In a meeting with the Logistics Committee of Asharqia Chamber, the Industrial Fund confirms its support to the non-industrial sectors after the issuance of the regulations
On Tuesday November 20, 2018, Asharqia Chamber, represented by the Logistics Committee, held a meeting with the Director General of the Saudi Industrial Development Fund, Dr. Ibrahim bin Saad Al-Mujel. The meeting was attended by all members of the Logistics Committee of Asharqia Chamber.
During the meeting, the Director General of the Saudi Industrial Development Fund, Dr. Ibrahim bin Saad Al-Mujel, stressed that the Fund is in the process of developing and expanding its financial and advisory services to include the various logistics sectors as well as the industrial sector.
Al-Mujel said, "The Fund operates according to a specific system, which allows it to support the industrial sector and its activities, such as industry support services that would be including logistical support institutions located in industrial cities, with any economic activity involving an industrial aspect, or follows a system that requires the support of the Fund such as the mining sector."
The Chairman of the Board of Asharqia Chamber, Abdulhakeem bin Hamad Al-Ammar Al-Khalidi, had opened the meeting by welcoming Dr. Al-Mujel and members of the accompanying delegation. He stressed the importance of the partnership between the Fund and the private sector, which contributed to the development of the industrial sector remarkably.
For his part, the member of the Board of Directors and the Chairman of the Logistics Committee, Bandar bin Rafi al-Jabri, said that the logistics sector is of great importance in the national economy as it attracts large investments and includes several sectors such as transport, customs clearance, warehousing.
It looks forward to substantial support from the Saudi Industrial Development Fund, as being one of the sectors directly related to the industrial sector, as well as being a major supporter of local content in the economic life confirmed by the vision of the Kingdom 2030.
Commenting on this, Dr. Al-Mujel said that if the Fund has supported the industrial sector over the past decades, in later steps it will support the logistics sector.
But after the issuance of the regulations governing this matter, which are still under study and are in the process of being implemented in the very near future, so "we expect their services to be outside the industrial cities."
He stressed the principle of partnership with the private sector and work on explaining the strategies and developments in performance. The Fund held 35 workshops with the private sector to find out their observations and views in order to achieve the public interest and serve the Saudi national economy.
He pointed out that all the observations received by the Fund from the private sector receive accurate and adequate reading, through which the work is developed.
Therefore, the Fund is working hard to facilitate procedures, shorten the period and address any delay in disbursement.
These include the introduction of automation in all procedures, which facilitates the process of support, evaluation and follow-up.
Al-Mujel said that the Fund provided about 4305 loans with a value of 150 billion riyals, from which 2949 factories were financed.
He said that as part of the development of its financing and advisory strategies, the Fund looks forward to becoming the main financial potential for the national industry development and logistics program.
This means providing integrated and effective products and services to meet the needs of customers that do not depend on loan or financial support, but also include "consulting and evaluation" services, and focusing on development while maintaining financial sustainability.
Because the Fund follows a clear mechanism in risk management and quality assessment, it adopts the principle of separating projects of a developmental nature from those of a commercial nature in the evaluation process.
He explained that the Fund adopts the principle of strategic partnerships to exchange knowledge and experience and achieve greater return on the industrial sector and meet the aspirations of investors and participants in the industrial system.
He stressed that the Fund works to provide products and services with the highest value added to customers while maintaining financial sustainability.
The Fund also works to strengthen the institutional base so that it can achieve its strategic objectives.
Therefore, the Fund worked to develop the working environment and continue to focus on supporting manpower to achieve the effectiveness of the enterprises.
So, several reviews and evaluations were conducted to improve performance and achieve customer desires.
