Over 48 years, the Saudi Industrial Development Fund (SIDF) has played a pioneering role in formulation and execution of industrial development policies and programs. As the main financial facilitator for Kingdom’s industrial transformation and sectors of the National Industrial Development and Logistics Program (NIDLP), SIDF diligently fulfills its national obligations. It consistently delivers outstanding results while adapting to remarkable transformations, aligning with the goals of Vision 2030 and NIDLP initiatives. These initiatives aim to position the Kingdom as a prominent industrial nation and a key global logistics hub.

As part of its efforts to contribute towards national objectives, SIDF strategy has broadened its scope to extend support to various promising sectors such as industry, energy, mining, and logistics. In 2022, the SIDF continued its lending operations by granting approval for 111 loans, surpassing a total value of SAR 14 billion. This represents an increase from the SAR 11.1 billion approved in 2021. Moreover, loans were aimed at financing new expansion projects in crucial sectors located across different provinces throughout the Kingdom as the industrial sector received the largest portion of the loans, with 102 loans amounting to over SAR 13 billion.

To bolster its commitment to the Kingdom’s role and global leadership in the green hydrogen economy, SIDF intensified its support by entering into an agreement in the previous year to provide financing for the largest hydrogen/ammonia complex worldwide. This initiative aligns with the vision and objectives of the “Saudi Green” initiative. Additionally, as part of its strategy to empower promising sectors and promote economic diversification, SIDF gave its approval to fund a project focusing on electric vehicle manufacturing.

SIDF has taken significant steps to facilitate and empower the private sector through its investment and advisory support. In collaboration with the public and private sectors, SIDF has introduced various products, programs, and services aimed at enhancing the projects of industrial investors in the sectors it funds. Noteworthy initiatives include the establishment of the SIDF Investment Compa n y a n d t h e i n t r o d u c t i o n of advisory services such as “Manufacturing Efficiency Improvement.” Moreover, SIDF, in partnership with “Munsha’at,” launched the “Tomoh” industrial pathway. Additionally, 13 cooperation and partnership agreements were signed to establish a resilient national industrial economy capable of adapting to changing circumstances.

SIDF remains committed to fostering effective communication with its clients through diverse channels and initiatives. Their aim is to improve quality of communication between executive bodies and investors, ensuring that the industrial ecosystem is closely aligned with investor needs. To this end, SIDF actively participated in the second edition of the “Dalil” training program, led by the National Industry Development and Logistics Program. This participation played a significant role in strengthening SIDF’s ability to support clients, enabling them to take full advantage of the opportunities it provides while overcoming any obstacles or challenges they might encounter.

For the third year in a row, SIDF has maintained its outstanding position as the top public sector organization with the best working environment throughout the Kingdom. This achievement can be attributed to SIDF’s advanced and inspiring workplace environment, which has led to a workplace environment quality indicator of 82%. This recognition has been further solidified by SIDF being awarded the prestigious Gold Level in the King Abdulaziz Quality Award. This esteemed recognition acknowledges the significant contributions made by SIDF over the span of almost five decades in empowering the national industry and fostering a culture of institutional excellence.

From its inception to the present day, SIDF has consistently prioritized the investment in its human resources, striving to enhance their capabilities and skills. This commitment to human capital development continued in 2022, with the allocation of 29 scholarships, including 10 prestigious scholarships in the world’s top 10 universities. Additionally, a total of 701 employees actively participated in various training courses, supported by the valuable knowledgesharing platform of the SIDF Academy. This initiative proved beneficial as it reached 8,188 trainees, comprising both employees within the manufacturing ecosystem and SIDF clients, throughout the previous year.

I would like to express my heartfelt gratitude and appreciation to King Salman bin Abdulaziz Al Saud, the Custodian of the Two Holy Mosques, and to His Royal Highness Prince Mohammed bin Salman, the Crown Prince and Prime Minister, for their unwavering commitment and continuous support towards the industrial ecosystem. Their wise guidance has been instrumental in enabling SIDF to fulfill its role as a financial enabler. I would also like to extend my thanks to the Board of Directors and all my SIDF colleagues for their dedicated efforts, which have played a pivotal role in our notable achievements.