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FINANCIAL NEWS
Saudi fund to finance new industrial projects
29 Feb 2012
(MENAFN) The Saudi Industrial Development Fund (SIDF) agreed to finance 13 projects worth USD746.5 million, Arab News reported.
The projects include the construction of nine new industrial projects and the expansion of four existing industries.
Abdullah Al-Ayed, director general of SIDF, said the projects will include the construction of two new chemical industries and expansion of two existing ones would at a total cost of USD347.9 million.
Three new construction material factories and expansion of an existing one will be implemented at a cost of USD255.4 million, Al-Ayed said.
The new factories are located in Madinah, Dammam and Thadik, a town northwest of Riyadh.
SIDF also agreed to fund the construction of tire factory in Yanbu with USDUSD82.65 million, and another USD55.7 million to expand an existing chemical factory in Jubail.
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