Chairman’s Message
Bandar bin Ibrahim Alkhorayef
Minister of Industry and Mineral Resources
SIDF has completed 50 years of giving. This is a call-for-celebration for half a century of endless support granted by SIDF. It is time we ponder on this institution’s historic status as the leading specialized development entity in the Kingdom. Throughout the fifty years of its life, SIDF excellently delivered exceptional outcomes that were an integral part of the renaissance of the national industry that consequently elevated this sector’s contribution to the national economy.
The Saudi Industrial Development Fund has become the edifice of industry in the Kingdom thanks to three key factors:
Its strong foundation in partnership with Chase Manhattan Bank.
Its dedication to its core mission of bolstering the industrial sector and avoiding distracting factors, and investment in human capital.
The highly trained and talented leaders who have gone through SIDF’s corridors have made a big difference in the various entities of the public and private sectors.
12.9
SAR billion The value of approved loans in 2023
51
SAR billion The value of investments in funded projects
The Saudi Industrial Development Fund has become the edifice of industry in the Kingdom thanks to three key factors:
Its strong foundation in partnership with Chase Manhattan Bank.
Its dedication to its core mission of bolstering the industrial sector and avoiding distracting factors, and investment in human capital.
The highly trained and talented leaders who have gone through SIDF’s corridors have made a big difference in the various entities of the public and private sectors.
Through this epic journey, SIDF became the most valuable player post the launch of Saudi Vision 2030. Therefore, SIDF decided to rephrase its development role into an actual partner for the Vision Realization Goals. The Council of Ministers approved the amendment of SIDF’s bylaws to extend its support to the National Industrial Development and Logistics Program (NIDLP) main sectors of industry, mining, energy, and logistics،
In 2023, SIDF granted approval for 134 loans at a total value of SAR 12.9 billion of an investment value surpassing SAR 51 billion. The loans were granted for the establishment or new of expansion of existing factories. The small and medium enterprises (SMEs) received the largest share of loans at 62%.
A 2023 milestone involved SIDF improving its financing programs and products. SIDF launched several new products, programs and initiatives to serve specific target sectors. Tanafusiya Accelerator was launched to finance automation, digitization, and energy efficiency projects. The Promising Factories Initiative (soft loans) finances fast-growing industrial enterprises and SMEs. Guarantee Program to Support Working Capital Needs was another SIDF product launched in 2023.
SIDF continues investing in human capital, automating all business procedures, innovating and improving several services, programs and products, and adopting the administrative best practices and standards. SIDF has an unwavering strategic direction to raise awareness and promote knowledge with a special focus on enhancing the internal ecosystem and governance.
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.