Saudi Fund for Development finances 240 projects in 42 countries

Updated 01 December 2019

Saudi Fund for Development finances 240 projects in 42 countries

  • SFD increased its contribution to the Kingdom’s Vision 2030 by supporting local content

RIYADH: The Saudi Fund for Development (SFD) became a major pillar of the national economy during the past five years by supporting Saudi exports and financing the private sector with SR29.7 billion ($7.92 billion) in funding, says a report issued by the SFD.

In accordance with its strategy, SFD increased its contribution to the Kingdom’s Vision 2030 by supporting local content when implementing its projects, and hiring Saudi consultants and contractors at a total cost of SR5.12 billion.

In light of the Kingdom’s contribution to the achievement of economic and financial objectives in developing countries, SFD provided grants and loans amounting to more than SR44 billion to finance 240 projects in 42 countries, the report said

The SFD’s main objectives are to participate in financing uplift projects in developing countries by granting them necessary loans, technical aids required for financing studies and institutional support.

Since the launch of the fund in the 1970s, it has financed programs in different economic sectors including transportation, agriculture and energy.


US Consulate General in Dhahran celebrates 244 years of independence, 75 years of US-Saudi partnership

Updated 20 February 2020

US Consulate General in Dhahran celebrates 244 years of independence, 75 years of US-Saudi partnership

  • Consul General Rachna Korhonen: I want to say thank you to the amazing people of Sharqiya who remind me every day how warm, wonderful, welcoming, hospitable, and kind Saudis are
  • Although US Independence Day is July 4, the consulate traditionally celebrates the occasion in the spring due to the pleasant weather this time of the year

DHAHRAN: The US Consulate General in Dhahran hosted its 2020 National Day reception on Feb. 19 to celebrate 244 years of American Independence, and the 75th anniversary of the historic meeting between US President Franklin D. Roosevelt and Saudi King Abdul Aziz aboard the USS Quincy.

Consul General Rachna Korhonen and her husband Juha Korhonen welcomed the deputy governor of the Eastern Province, Khalid Al-Battal, and deputy governor of Alkhobar, Abdullah bin Ali Al-Seef, as the guests of honor.

Although US Independence Day is July 4, the consulate traditionally celebrates the occasion in the spring due to the pleasant weather this time of the year.

“Seventy-five years ago, two great leaders met aboard the USS Quincy. President Franklin Roosevelt and King Abdul Aziz met to chart the future of our bilateral ties. This first encounter between a US president and a Saudi King laid the foundation for the broad strategic partnership the US and Saudi Arabia share today. Beyond partnership, President Roosevelt and King Abdul Aziz forged a personal friendship that is at the heart of the strong ties our two countries share today,” said Korhonen.

She added: “As the first woman to be consul general here, it has been an exciting journey for me. I arrived to Dhahran in August 2017, to a country undergoing remarkable changes.  Vision 2030 has opened new possibilities, tourism opportunities are growing, women are driving and attending sporting events. I have said this many times and it is still true: I have the best job in the best place at the best time.

“Most of all, I want to say thank you to the amazing people of Sharqiya (Eastern Province) who remind me every day how warm, wonderful, welcoming, hospitable, and kind Saudis are. I have made friendships that I know are going to last me a lifetime. When I leave here this summer, I will certainly leave a piece of my heart here but I also plan to take a little piece of your heart with me.”