The Saudi cabinet has approved a list of amendments to the Saudi Industrial Development Fund (SIDF), which is organizationally connected to the National Development Fund, the official gazette reported.
Under these amendments, the Riyadh-based fund is to open new offices across the Kingdom as needed.
SIDF is expected to implement modern banking management in carrying the following roles:
1) Financing Saudi-set firms covering the following sectors; manufacturing, mining, energy, industrial services, supportive services, logistics, technical development, and infrastructure. The financing includes supporting new projects, expansion plans, operations, upgrades, and acquisitions.
2) Financing overseas companies – working in the aforementioned fields – that are fully or partially owned by Saudis, in order to integrating their technologies with the national industry, according to the fund’s rules and regulations.
3) Providing economic, technical or administrative consultation.
4) Offering up to 10 percent of paid capital in guarantees.
5) Setting up and managing academic training centers that are specialized in finance, industry, energy, technology, mining and logistics.
6) Lending.
7) Mortgages.
8) Owning and selling capital.
9) Debt instrument issuance, in coordination with the Ministry of Finance.
10) Other activities approved by the fund’s board of directors.
Under the approved rules, the Saudi Industrial Development Fund can invest its surplus liquidity in projects inside or outside the Kingdom. Revenue is to be added to the fund’s resources.
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