Financing of Industrial Projects with Financing Ceilings of Up to Sr 4 Million Per Project Materials and Products

The Social Development Bank (SABIC) and Saudi Basic Industries Corporation (SABIC) signed a cooperation agreement to provide financing support to small industrial enterprises through opportunities under the NSDAD initiative. Priority in the Kingdom. The agreement will result in the launch of a joint product between the Development Bank and SABIC, the Jude product, developed by the Development Bank to finance small projects in the industry and to support local content through the financing of industrial projects with financing ceilings of up to SR 4 million Per project. The agreement aims at providing a range of financing products and non-financial services to the small business sector to benefit from business opportunities in local content within SABIC's support initiative to create and qualify businesses in various industries and areas of technical and economic feasibility. To serve strategic objectives in line with the objectives of Saudi Arabia Vision 2030, notably: enhancing the contribution of the private sector to local content, Small and medium in GDP, and contribute to reducing unemployment and increasing nationalization in the oil and gas sector.