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T he Custodian of the Two Holy Mosques, King Abdullah Bin Abdul Aziz A'al Saud has approved additional government funding of SR 10 billion for the Saudi Industrial Development Fund (SIDF) to raise its capital to SR 30 bil- lion.
This was disclosed by the Minis- ter of Finance, Dr. Ibrahim Al Assaf. He was speaking in a press briefing on the margin of the Euro Money Conference that was held recently.
Dr. Al Assaf said that he was bring- ing good news for the Saudi Industrial Sector, which was that two days earlier, the Custodian of the Two Holy Mosques gave his approval for provision of ad- ditional funding of SR 10 billion as a soft loan to SIDF, although the capital of SIDF was raised to SR 20 billion a few years ago.
Considering the popularity of the Fund and the need for more funding, the Custodian of the Two Holy Mosques responded directly and approved addi- tional funding, after which the capital of SIDF stands at SR 30 billion.
This is in addition to the resources available with the General Investment Fund and other similar funds. Dr. Al Assaf stated that the Gulf Cur- rency Union would benefit from the ex- perience of the Greek crisis. He indi- cated that the Gulf Currency Union still stands. He stressed that the present...