Company Insights Saudi Industrial Development Fund Banking & Finance Saudi Industrial Development Fund Overview The Saudi Industrial Development Fund (SIDF) is a financial tool of the Saudi Arabian government, established to provide mid- and long-term loans to the private industrial sector. In 2018 the fund had allocated more than $2.4 billion, which has led to the establishment of more than 100 industrial projects. Initially SIDF financed only local manufacturing businesses, but in 2019 it began to finance energy, logistics and mining projects in Saudi Arabia. It also offers business incubation and accelerator schemes for companies, as well as specialised “Nokhab” training programmes in credit, business and market analysis and engineering. Saudi Industrial Development Fund News Manufacturing Saudi-backed Lucid in EV deal with UK’s Aston Martin Saudi Arabia-backed Lucid Group has signed a deal with British luxury carmaker Aston Martin to produce high-performance electric vehicles (EVs) from 2025. The Public Investment Fund (PIF), one of the largest sovereign wealth funds in the world, owns a 65 percent stake in the US-based EV manufacturer. As part of the agreement, Lucid will supply […] June 27, 2023 Manufacturing Saudi funding fails to stem $780m losses at Lucid Electric vehicle maker Lucid Group’s losses continue to widen despite the Saudi government extending $2.4 billion in funding last year. Lucid, in which the Saudi sovereign wealth fund, the PIF, owns a 65 percent stake, reported a first-quarter net loss for 2023 of $779.5 million, a year-on-year increase of 28.8 percent. “I believe that there […] May 10, 2023 Energy $8.5bn funding deals signed for Saudi green hydrogen project Agreements have been finalised and signed to fund the world’s largest green hydrogen production facility, which will be built in Saudi Arabia with a total investment of $8.5 billion. Acwa Power announced on Wednesday in a filing to the Saudi Stock Exchange that the Neom Green Hydrogen Project will be funded by a combination of […] March 1, 2023 Manufacturing Saudi Arabia seeks foreign and local mining firms to join big dig Saudi Arabia is inviting local and international mining companies to bid for licences on five exploration sites across the kingdom. The Ministry of Industry and Mineral Resources said on Monday it had launched pre-qualification for the licensing round, as Riyadh steps up the search for foreign investors as well as efforts to explore its reserves […] February 13, 2023 Energy Licence issued for world’s largest green hydrogen plant in Saudi The first industrial operating licence has been issued for Neom Green Hydrogen Company (NGHC), which aims to run the world’s largest production facility of its kind. Saudi Arabia’s Ministry of Industry and Mineral Resources announced on Wednesday that the licence has been granted to NGHC, a joint venture between Neom, Acwa Power and Air Products. […] February 1, 2023 Banking & Finance Saudi’s Neom signs agreements to fund green hydrogen project Neom Green Hydrogen Company (NGHC) has signed facility agreements with local, regional and international banks and completed a commitment letter with the Saudi Industrial Development Fund (SIDF) for the $5 billion green hydrogen production facility in the Neom mega project. The financing for the world’s largest green hydrogen production facility is structured with significant participation […] December 19, 2022 Tourism Saudi’s Abdul Latif Jameel to invest $220m in Indian electric vehicle maker Saudi Arabian family conglomerate Abdul Latif Jameel is to invest $220 million in India’s Greaves Electric Mobility, as it looks to benefit from the country’s growing electric vehicle (EV) market. India is currently the world’s fourth-largest automotive market and Greaves Electric Mobility, a subsidiary of Indian engineering firm Greaves Cotton Ltd, produces two and three […] June 2, 2022 Manufacturing Saudi Arabia likely to see two more electric vehicle plants Plans by American electric vehicle (EV) maker Lucid Motors to build a production plant in Saudi Arabia is likely to be the first of at least three such facilities in the kingdom, investment minister Khalid Al-Falih said today. Speaking at the World Economic Forum in Davos, Falih did not provide any further details on the […] May 25, 2022 Manufacturing Lucid’s electric vehicle hub to create 4,500 jobs in Saudi US-based Lucid Group on Wednesday revealed more details about its plans to build an electric vehicle (EV) production hub in Saudi Arabia, with 4,500 jobs to be created. With an annual capacity to build 155,000 EVs, agreements in place are estimated to provide financing and incentives to Lucid of up to $3.4 billion over the […] May 19, 2022 Posts navigation
Manufacturing Saudi-backed Lucid in EV deal with UK’s Aston Martin Saudi Arabia-backed Lucid Group has signed a deal with British luxury carmaker Aston Martin to produce high-performance electric vehicles (EVs) from 2025. The Public Investment Fund (PIF), one of the largest sovereign wealth funds in the world, owns a 65 percent stake in the US-based EV manufacturer. As part of the agreement, Lucid will supply […] June 27, 2023
Manufacturing Saudi funding fails to stem $780m losses at Lucid Electric vehicle maker Lucid Group’s losses continue to widen despite the Saudi government extending $2.4 billion in funding last year. Lucid, in which the Saudi sovereign wealth fund, the PIF, owns a 65 percent stake, reported a first-quarter net loss for 2023 of $779.5 million, a year-on-year increase of 28.8 percent. “I believe that there […] May 10, 2023
Energy $8.5bn funding deals signed for Saudi green hydrogen project Agreements have been finalised and signed to fund the world’s largest green hydrogen production facility, which will be built in Saudi Arabia with a total investment of $8.5 billion. Acwa Power announced on Wednesday in a filing to the Saudi Stock Exchange that the Neom Green Hydrogen Project will be funded by a combination of […] March 1, 2023
Manufacturing Saudi Arabia seeks foreign and local mining firms to join big dig Saudi Arabia is inviting local and international mining companies to bid for licences on five exploration sites across the kingdom. The Ministry of Industry and Mineral Resources said on Monday it had launched pre-qualification for the licensing round, as Riyadh steps up the search for foreign investors as well as efforts to explore its reserves […] February 13, 2023
Energy Licence issued for world’s largest green hydrogen plant in Saudi The first industrial operating licence has been issued for Neom Green Hydrogen Company (NGHC), which aims to run the world’s largest production facility of its kind. Saudi Arabia’s Ministry of Industry and Mineral Resources announced on Wednesday that the licence has been granted to NGHC, a joint venture between Neom, Acwa Power and Air Products. […] February 1, 2023
Banking & Finance Saudi’s Neom signs agreements to fund green hydrogen project Neom Green Hydrogen Company (NGHC) has signed facility agreements with local, regional and international banks and completed a commitment letter with the Saudi Industrial Development Fund (SIDF) for the $5 billion green hydrogen production facility in the Neom mega project. The financing for the world’s largest green hydrogen production facility is structured with significant participation […] December 19, 2022
Tourism Saudi’s Abdul Latif Jameel to invest $220m in Indian electric vehicle maker Saudi Arabian family conglomerate Abdul Latif Jameel is to invest $220 million in India’s Greaves Electric Mobility, as it looks to benefit from the country’s growing electric vehicle (EV) market. India is currently the world’s fourth-largest automotive market and Greaves Electric Mobility, a subsidiary of Indian engineering firm Greaves Cotton Ltd, produces two and three […] June 2, 2022
Manufacturing Saudi Arabia likely to see two more electric vehicle plants Plans by American electric vehicle (EV) maker Lucid Motors to build a production plant in Saudi Arabia is likely to be the first of at least three such facilities in the kingdom, investment minister Khalid Al-Falih said today. Speaking at the World Economic Forum in Davos, Falih did not provide any further details on the […] May 25, 2022
Manufacturing Lucid’s electric vehicle hub to create 4,500 jobs in Saudi US-based Lucid Group on Wednesday revealed more details about its plans to build an electric vehicle (EV) production hub in Saudi Arabia, with 4,500 jobs to be created. With an annual capacity to build 155,000 EVs, agreements in place are estimated to provide financing and incentives to Lucid of up to $3.4 billion over the […] May 19, 2022
