SIDF approves SR2.8bn for 19 industrial projects

(MENAFN- Arab News) The board of directors of Saudi Industrial Development Fund (SIDF) has approved 19 loans worth SR2.8 billion for the establishment of 15 new industrial projects and expansion of 4 existing industrial projects whose total investment stood at SR5.4 billion, local media said. The chemical industry sector came first among all other industrial sectors to receive the highest value, which amounted to SR1.45 billion, SIDF chief Ali bin Abdullah Al-Ayid said. This was followed by the cement industry with a loan of SR624 million, the engineering industry at SR368 million, consumer industry sector with SR184 million, the building materials industry sector withSR 160 million and the other industry sector with SR40 million, he said. In terms of the number of loans, still the chemical industry obtained the highest share with 7 loans, followed by consumer industries 4 loans, the engineering industry sectors and building materials industry each with 3 loans, and cement industry sector and other industries each with one loan, Al-Ayid said. Eighty two percent of the value of the approved loans were allocated for establishing new projects and expansion of existing ones in the least developed areas, representing 47 percent of the number of the approved loans, he said.