ANNOUNCED AS TEMPORARYNo
In one of the official announcements of the Saudi Industrial Development Fund on 20 August 2017, it was highlighted that the Saudi government in the fiscal year 2016, increased the budget of the Fund by an additional SR 25 billion (circa USD 6 billion). After the increase, the total overall budget of the Saudi Development Fund reached SR 65 billion (circa USD 17 billion). The decision of the government to increase the budget of the Saudi Industrial Development Fund according to the official announcement is in line with the Saudi Vision 2030 -- i.e. a Vision which core high-level scope is to reduce the dependency of oil as well as diversify the Saudi Arabian economy. Therefore, as per the announcement, the increased budget will enable the Saudi Industrial Development Fund to through its financing activities strengthen the following national industries: mining, renewable energy, manufacturing, automotive, pharmaceuticals and electronics.
As no inception date was provided, the most conservative date, i.e. 31 December 2016, is assumed.
The Saudi Industrial Development Fund
The Saudi Industrial Development Fund (SIDF) was established in 1974 to provide financing and support for Saudi Arabia's private industry through medium- and long-term loans. The funds are meant to upgrade, expand and create new branches of the country's industry. Since its establishment, the SIDF has provided until the end of 2014 nearly 118 billion SAR (ca. 31.5 billion USD) of loans, with 45.4 billion SAR going to the chemical sector and 20.1 billion SAR to the manufacture of consumer products (cf. 2014 Annual Report).
A state measure in the GTA database is assessed solely in terms of the extent to which its implementation affects the extent of discrimination against foreign commercial interests. On this metric, the state aid proposed here is discriminatory.
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