ISSN 2330-717X

Saudi Arabia: Export Bank Launched With $8 Billion In Capital

By

Energy, Industry and Mineral Resources Minister Khalid Al-Falih announced the launch of a new export bank with SR30 billion ($8 billion) in capital to boost the Kingdom’s exports, the Saudi Press Agency (SPA) reported.

Khalid Al-Falih said SR5 billion was allocated to the new bank as the first capital payment. Stressing the importance of government funding for industrial and mineral projects, he said the capital of the Saudi Industrial Development Fund (SIDF) was increased from SR500 million to SR65 billion this year.

His remarks came at the annual Iktifaa forum organized by Saudi Aramco, in the presence of Eastern Region Gov. Prince Saud bin Naif.

The forum is a platform to examine ways to streamline spending with a view to stimulating industrial and logistical development in the Kingdom and promoting national cadres.

In the next 10 years, Saudi Aramco will spend over SR1 trillion on its capital projects and operational purchases, Al-Falih said.


Enjoy the article? Then please consider donating today to ensure that Eurasia Review can continue to be able to provide similar content.


Arab News

Arab News

Arab News is Saudi Arabia's first English-language newspaper. It was founded in 1975 by Hisham and Mohammed Ali Hafiz. Today, it is one of 29 publications produced by Saudi Research & Publishing Company (SRPC), a subsidiary of Saudi Research & Marketing Group (SRMG).

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

CLOSE
CLOSE