Speaking to reporters on the occasion of a forum to finance industrial projects in GCC countries, which opens at the chamber on Tuesday, he said the government and banks had not stopped providing loans to industrial projects, if they were economically viable.

“The government has made a lot of efforts to finance small and medium enterprises (SMEs) including industrial and commercial ones. It continues in the same direction in order to support this important economic sector,” the chairman told reporters.

He thanked Minister of Commerce and Industry Abdullah Zainal Alireza for agreeing to open the forum. He expected that a number of senior officials from the GCC ministries of commerce and industry and a large number of businessmen and women would take part.

As many as 15 experts would make an analysis of the present situation of financing for industrial projects in the GCC and provide alternative financing means. Experts will also discuss best financing offers being provided by public and private sectors.

Saudi Industrial Development Fund, Millennium Fund, Kuwait Industrial Bank, Omani Development Bank, Gulf Industrial Investment Organization, SABB and Saudi Basic Industries Corp. are taking part.

Al-Rashid underscored the tremendous development achieved by the Kingdom’s industrial sector during the last 10 years. “Major international companies still consider the Gulf countries as a fertile land for carrying out various industrial projects because of their competitive advantages.”

He said the forum would enlighten industrialists in the region the conditions they have to fulfill to receive required finance, measures to further develop the sector and realize the objective of GCC leaders to expand the base of industries in the region.

Salman Al-Jashi, a member of Asharqiya’s board of directors, emphasized the need to making use of the natural resources available in the region boost industrial development, adding that it would enhance GCC countries’ ability to compete in the international market.

“The forum will discuss the present condition of the industrial sector in the GCC with transparency, especially in terms of finance. A number of senior officials will be present queries of industrialists and investors,” he said. He said the Ministry of Commerce and Industry in Saudi Arabia has completed all the requirements for carrying out the country’s industrial strategy.