Riyadh, September 11, 2023, The National Development Fund (NDF) and its supervised development funds and banks, which make up Saudi Arabia's development ecosystem, have finished the first half of 2023 with significant support and financing contributions that are aimed at achieving the economic, social, and cultural goals of Saudi Vision 2030 and maximizing the development impact on the Saudi economy. The NDF's Development Ecosystem provided over SAR (14.1 billion) in financing, SAR (10.3 billion) in support, and SAR (5.6 billion) in guarantees. The NDF is in charge of managing a whole development environment, an ecosystem that enables the most promising enterprises and sectors to realize their full potential while putting a strong emphasis on economic development, social possibilities, and great cultural advancement. NDF plays a significant role in ensuring that capital is made to work as hard as possible in projects that are impactful, sustainable, and feasible as Saudi Arabia's development finance allocator and supervisor. Through coordinating development, ensuring sustainability, and facilitating private sector funding, the fund will assist in defining the Kingdom's future. The supervised development funds' and banks' financial contributions during the first half of 2023 were as follows: Around SAR (1.6) billion in financing was distributed by the Saudi Industrial Development Fund (SIDF) to 104 industrial enterprises, including approximately SAR (1.1) billion to large businesses with strategic importance in the industrial sector. Additional funds were distributed to qualified owners of small and medium-sized businesses in order to help them expand their operations and contribute more to the Saudi economy. With the aim of facilitating industrial enterprise growth and expansion as well as strengthening partnerships with public and private institutions to align support and efforts aimed at boosting the industrial sector, SIDF works to enable industrial development in the Kingdom by offering financial support, training, and guidance to industrial businesses.
The Tourism Development Fund (TDF) provided 40 businesses in the tourism industry with funding totaling SAR 133 million, support totaling SAR 34 million, and guarantees totaling SAR 52 million. TDF intends to offer financial support for tourism initiatives that aid in the Kingdom's tourism growth. The Tourism Development Fund assisted in a number of successes in the first half of this year, making it possible for investors to receive funding for the tourism industry as well as boosting the number of tourists visiting the Kingdom. Through the implementation of numerous programs and projects that support the growth of tourism in the Kingdom and improve collaboration between public and private organizations engaged in the industry, the Tourism Development Fund hopes to accomplish even more in the years to come.
In order to encourage cultural activities in the sector, the Cultural Development Fund (CDF) offered guarantees to more than 30 firms with a value surpassing SAR 30 million. With programs aimed at promoting the creation of cultural content and fostering innovation, CDF helps provide finance and investment alternatives to promote the cultural sector. Additionally, provide non-financial assistance through workshops and consulting to raise the potential of cultural projects and endeavors. As part of its attempts to help make the Kingdom a premier cultural destination around the globe, the Cultural Development Fund also aims to stimulate private sector investments in cultural activities.
Through its many programs, including empowerment, mentoring, and training, the Human Resources Development Fund (HRDF) contributed SAR (4.6 billion) to the development of the nation's human capital. More than 199,000 people were assisted in their employment by HRDF, and 79,000 businesses from various industries and regions of the Kingdom received assistance services from the organization. The HRDF's activities centered on encouraging the private sector's involvement in Sauditization and strengthening collaborations with all pertinent parties in order to develop, hire, and empower national cadres while also boosting their efficiency and competitiveness in the labor market.
During the first half of 2023, the SME Bank provided guarantees through the Kafalah program of approximately SAR (5.2) billion, an investment worth SAR (172) million through the Saudi Venture Capital Company (SVC), and financing worth SAR (215) million riyals through the SME Bank's programs to support economic and social development in the Kingdom by providing financial products and services that meet the needs of small and medium enterprises. Through the funding of collaborative projects between the public and private sectors to promote SMEs, this contribution aims to improve integration between diverse economic sectors.
As one of the most significant social finance organizations in the Kingdom, the Social Development Bank (SDB) has given more than 70,000 people financial assistance totaling SAR (3.8) billion. A total of 5,400 small and emerging businesses with a combined value of more than SAR (2.6) billion received finance from SDB. The bank's activities are designed to help residents get social loans, finance small and microprojects, create happy families, promote social responsibility, strengthen non-profit organizations, boost women's participation, and improve and facilitate personal financial planning.
In the first half of this year, the Real Estate Development Fund assisted almost 31,000 beneficiaries in signing their financing contracts to purchase homes through the various housing and financing choices for housing support programs. More than SAR 5.5 billion in total support was provided for subsidized loans throughout the same time period. This falls under the umbrella of initiatives to make housing expenses more affordable in order to meet the goals of the Housing Program, one of the programs of Saudi Vision 2030, by giving Saudi households the chance to own acceptable housing through the provision of a range of goods and services.
During the first half of 2023, the Agricultural Development Fund (ADF) gave finance of SAR 2.9 billion to roughly 6,000 people and 63 establishments. additional financial guarantees in the amount of SAR 316 million. The fund provided funding for a variety of initiatives and market segments, including small farmers and breeders, poultry operations, greenhouse initiatives, inland fish production, and date production. The food security strategy's planned imports of agricultural goods were also funded by ADF.
By filling funding shortages and lowering export risks, the Saudi EXIM Bank aims to make it possible for non-oil exports to reach international markets. During the first half of 2023, the Saudi Export-Import Bank provided funding for Saudi non-oil exports totaling more than SAR (2.8) billion. For the same year, exports covered by credit insurance policies totaled SAR 4.25 billion, while other guarantees, such as offering credit or export guarantees, came to about SAR 77 million.
By promoting sustainable economic growth and aiding international organizations in their efforts, the Saudi Fund for Growth helps to improve Saudi Arabia's connections with developing nations. SFD approved development loans of more than SAR (2.6 billion) in the first half of 2023 for seven nations to carry out local development initiatives. Additionally, the fund approved loans totaling more than SAR 3 billion for development projects in more than 50 countries and international organizations around the world, while total grants disbursed totaled SAR 1 billion. These grants benefited two countries and an international organization. The building of power plants and electricity transmission lines, as well as infrastructure projects including roads, bridges, ports, and airports to expand the transportation and communications sectors, are all sponsored by the Saudi Fund for Development. In order to strengthen the capacity of developing nations to deal with economic problems and fluctuations and to contribute to the achievement of economic and security stability around the globe, the initiatives also place a strong emphasis on supporting education and health in Africa, Asia, and Latin America.
