ICD aims to finance Saudi NEOM, Red Sea project

Published 12 Sep,2021 via Asharq Alawsat (English Edition) - Ayman Sejiny, CEO of the Islamic Corporation for the Development of the Private Sector (ICD), which is affiliated with the Islamic Bank, said that the corporation was looking to provide financing and credit facilities, including Sukuk, for major Saudi projects such as NEOM and the Red Sea.

In an interview with Asharq Al-Awsat, Sejiny noted that the Saudi government was the largest supporter of the ICD, adding that the Corporation established in partnership with the Public Investment Fund (PIF), the Bidaya real estate finance company - one of the largest real estate finance companies owned by the private sector in the Kingdom.

Dealing with the pandemic

Sejiny stressed that the Islamic Corporation for the Development of the Private Sector responded to the COVID-19 pandemic by developing and implementing a dedicated action plan for the period 2021-2023, focusing mainly on increasing its development effectiveness.

“Even during the pandemic, we continued financing these companies, and we focused on helping them if they needed an increase in financing… At the same time, we were interested in providing sukuk during this period,” he stated.

Financing Major Saudi Projects

Sejiny stated that the Saudi government was the largest supporter of the Islamic Corporation for the Development of the Private Sector.

“The Kingdom has given us opportunities to provide our services within the state, and we have the Bidaya real estate finance company, which is one of the largest real estate financing companies owned by the private sector, in partnership with the Public Investment Fund, and we have also financed hospitals in Saudi Arabia,” he underlined.

The CEO of ICD revealed that the Corporation aims to finance major projects in the Kingdom, especially new projects such as NEOM and the Red Sea

The Members’ Projects

Sejiny explained that the Corporation aims in the future to help member states faster, and to double the amounts of funding provided to them.

“We also have 119 banks in the network… Therefore, we asked them to be present in our own platform – Bridge - to improve communication, knowledge sharing, and investment interactions between financial institutions,” he remarked.

Copyright © Saudi Research and Publishing Co. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)

DISCLAIMER: This content is provided to us “as is” and unedited by an external third party provider. We cannot attest to or guarantee the accuracy of information provided in this article from the external third party provider. We do not endorse any views or opinions included in this article.