SIDF finances 300 projects with SAR 150B in 2 years

Logo of Saudi Industrial Development Fund (SIDF)

The Saudi Industrial Development Fund (SIDF) financed 300 projects with more than SAR 150 billion from 2022 to 2024, in line with the National Industrial Strategy's objectives.

SIDF’s spokesperson emphasized that the fund continues to play a key role by financing strategic projects that support local manufacturing and drive sustainable industrial growth.

In October 2022, Crown Prince Mohammed bin Salman launched the National Industrial Strategy that aims to create an attractive industrial economy. In addition, the strategy seeks to achieve economic diversification, GDP growth, and expansion of non-oil exports, in alignment with Saudi Vision 2030, according to Argaam data.

In addition, the strategy focuses on 12 subsectors to diversify the Kingdom’s industrial economy. It has identified over 800 investment opportunities worth SAR 1 trillion, targeting ambitious economic returns by 2030, including tripling industrial GDP and doubling industrial exports to SAR 557 billion.