdom’s economy and contribute to the growth of non-oil GDP.
Moreover, SIDF announced new programs and products mainly designed to empower the private sector among several targeted sectors and partnering with the private sector to support the operational needs of the sectors supported by SIDF. In addition, SIDF partnered with several commercial banks to provide cash liquidity, support investors and entrepreneurs to have finance working capital, and help them obtain commercial credit facilities for purchases of raw materials from big companies, both under SIDF’s guarantee.
Additionally, SIDF announced the launch of a new advisory service aimed at improving the efficiency of manufacturing operations, in which SIDF’s specialized team will advise clients by studying and analyzing the most suitable opportunities. SIDF also announced its partnership with “Monsha’at”, for “Tomoh Industrial Track”, which is intended to develop fast-growing SMEs, through Monsha’at’s “Tomoh” program, by linking clients with service providers and supporters from the public and private sectors.
13 cooperation and partnership agreements were announced between SIDF and public and private partners. For example, the cooperation agreement with the Ministry of Energy to develop SIDF’s “Mutajadeda” program, which contributes to the improvement of local developers in the field of renewable energy production. In addition, other agreements were announced with several commercial banks to activate the new products and programs, as well as agreements with many service providers from local and foreign companies to serve “Tanafusiya” program offered by SIDF.
Dr. Ibrahim bin Saad Almojel, CEO of SIDF, indicated that the new programs, products, initiatives, and agreements that were launched, will help build a flexible industrial economy capable of adapting to changes. Adding that: “The significance of such launches and agreements lies in adopting an integrated yet flexible governance model that serves the industrial sector, specifically designed to empower the industrial investors, supported by a well-defined implementation plan”.
It is worth noting that SIDF is holding this event for the fourth year in a row, intending to keep in touch with its local and foreign clients, explore the challenges that they may encounter, discuss promising industrial opportunities to meet the needs of manufacturers and launch more incentives, programs, and products.