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.


Saudi app fights fake promotions, discounts

Some stores raise the prices then claim they are offering discounts. (SPA)
Updated 30 September 2020

Saudi app fights fake promotions, discounts

  • Companies and online businesses can apply for a discount license and promote seasonal sales through the application

RIYADH: A new electronic app will now protect consumers against fake and illegal discount offers and promotions, said a spokesman for the Saudi Commerce Ministry.
The app will also let consumers check if sales are still valid and useable. If they are invalid, consumers can report violations directly to the ministry, he said on Tuesday.
The spokesman, Abdulrahman Al-Hussain, said that companies offering discounts are required to follow certain procedures. They must apply for a license, mention products covered by discounts, provide a list of product prices before and after discount, give a discount percentage and put a before and after prices on a product price tag, he said.
The e-discounts app also lists companies that have a license to offer discounts, and explains the types of discounts licensed by the ministry. The app can be accessed on smartphones.

HIGHLIGHT

The e-discounts app lists companies that have a license to offer discounts.

Another feature available on the app is the ability to search for consumables or companies and show the percentage and duration of discounts. It also allows consumers to find the location of a company through Google Maps.
“The ministry requires the companies to print the license of discounts and display it properly. For online stores, the license of discounts should be clearly shown on the website,” said Al-Hussain.
“Companies and online businesses can apply for a discount license and promote seasonal sales through the application. This service gives discounts, sales, and promotions more credibility,” he added.
Muhammad Al-Hamad, a former president of the Consumer Protection Association, said the ministry should double-check the prices before discounts and ensure there is a price tag showing the price and the value-added tax, as well as the discount percentage and price after tax.
“Some stores raise the prices then claim they are offering discounts. The consumer should search for the quality before the price and also ask if there is an aftersales service,” he said. “The consumer should also demand a receipt because this is the only proof showing that he or she has bought the product,” he added.