The Saudi Industrial Development Fund (SIDF) is celebrating a significant milestone, having disbursed a staggering SR180 billion (approximately $48 billion) in industrial financing since its inception 50 years ago. The anniversary was marked by a special event on Monday, February 12, which included an exhibition showcasing the fund’s historical journey, its profound influence on Saudi Arabia’s national economy, and its dedication to human resource development within the country.
Established to bolster industrial advancement in the Kingdom, SIDF has been instrumental in the growth of over 4,000 industrial sector projects across Saudi Arabia, with a combined investment reaching nearly SR700 billion ($187 billion).
“Over five decades, SIDF has given great importance to the training of national cadres, culminating in the establishment of its academy, in 2019, to upskill employees, the wider industrial ecosystem, and the private sector”, stated an SIDF representative.
With the advent of Vision 2030, SIDF’s lending endeavors have outpaced the total volume of loans issued in its first 35 years, positioning it at the forefront of the Kingdom’s economic evolution. These funds have been pivotal in fostering projects within the automotive, shipbuilding, hydrogen, and mining sectors, thereby significantly impacting both the Kingdom and the broader region.