Minister of Industry establishes SIDF Investment Company

Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef

Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef announced today the establishment of SIDF Investment Company, which will be engaged along with the private sector in investing in promising opportunities available in the strategic and qualitative sectors.  

Furthermore, the company will contribute to raising the private sector's contribution to investing in industrial, energy, mining and logistics projects, as well as encouraging entrepreneurs and investors to expand in areas of targeted sectors, and developing the Kingdom's economy by contributing to the growth of non-oil GDP and investment in promising projects, the Industrial Development Fund said on its Twitter account.

For his part, Ibrahim Almojel, CEO of the Saudi Industrial Development Fund (SIDF), told Asharq TV that the capital of the new company amounts to SAR 2 billion, indicating that the company will offer investment financing products to support the local manufacturing sector.