loan is signed and documentation is being completedwhich satisfies the bridge lender that negotiations for the permanentfinancing are close to completion.
has issued 3,344 loans worth SR95 billion since it was first set up in 1974 to support projects.
The doubling of SIDF
capital will lead to the establishment of more industries, especially small and medium ones.
He added that the SIDF
will continue to support the developmental projects in the industrial sector through providing loans and consulting services for local industrial factories and creating an attractive conditions for investment.
has asked for personal guarantees from the shareholders, which includes a corporate guarantee from Arabian American as a condition of closing.
This was the second highest annual financing SIDF
has undertaken since it was founded in 1974.
Dedicated desks were set up by entities including the Ministry of Defense, the Ministry of Energy & Mineral Resources, MODON, NICDP, Royal Commission of Yanbu, SABIC, SAGIA, Saudi Aramco, SEC and SIDF
, among others.
2 billion following a royal order to raise the capital of SIDF
to SR40 billion.
SIIC secured financing support for this JV from the Public Investment Fund (PIF) and the SIDF
The financing package comprises a SR200 million ($53 million) medium term facility from the Saudi Industrial Development Fund (SIDF
), as well as SR242 million ($65 million) medium term Islamic financing facility and a SR150 million ($40 million) Islamic bridge facility from Bank Al Jazira to bridge the SIDF
The council approved that Saudi Industrial Development Fund (SIDF
) is to put conditions for Sauduzation of technical and administrative jobs to be %50 for the institutions and factories funded by SIDF
Al Assaf said that he was bring- ing good news for the Saudi Industrial Sector, which was that two days earlier, the Custodian of the Two Holy Mosques gave his approval for provision of ad- ditional funding of SR 10 billion as a soft loan to SIDF
, although the capital of SIDF
was raised to SR 20 billion a few years ago.