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SR1.1bn aid for industrial projects in Saudi Arabia

SR1.1bn aid for industrial projects in Saudi Arabia

The Saudi Industrial Development Fund ( SIDF ) has approved…...

The Saudi Industrial Development Fund ( SIDF ) has approved 11 loans worth SR1.1 billion for the establishment of nine new industrial projects and expansion of another two existing projects with their investments standing at SR2.3 billion. The consumer industries sector accounted for a major share of loans in terms of value totaling SR425 million, followed by building material sector at SR410 million, supportive industrial services (SR99 million), chemical industries (SR86 million), engineering industries (SR41 million),SIDF Director General Ali bin Abdullah Al-Ayed said.
In terms of number of loans, consumer and supportive industrial services sectors got six loans whereas four loans were allocated for engineering and building materials sectors and the remaining one loan went to the chemical industry sector, he said. Giving details, the SIDF Chief said of the three loans earmarked for consumer industries sector, SR274 million was allocated for the establishment of a new factory in Kharj to produce infant powdered milk.

While the remaining two loans were allocated for the expansion of a factory in Jeddah to produce glass bottles for soft drinks and another factory in Wadi Al-Duwasir for production of juices. The two loans allocated for the building material sector were sanctioned for setting up two new projects in Yanbu and Rabigh with investments totaling SR748 million, he said. For supportive industrial services, three loans were allocated, worth SR99 million, to fund three projects: two in the second industrial city in Riyadh for the establishment of two housing complexes for foreign workers to accommodate 5,862 occupants, and the third in the second industrial city in Dammam to accommodate 3,170 workers.

sources:www.zawya.com

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