RIYADH: The Saudi Industrial Development Fund (SIDF) has approved loans of SR906 million to 14 industrial projects. The total investment value of the projects is SR2.5 billion. Ali Bin Abdullah Al-Ayed, Acting Director General of the Fund, said in a statement Monday that the 14 loans were granted to establish 10 new projects and expand four existing ones. Six loans worth SR665 million were given to the chemical industries sector where investments are valued at SR1 billion. The six loans were allocated to establish three new projects and expand three existing ones. One of the new projects will be a Saudi-Korean investment project to produce poly-silicon in Jubail; the second to produce polypropylene pipes and other products in Riyadh; and the third to produce polystyrene boxes and polyethylene pipes in Al-Jouf. Four loans totaling SR151 million were granted to the construction materials sector where investments amount to SR331 million. They include a project to produce concrete in Makkah, one to produce glass in Riyadh, one in Al-Jouf and another in Yanbu to produce plaster. The SIDF also approved two loans totaling SR43 million for the engineering industries sector and one loan worth SR98 million for consumer product industries.
