Fatima Muhammad
JEDDAH — Officials at the Saudi Industrial Development Fund (SIDF) have hinted at implementation of a new strategy that will speed up regulations and enhance industrial development in different regions and cities in the Kingdom. The new strategy will allow linking 15 government bodies through an electronic system.
The SIDF role, said Abdulkarim Al-Nafi, its general manager, is not limited to funding but also includes providing consultation and direct support to establishments as well as adopting initiatives that aim at developing and enhancing Saudi economy. The fund also seeks to diversify the Saudi economy and develop competitiveness among establishments.
"We have succeeded in providing a notary public twice a week which eased a long lasting problem of absent notaries. Further, we have managed to have e-connection with 15 government bodies with hope to connect with all remaining government bodies soon."
Al-Nafi noted that the fund worked for 43 years to develop the manufacturing industry in the Kingdom. The fund, he added, has been shifted last year from being supervised by the Ministry of Finance to fall under the Ministry of Trade and Industry. Since then the fund has been specialized in funding small and medium establishments and also rehabilitating Saudi professionals though specialized training programs both in and outside the Kingdom.
The fund contributed in establishing 135 industrial projects and expanding 20 preexisting projects, said Adil Al-Suhaimi, assistant to the general manager in charge of credit and studies. The total value of loans that the fund provided last year exceeded SR7 million with an increase of 26 percent in one fiscal year period. The returned loans from beneficiaries are SR4.6 million which is the highest rate since the establishment of the fund. The total number of loans that the fund provided is over 3,900 provided to 2,852 industrial projects in different regions of the Kingdom.
Ziad Al-Bassam, deputy chairman of the Jeddah Chamber of Commerce and Industry (JCCI) noted the fund plays an important role in supporting small and medium establishments. He said it also helps create more job opportunities and open new fields that can help Saudi products develop and compete in a market that is invaded by a large number of imported products. The event, which was held at the JCCI Wednesday, was attended by over 150 individuals representing small and medium factories in Jeddah.
