Saudi Arabia expands SAR 105 mln fund reach to finance energy, logistics
Saudi Arabia expanded the mandate of its SAR 105 billion ($28 billion) industrial fund to allow the financing of promising new sectors, including energy, logistics and mining projects, a statement from Saudi Industrial Development Fund (SIDF) said.
As part of broader efforts to develop the Kingdom’s industries, the changes greatly extend the purview of SIDF, which previously only provided financing to local manufacturing businesses.
Under the new terms, companies will be also eligible for additional financing options, including multi-purpose term loans and acquisition financing.
In another key shift, the fund can now provide financing to businesses outside the Kingdom that have Saudi investors, the statement said.
“While SIDF will remain focused on providing financing to projects inside the Kingdom, the amendments provide some flexibility to finance projects abroad,” the fund said in the statement.
"SIDF has evolved from covering one major sector through one financial product to covering four major sectors through a variety of financial products," it added.