SIDF and GOIC sign a Memorandum of Understanding

On the side-lines of the Industrial Development Forum for Promising Regions held in Riyadh

SIDF and GOIC sign a Memorandum of Understanding

On the side-lines of the Industrial Development Forum for Promising Regions organised by the Saudi Industrial Development Fund (SIDF) under the patronage of HE Dr. Ibrahim Al-Assaf, Minister of Finance and HE Dr. Toufiq Al-Rabiah, Minister of Commerce and Industry, a three-year MoU was signed between SIDF and the Gulf Organization for Industrial Consulting (GOIC).

This MoU aims at achieving cooperation between the two parties in supporting and developing industrial investments, particularly in the area of SMEs. It also seeks to provide industrial investors with relevant information, studies, reports and researches and to highlight available investment opportunities. This MoU also aims at creating a framework to facilitate cooperation and coordination and to create a joint business relationship between SIDF and GOIC, hence strengthening the existing cooperation and coordination between the two organizations and creating a professional partnership based on common interests.

According to the MoU, the two parties exchange information, periodicals, studies, researches and outputs of seminars and conferences related to the industrial sector. It also encourages cooperation, coordination and exchange of expertise in terms of training workshops and courses in the area of market studies and financing. The two organizations are also to cooperate and coordinate in preparing market studies and feasibility studies in the areas of petrochemicals, metal and food industries.

The Memorandum of Understanding was signed by Mr. Ali bin Abdullah Al-Ayed, SDIF Director General and Mr. Abdulaziz Bin Hamad Al-Ageel, GOIC Secretary General in the presence of representatives from the Fund and the Organization.

GOIC Secretary General Mr. Abdulaziz Bin Hamad Al-Ageel gave a speech in which he said: “This MoU is part of GOIC’s efforts to boost industrial development in Gulf countries. Cooperation with SDIF is in line with GOIC’s endeavours to promote GCC industrial sector. The MoU will undoubtedly contribute to building partnerships capable of boosting this sector in KSA and all over Gulf countries.”

Al-Ageel added: “This MoU highlights continuous cooperation between GOIC and SDIF and the strong relationship between the two parties for the best of the Gulf economy in general and the industrial sector in particular.

Mr. Al-Ayed stated: “Signing this MoU with GOIC is in line with SDIF’s efforts to support promising industries in Saudi Arabia. According to the MoU, the industrial sector can benefit from GOIC’s information, databases, statistics and researches revealing investment opportunities capable of boosting KSA’s industrial sector and creating job opportunities for Saudi youth. The ultimate objective is to achieve comprehensive economic and social development in accordance with the vision of the government of the Custodian of the Two Holy Mosques King Abdullah bin Abdul Aziz.”