The Saudi Industrial Development Fund’s board of directors (SIDF) has approved a loan for a new cement factory to help meet demand in the the Hail region.
Speaking to Arab News, Ali bin Abdullah Al-Ayed, director general of the fund, said the fund would continue to support the cement sector to meet the growing demand for the product in different regions. “We have approved a loan of SAR300m to establish a new cement factory in Hail.” The new factory would produce 1.7Mta, which can meet the requirement of its targeted market, Arab News reported.
The loan is part of a SAR674m package being given by the SIDF to establish four new industrial projects and expand four existing ones across a range of sectors.
Saudi Arabia is looking to diversify its economy, reducing dependence on oil revenues. It has spent US$400bn over the five years to 2013 to upgrade its infrastructure and has launched a plan to build five mega economic and industrial cities.
