Oil giant Saudi Arabia has launched a six-billion-riyal ($1.6 billion) fund to support local industrial projects within the Gulf country’s “Vision 2030” economic diversification strategy, local newspapers have reported. 

The National Industrial Development and Logistics Program (NIDLP), which was launched in early 2019 to encourage industrial projects, announced the fund at a seminar in Riyadh on Friday, Aleqtisadia and other Saudi publications said. 

The fund will be co-financed by Riyadh Bank and will finance 50 manufacturing projects in the first stage besides supporting local private industrial funds, the report said. 

“The fund is intended to incentivize local and foreign investors to enter the industrial sector in the Kingdom and to fund expansion of domestic industrial units,” the report said, quoting a NIDLP statement. 

It noted that the fund is one of several initiatives undertaken or to be launched by the Government as part of Vision 2030. 

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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