RIYADH: Financing solutions offered by the Saudi Industrial Development Fund are now accessible to alumni of the supplier development programs of the Kingdom’s sovereign wealth organization.
SIDF has entered into an agreement with the Public Investment Fund to foster collaboration among distributors and program graduates under its “Tawteen” initiative. This partnership facilitates access to financing solutions and promotes enhanced cooperation, according to the Saudi Press Agency.
The deal also aims to focus on projects with domestic interests and identify potential collaboration opportunities to empower the industrial sector and investors, contributing to enhancing local content in goods and services as part of the Kingdom’s Vision 2030.
Representing SIDF in signing the agreement was Khalil Abdulqader Al-Nammari, vice president of Strategic Planning and Business Development, while PIF was led by the Head of the National Development Division Jerry Todd, as reported by SPA.
The inking of this agreement comes within the framework of SIDF’s efforts to enhance its support by expanding its partnerships with various governmental and private sector entities, increasing the effectiveness of the fund’s programs, products, and solutions aimed at the private sector.
The contract also aligns with PIF’s strategy to empower and enhance the role of the private sector, achieving the fund’s goal of increasing its contribution to local content development to 60 percent by 2025.
The Industrial Fund was established to promote investment opportunities, strengthen the local industry, and enhance its performance. As mentioned on the fund’s website, these measures are realized by contributing to the formation of industrial sectors, boosting competitiveness, and sustaining strategic initiatives.
PIF says that it aims to be a global investment powerhouse and the world’s most impactful investor, enabling the creation of new sectors and opportunities that will shape the future global economy while driving the economic transformation of Saudi Arabia.
The fund has worked to incentivize the Kingdom’s private sector by investing in new and promising areas, including aerospace and defense, automotive, logistics, and transport, as well as construction, entertainment, mining, and renewables.
Source: Arab News
