Riyadh, February 10th 2019-- SPA-- Saudi Industrial Development Fund (SIDF) has signed its first ever finance agreement within Tawteen (Localization) Finance Program to build CRA (corrosion Resistance Alloy) clad Steel Pipes Plant in Jubail city, Eastern Region with investment amounting to 292 million SAR.
The agreement comes within the SIDF's Tawteen Program that is developed to support and enhance the direction of increasing local content spending, contribute towards the Kingdom's vision 2030 objectives, and introduce new products and services to facilitate, promote, and finance the supply chain localization opportunities through partnership with leading Saudi companies with a preferential financing term.
SIDF aims to increase the gross domestic product (GDP), diversify the sources of income, enhance the private sector contribution to non-oil industries and lower the rate of unemployment. It has signed a number of agreements with Saudi Aramco's In-Kingdom Total Value Add IKTVA, and SABIC's first integrated localization engine (NUSANED) also with Saudi Arabian Mining Company (Ma'aden) and with the Saudi Electricity Company's BENA (build and Employ National Abilities).
SIDF has launched initiatives and programs reflecting its role as a principal financial enabler of the National Industrial Development and Logistics Program. It launches TANAFUSIYA (Competitiveness) to motivate industrial factories to increase productivity in industrial sector and AFAQ (Horizons) Program to support the growth of small and medium-sized enterprises (SMEs) and other entrepreneurs.
15:55 LOCAL TIME 12:55 GMT