SIDF main financial enabler for Saudi Arabias transformation into a global center for growth

RIYADH — Saudi Arabia plans to carve a niche as a leading industries powerhouse and a global logistics hub, said Ibrahim Almojel, CEO of Saudi Industrial Development Fund (SIDF), in a wide-ranging interview he gave recently to Oxford Business Group’s online broadcasting channel, Global Platform.

Almojel told viewers that the Kingdom was positioning itself to tap into the far-reaching changes under way in the global supply chain. “Vision 2030 aims to transform Saudi Arabia based on three pillars: our ability to invest, our strong economic depth and our strategic location,” he said. “The vision includes 13 programs, the largest of which is the National Industrial Development and Logistics Program (NIDLP).”

He highlighted the key role earmarked for the private sector in driving the NIDLP forward, noting that logistics, manufacturing and advanced pharmaceuticals were among the segments of the economy identified for growth.

In the broadcast, Almojel also outlined the SIDF’s role, which he said was to be the main financial enabler for the Kingdom’s transformation into a global center for the promising growth sectors of mining, energy, industry and logistics, while giving details of how these aims would be met.

The CEO said that Saudi Arabia had also shown its commitment to meeting environmental goals laid out in the Paris Agreement. “We have a covenant in every loan that we give to maintain a certain level of environmental standards and we are nudging our clients to invest further in energy efficiency by providing a combined advisory and financing project,” he told OBG.

In addition, Almojel highlighted the Kingdom’s plans to sharpen its focus on smaller businesses by boosting the SME share of GDP to 35%.

Marc-André de Blois, OBG’s Director of PR and Video Content, said the interview with Almojel showed that Saudi Arabia’s plans to develop its industrial sector, in line with the objectives mapped out in Vision 2030, were gathering pace.

“Our video also indicates some of the key measures that the Saudi government is introducing to enhance its business environment which, combined with the country’s other attractions, such as state-of-the-art infrastructure and a strategic location, will stand it in good stead as it moves to tap new investment,” he said. “I’m delighted that through this broadcast, we have been able to provide subscribers with a fascinating update on the latest developments taking place in this rapidly expanding sector of the Kingdom’s economy and the investment opportunities that this growth is producing.”