Saudi Cabinet approves board members of CMA to join government agencies

RIYADH: More than SR180 billion ($48 billion) has been loaned to projects by the Saudi Industrial Development Fund over the last 50 years, according to figures released to mark the organization’s half-century.

The total value of the 4,000 projects that the fund has invested in now stands at around SR700 billion.

The leading financial institution celebrated its 50th anniversary on Feb. 12 in Riyadh, highlighting its contributions to the national economy and the development of human resources through a concurrent exhibition.

According to the Saudi Press Agency, over the past five decades SIDF has contributed significantly to supporting and enabling industrial development in the Kingdom.

The fund is also recognized for offering one of the most attractive and productive work environments for nurturing national talent. Throughout its history, SIDF has prioritized the training of national professionals, leading to the establishment of its academy in 2019.

This academy serves as a knowledge hub, elevating the expertise of the staff, enhancing the industrial ecosystem, and supporting the private sector to stay abreast of current and future advancements.

During the ceremonial event, Minister of Industry and Mineral Resources Bandar Alkhorayef highlighted that a key factor contributing to the SIDF’s success was its strong foundation in partnership with Chase Manhattan Bank.

The minister further emphasized that over the 50 years, the SIDF has remained dedicated to its core mission of bolstering the industrial sector and avoiding distracting factors. He also underscored that investing in human capital is another crucial element of the fund’s success.

Alkhorayef also shed light on the increase in the SIDF’s capital from SR40 billion to SR105 billion and mentioned the introduction of new financing products, including working capital funding and acquisition financing.

In a post on X, Alkhorayef said: “Today, we celebrated five decades since the founding of the SIDF, and we recalled its path full of achievements, which contributed significantly to the renaissance of national industry,” he said, extending his “sincere” thanks to his former and current colleagues who have contributed to building the national “edifice” throughout its journey.

Commenting on the SIDF’s achievements, Minister of Economy and Planning Faisal Al-Ibrahim extended his congratulations to his industry and mineral resources counterpart for the notable achievements, adding that he was delighted to participate in SIDF’s 50th-anniversary celebration.

Posting on his X account, Al-Ibrahim said: “The fund plays an important role in boosting the role of the private sector and accelerating the Kingdom’s economic diversification and sustainable development of non-oil exports.”

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