SIDF Stimulates Small Businesses, Entrepreneurships

Business

February 29th, 9:20am

Riyadh - Shujaa al-Bogmi

Saudi Arabia supports small and medium businesses and entrepreneurships. (Asharq Al-Awsat)

The Saudi Industrial and Development Fund (SIDF) has been seeking to stimulate small and medium enterprises by financing projects in the manufacturing sector within Saudi Arabia’s Vision 2030. In order to promote the industrial sector and provide it with its financial needs, the SIDF has provided a package of innovative specialized financing programs with many payment facilities. The Fund adopted “Mutajadida” (renewable) program, which aims to achieve national aspirations in this field by building sustainable industrial utilities for renewable energy, stimulating production projects to serve the industrial, commercial and agricultural sectors, and raising the quality of products specialized in solar and wind energy, and aligning them with local and global demand. The SIDF has also launched the “Afaaq” (Horizons) program, which contributes to the growth and motivation of small and medium enterprises and entrepreneurs through early financing with payment facilities. Another program, called “Tawtin” (nationalization), seeks to raise the level of spending to maximize local content by supporting existing national products. The Saudi Industrial Development Fund is the main financial supporter of the sectors of industry, mining, energy and logistic services listed under the National Industry and Logistics Services Development Program (NDLP). This will support Saudi Arabia’s transformation into a major industrial power, and a global logistical platform, as one of the most important targets of Vision 2030. The Fund has approved loans worth SAR 12.5 billion riyals (USD 3.3 billion) during the 2019 fiscal year, with an increase of 32 percent compared to 2018.

from Asharq AL-awsat https://aawsat.com/english/home/article/2155541/sidf-stimulates-small-businesses-entrepreneurships