“Okaz” learned about the existence of a new trend in granting funds to establishments with new activities, in order to monitor the impact of financing on them, as the Ministry of Transport and Logistics revealed in a circular that it finally sent to the Federation of Chambers (Okaz reviewed its content) and referred to the letter of the Industrial Development Fund about Formation of a team to set up a mechanism and governance for financing the logistics sector, given the need to finance warehouse construction projects on demand to serve companies operating in the logistics services sector, which contributes to the development of the sector and empowering companies operating in it.
This comes after several meetings were held between the Ministry and the Fund to discuss the financing mechanism, and it was agreed to provide 3 companies that can nominate to benefit from the financing on an experimental basis, so that the technical study is done based on the requests submitted by the companies to come out with conditions and a mechanism for approving this type of financing, and the Ministry communicated With several companies, and one company expressed its desire to run to benefit from financing on an experimental basis, as there are two opportunities currently available to conduct the study on them.
The Public Investment Fund operates as a governmental financial institution to achieve the goals, policies and programs of industrial development in the Kingdom aimed at supporting the private sector in various industrial fields, financing, supporting and developing the industrial sector, through the recruitment, training and qualification of national cadres and qualified competencies, and providing medium or long-term loans to establish new factories or develop and modernize them. and expansion of existing factories.
The Fund aims to provide financial and advisory support and provide innovative solutions for the growth and development of the local industry and raise the level of its performance, to achieve these strategic goals, such as developing added values to the local economy, supporting the local product, promoting non-oil exports, integration between the industrial sector and other sectors, and raising the rate of participation of Saudi competencies. In the industrial sector, optimizing the utilization of local raw materials, attracting foreign capital, transferring and localizing technology, disseminating a culture of industrial safety, preventing risks in industrial facilities, and spreading environmental awareness in the industrial sector.
New funds:
Owns 3 companies
Aims for technical study
Funding implications are monitored
Abdul Rahman Al-Misbahi (Jeddah) @ sobhe90