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SIDF extends loans to 23 industrial projects.

In a statement to the press,Mohammad Bin Salem Al Dobaib said that the Saudi Industrial Development Fund's (SIDF) Board of Directors was convened recently under the chairmanship of Engr. Yousif Bin Ibrahim Al Bassam.

In its meeting, the Board endorsed twenty three loans for the erection and expansion of a number of industrial projects with commitments in excess of SR 912 million against investments totaling SR 2,021 million,he added.

According to Mr. Al Dobaib,the chemical industries sector was the prime beneficiary of such loans.

Eight loans for industrial projects in the sector were approved with total commitments exceeding SR 363 million compared to an overall investment size of SR 788 million, reflecting the substantial investments required for projects in this sector.

Projects approved, he said,included an expansion of a woven polypropylene sack plant, and another for the expansion of a polypropylene and polyethylene film producing factory.

Industrial plants approved by the Board also included a recycled base oil plant, and a polyethylene pipe plant.

An expansion project for the production of PTE textile,a polyethylene and polypropylene films' plant,an epoxy coated and lined pipes' plant,and another industrial plant for transparent wrapping film were also among approved projects.

Moreover,seven projects in the consumer products industry with investments totaling SR 556 million were committed loans of over SR 249 million.

These projects included an expansion of an industrial plant for the production of tarts, pastries,Mamoul,cake,and bread,a plant for fish and shrimp processing, packaging,and freezing,and another for cement packaging paper bags.

Three other projects in this sector also benefited from the loans committed including a drinking water plant, an expansion of an industrial plant for a variety of fruit juice, soft drinks and power drinks,an expansion of craft paper plant,and an expansion of a desalinated water plant.

As for the engineered products sector,it was endorsed five loans with commitments of over SR 145 million,compared to an overall investment of SR 360 million.

The projects involved were a plant for industrial pumps,another for fluorescent lamps, a project for longitudinally welded steel pipes,a plant for steel scrap shredding,and a plant for the production of iron,carbon,and stainless steel tanks,and prefabricates pipes for tanks.

Additionally, Mr. Al Dobaib said, the Board approved the lending of three other projects in the building materials sector with commitments totaling SR154 million against overall investments of SR 316 million.

Approved projects in the sector included an industrial project for the production of aluminum, steel,and concrete cutting,and grinding discs,another for precast concrete pipes and fittings,and a third for granite tiles,panels,and blocks.

Since its inception,the Fund has extended a total of 3,071 loans which contributed to the construction and expansion of 2,172 industrial projects all over the Kingdom, Mr. Al Dobaib stated.

It was for this contribution that thousands of jobs were created,advanced technologies transferred to the various industrial sectors,products provided in substitution of imports,and high quality,competitively priced Saudi products exported to different markets worldwide.

Closing his statement, Mr. Al Dobaib said that the role of the Fund goes beyond just lending.

Its support to industrial projects involves the rendering of marketing, financial,administrative,and technical advice.

Thus, assisting in the financing of such projects is only a part of the Fund's mission for the support and development of the industrial sector across the Kingdom,he added.

Saudi Economic Survey. All rights reserved.

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Title Annotation:Saudi Industrial Development Fund
Publication:Saudi Economic Survey
Date:Jul 6, 2009
Words:595
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