Latest news with #SIDF
Trade Arabia
02-04-2025
- Business
- Trade Arabia
Saudi ministry showcases latest innovations at Hannover Messe
The ministry is taking part at the event as part of the big Saudi Industry and Mineral Resources pavilion which has other key entities including the Saudi Industrial Development Fund (SIDF), the Saudi Export Development Authority, the Saudi Authority for Industrial Cities and Technology Zones (Modon), and the National Industrial Development Center. The pavilion showcases key enablers in the industrial sector, along with targeted incentive schemes designed to support its growth and boost investment appeal. It highlights the kingdom's competitive advantages in the sector, including advanced infrastructure and a network of 36 industrial cities across various regions, reflecting efforts to localize knowledge and empower the private sector. Saudi Arabia's participation reflects its ambitious vision for industrial transformation and underscores its ongoing commitment to technological innovation and sustainable development, said senior officials at the event. The ministry officials are meeting potential global investors at the event to highlight the wide range of investment and collaboration opportunities in the industrial and mining sectors. "The initiative seeks to establish strategic and fruitful partnerships to help realize Saudi Arabia's industrial aspirations. It will also facilitate high-impact agreements to attract foreign investments and strengthen the national economy in alignment with the Kingdom's Vision 2030 targets," they stated.
Argaam
27-01-2025
- Business
- Argaam
ARTEX receives final warning on RESRECO loan repayment
ARTEX Industrial Investment Co. received, on Jan. 26, an official final warning from the Saudi Industrial Development Fund (SIDF) as regards Al Reef Sugar Refining Co.'s (RESRECO) loan repayment, according to a statement to Tadawul. Under its guarantee obligations, ARTEX is required to repay a loan value of SAR 100.8 million within a period of 15 working days maximum from the date of notice, as stipulated in Article 14 of the State Revenue Law, and based on a loan principal of SAR 672 million. ARTEX confirmed it is working with RESRECO to complete the previously announced procedures, as follows: ARTEX held a meeting with RESRECO board of directors, requesting a comprehensive evaluation of the company's assets by a specialized firm. This evaluation aims to ensure a fair assessment of the assets to develop a repayment plan that safeguards the interests of all parties. A meeting was scheduled between the SIDF and RESRECO shareholders (at SIDF's request) to discuss a fair and acceptable repayment plan that fulfills the fund's obligations. ARTEX is currently evaluating the relevant financial impact on its financial statements immediately after the above-mentioned procedures are implemented, as the financial impact is directly linked to the ongoing asset valuation process. Relevant updates will be disclosed in due course, the company stated.
Argaam
26-01-2025
- Business
- Argaam
JAZADCO receives final warning from SIDF for RESRECO loan guarantee
Jazan Development and Investment Co. (JAZADCO) received an official final warning from the Saudi Industrial Development Fund (SIDF) on Jan. 26 regarding its commitment to guarantee, under the loan agreement to Al-Reef Sugar Refinery Co. (RESRECO), by repaying the loan value of SAR 100.8 million within a maximum period of 15 working days from the date of notification, as stipulated in Article (14) of the State Revenue Law, based on the loan of SAR 672 million, noting that the JAZADCO percentage of the loan is 15%. In a statement to Tadawul, JAZADCO also confirmed that work is underway with RESRECO management to complete the previously announced procedures, which are as follows: 1. Fair Valuation Request: JAZADCO will formally request RESRECO's board to formally request that to conduct a fair and independent fair valuation of the company's assets. Additionally, JAZADCO support efforts to identify potential buyers for the company's assets to mitigate financial exposure. 2. Engaging in Negotiations: Where JAZADCO met with SIDF and explained the situation and the current clarification in full to explore a structured and mutually agreeable payment plan to fulfill its guarantee obligation responsibly, and another meeting was scheduled with the Fund to review the developments. 3. Financial Impact Assessment: JAZADCO is assessing the financial impact of this obligation, and the impact on the financial statement will be disclosed immediately after the above procedures are applied, as the financial impact is linked to the asset valuation that is being worked on. JAZADCO will also announce any developments in this regard in due course. According to data available with Argaam, JAZADCO and Artex Industrial Investment received, on Nov. 17, official notices from SIDF concerning their guarantee obligations related to the loan agreement granted to RESRECO.
