Saudi authority approves over $8bln in financing to boost Saudi economy

The Development Ecosystem in the Kingdom of Saudi Arabia, the National Development Fund (NDF), and its supervised development funds and banks concluded 2023’s first quarter with numerous achievements, agreements, and new development initiatives, focusing on achieving economic, social, and cultural objectives of Saudi Vision 2030 and maximizing the developmental impact on the Saudi economy. These achievements included signing cooperation agreements and financing beneficiaries from various economic sectors and segments of society with over SAR 30 billion approved financing and support in the last quarter.


According to the quarterly report issued by the Media Center of NDF, the Saudi Industrial Development Fund (SIDF) approved over SAR 875 million in financing for 24 businesses. SIDF signed an agreement with the Small and Medium Enterprises General Authority (Monsha'at) to operate the program “How to start your industrial project?” that targets empowering entrepreneurs and facilitates their enrollment in the industrial sector through building knowledge, developing, and motivating young Saudi men and women interested in the industrial sector. Additionally, SIDF supported over 100 beneficiaries through the industrial fund’s academic and advisory programs.


The Tourism Development Fund (TDF) approved over SAR 260 million in financing to 11 businesses in the tourism sector and served 57 beneficiaries through its pre-financing counseling and logistical support programs. During the first quarter, TDF sponsored Foras Forum and Biban 23 Forum as the enabling partner for the two events to raise awareness of the Fund's services and encourage new investments. Moreover, as part of its efforts to attract private sector investors, TDF signed memorandums of understanding with various local and international companies. These included signing a financing agreement with Ezdihar Real Estate Development Company to establish the Jeddah Cove project, signing a memorandum of understanding with Ashraq Development Company to develop a tourist resort on the Half Moon Bay in the eastern region operated by Accor, one of the world's leading hotel and hospitality companies.


To boost cultural projects, the Cultural Development Fund (CDF) provided support that exceeded SAR 15 million and issued guarantees amounting to SAR 16 million. During the first quarter, the fund launched a program for financing the film sector with a budget of SAR 879 million as part of Ignite initiative to provide financing and investment solutions to encourage an active and sustainable film sector by providing financing packages dedicated to the development, production and distribution of feature films and series, and empowering investors in the film sector. The fund also sponsored several initiatives to support authors, artists, and cultural content makers.

Human Capital

In developing human capital, the Human Resources Development Fund provided support to more than 836,000 individuals and 73,000 enterprises, with value amounting to more than SAR 2.2 billion in employment support programs, empowerment programs, job search assistance, and training, contributing to employing more than 96,000 individuals in the Saudi labor market. The Fund also launched its new strategy and identity under the slogan "Empowerment and Partnerships," which focuses on stimulating the private sector's contribution to Saudization and strengthening partnerships with all relevant parties in training and employment to empower national cadres and increase their competitiveness in the labor market.

Small and Medium Enterprises

In cooperation with partners and financial institutions, the Small and Medium Enterprises Bank provided over SAR 1.1 billion in financing through the financing portal and the indirect lending initiative to 301 SMEs. The bank also signed a set of agreements and memorandums of understanding to enhance its activities and support the business environment in the Kingdom. In addition, during the first quarter, the bank launched the "Financing in Two Days" initiative, which provides direct financing to targeted enterprises.

Society and Entrepreneurs

During the first quarter of 2023, the Social Development Bank (SDB) provided financing to about 9,000 individuals, with a value amounting to SAR 454 million, and to about 25,000 beneficiaries in freelance, with a value amounting to SAR 1.5 billion, and 3,000 small and emerging enterprises, with a value amounting to SAR 1.1 billion. Moreover, SDB approved the first financings to grow this sector with a total value of SAR 14.2 million to boost Gaming and Esports in the kingdom. The bank also signed agreements and memorandums of understanding with the private sector during the financial sector conference, which was held on 15-16 last March. These memorandums come within the cooperation framework to improve SDB’s savings programs in cooperation with commercial banks.

Real Estate Development

The Real Estate Development Fund (REDF) served about 21,000 beneficiaries of housing support programs and enabled them to sign their financing contracts with total value accounting to SAR 13.7 billion. Additionally, REDF deposited more than SAR 2.7 billion to “Sakani” beneficiaries during the first quarter of 2023, continuing its contributions to the objectives of the Housing Program, one of the Saudi Vision 2030 programs. Moreover, the real estate advisor service of REDF recorded about 53,000 new beneficiaries during the last quarter and issued more than 36,000 financing and housing recommendations.

Agriculture and Food Security

The Agricultural Development Fund provided over SAR 2.6 billion in financing to more than 2086 individuals and 21 establishments during the first quarter of 2023. The fund financed various projects and segments: small farmers and breeders, poultry projects, greenhouse projects, fish production in inland waters, and dates production. The fund also approved financing to construct silos for storing grains in three locations in the Kingdom, in addition to financing the import of agricultural products targeted in the food security strategy.

Non-oil Exports

The Saudi Export-Import Bank targets encouraging non-oil exports and enhancing access to global markets by covering financing gaps and reducing export risks. The Saudi EXIM Bank provided credit facilities to support Saudi non-oil exports with a total value of about SAR 4.26 billion during the first quarter of 2023. The share of the insurance products amounted to SAR 2.3 billion, while the share of financing products amounted to about SAR 1.96 billion.

Empowering Growth for Developing Countries

Through the Saudi Fund for Development (SFD), the Kingdom has been a significant player in international development aid, providing critical financial support to various countries. This includes offering a deposit of USD 5 billion in the Central Bank of Turkey to bolster economic stability in the country, providing financing to support oil derivatives in Pakistan with a value of USD 1 billion, and signing an agreement worth USD 80 million to finance the expansion of the University of the West Indies at Five Islands (UWI) in Antigua and Barbuda. This contribution solidifies Saudi Arabia's commitment to education in the Caribbean region, making Antigua and Barbuda the 85th country worldwide to receive funding from the Saudi Fund for Development.

An MoU further strengthened Saudi Arabia's economic ties with Oman to finance an infrastructure development project in the Special Economic Zone in Ad Dhahirah, Oman. The project, valued at SAR 1.2 billion, aims to stimulate trade, foster economic partnerships, devise new industrial solutions, and promote sustainable economic growth between the two nations.

Finally, Saudi Arabia reaffirmed its commitment to aid Least Developed Countries (LDCs) at the Fifth United Nations Conference on the Least Developed Countries held in Doha, announcing an allocation of USD 800 million through SFD to finance development projects in LDCs across Africa and Asia. This action further illustrates Saudi Arabia's role as a significant global partner in fostering development in the world's most vulnerable regions.




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