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Saudi Industrial Development Fund approves $20bn loans since Vision 2030 launch

RIYADH: Saudi Industrial Development Fund has approved a total of 930 loans, valued at over SR75.4 billion ($20 billion), since the launch of the Kingdom’s Vision 2030 six years ago. 

Small and medium enterprises accounted for 79 percent of the loans, while the total value of the amounts disbursed to clients was over SR50 billion, according to media outlet Al Eqtisadiah. 

From the beginning of 2022 until last July, the fund approved 60 loans, valued at over SR6.2 billion, to clients in sectors of industry, energy, mining and logistics services. 

“SIDF is the main financial enabler for the industrial, mining, energy and logistics sectors included in the National Industrial Development and Logistics Program,” the fund said, according to Al Eqtisadiah. 

“It has been playing a pivotal role in empowering the industrial sector in the Kingdom for more than 48 years,” it added. 

The new figures come as the Saudi Deputy Minister of Industry and Mineral Resources announced the imminent launch of the National Industrial Strategy, according to Arabic news outlet Asharq Alawsat.

Osama Al-Zamil stressed that Saudi Vision 2030 is aiming to rediscover untapped opportunities in a number of promising sectors, such as industry and mining.

Unveiled in 2016 and announced by Crown Prince Mohammad bin Salman, Vision 2030 is a strategic framework to move the Kingdom away from reliance on oil exports.

As it aims to diversify Saudi Arabia’s economy, it also seeks to develop public service sectors such as health, education, infrastructure and tourism. 

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