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SABB and the Saudi Industrial Development Fund sign an agreement to finance the industrial sector

December 2022

Saudi British Bank (SABB) has entered into a collaboration agreement with the Saudi Industrial Development Fund (SIDF) to implement the Fund’s guarantees program that aims to provide financing solutions to stimulate growth of industrial segments and promote advancement of the national industries by empowering private sector institutions and achieving their aspirations in terms of investment and expansion.

The agreement came on the sidelines of SIDF’s annual ceremony to empower the private sector, under patronage and presence of His Excellency the Minister of Industry and Mineral Resources, Chairman of the Board of Directors of the Saudi Industrial Development Fund, Mr. Bandar Al-Khorayef. The agreement was signed by Dr. Ibrahim Al Mojil, CEO of SIDF, and Mr. Yasser Al Barrak, CEO of Corporate and Institutional Banking at SABB.

Under this agreement, SABB will provide financing solutions to the Fund's clients, to enable them to meet the necessary needs for the establishment, operation, and expansion of economic projects, in exchange for guarantees in favor of the beneficiaries of the Fund's products and services after fulfilling all requirements and meeting the necessary Laws, regulations and conditions.

On this occasion, Mr. Yasser Al-Barrak said: “We are proud to boost our partnership with the Saudi Industrial Development Fund, based on the principle of complementary work to provide valuable initiatives and programs to ensure growth and development of the industrial advancement in the Kingdom. SABB is determined to proceed steadily in collaboration with the Fund and play the intended role towards empowering the industrial sector’s institutions and companies, stimulating investment and development projects in various fields, and enhancing its contributions towards achieving the goals of the Kingdom's Vision 2030”.

CEO of the Saudi Industrial Development Fund, Dr. Ibrahim bin Saad Al-Mojil, indicated that this agreement with SABB serves the goals and aspirations of industrialists, by providing such programs to them. “We are happy for the conclusion of this agreement and looking forward to its positive impact on the advancement of the Saudi industrial sector” he added.

Saudi British Bank (SABB) has a cooperation relationship with SIDF, which contributed to providing several programs and initiatives implemented by the Fund with the aim of accelerating the growth and development of the industrial sector and enhancing its positive impact on sustainable economic growth in the Kingdom.