(MENAFN - Arab News) The Saudi Industrial Development Fund (SIDF) has approved 13 loans worth SR1.1 billion for carrying out nine new industrial projects and expansion of four existing industries.
The approval was given by the SIDF's board of directors chaired by Abdul Rahman Al-Humaidy, its president. The SIDF estimated total investments in the 13 projects at SR2.8 billion.
"The chemical industries sector got the lion's share of these loans totaling SR612 million, followed by the building material sector at SR256 million," an official statement said.
Engineering industries received SR148 million, while consumer industries SR93 million.
"Both chemical and building material sectors obtained the highest numbers of loans (four each), followed by consumer and engineering industries at 3 and 2 loans respectively.
Abdullah Al-Ayed, director general of SIDF, said the implementation of two new chemical industries and expansion of two existing ones would involve a total investment of SR1.305 billion.
The SIDF has approved a SR310 million loan to establish a factory in Yanbu to manufacture tires of cars and small buses and a SR209 million loan to expand an existing chemical factory in Jubail.
Al-Ayed said total investments in three new construction material factories and expansion of a similar factory would draw a total investment of SR958 million.
The new factories are in Madinah, Dammam and Thadik, a town northwest of Riyadh.