Riyadh, February 13, 2024, The Saudi Industrial Development Fund (SIDF) celebrated its 50th anniversary with a special event highlighted by an exhibition showcasing the fund's remarkable journey over the past five decades. According to a press release, the event underscored SIDF's substantial contributions to the national economy and its pivotal role in nurturing local talent.
Since its inception, SIDF has been a cornerstone of industrial development in the Kingdom, providing vital support to numerous projects across various sectors. The press release revealed that SIDF has disbursed loans exceeding SAR 180 billion for over 4,000 industrial projects, amounting to a total investment of approximately SAR 700 billion.
The event also emphasized SIDF's commitment to creating an enriching work environment and fostering the growth of human capital. "Over five decades, SIDF has prioritized the training and development of national talent, culminating in the establishment of its academy in 2019," the release stated. This academy serves to enhance the skills of SIDF employees, as well as professionals within the broader industrial ecosystem and the private sector.
As a leading driver of economic progress in the Kingdom, SIDF has significantly ramped up its lending activities since the launch of Vision 2030. Notably, its lending volumes in recent years have surpassed those of its first 35 years combined. These loans have predominantly supported projects in critical sectors such as automotive, shipbuilding, hydrogen, and mining, making a substantial impact not only within the Kingdom but also across the wider region.
