11/09/2015
1.1 billion riyals to fund industrial project
the saudi industrial development fund board of directors led by the minister of commerce and industry, has approved six industrial loans that amounted to 1.1 billion riyals to construct five new industrial projects and expand an existing project. investments in these projects exceed 2.4 billion riyals.
Abdulkarim Al-Nafae, the fund’s general manager asserted that those approved loans included two loans to construct two new industrial projects, in Yanbu industrial city, in the chemical industries sector. the fund had also approved two loans in the engineering industries sector of approximately 184 million riyal. one of the loans was to fund the expansion on an existing project in dammam, for welded steel pipes production. the other loan which consisted of 32 million riyal was to fund establishing a factory in jeddah to produce solar panels and cells that are used to generate electricity. thus, 19 industrial project has been funded during the last two moths. with total of funds that exceeded a billion riyal, and total of investments of approximately 2.8 billion riyals
