King Abdullah, Custodian of the Two Holy Mosques, has approved an additional SR10 billion to the capital of the Saudi Industrial Development Fund (SIDF), taking its total to SR30 billion. This is according to a press statement from Dr. Ibrahim Al-Assaf, Minister of Finance, issued Tuesday on the sidelines of the Euromoney Saudi Arabia Conference 2010. Commenting on the impact of decreasing oil prices on the Kingdom's current budget, Al-Assaf said that the economy is in a stable position. “I am not concerned about that issue, and we will continue implementing development projects as scheduled,” he added. The SIDF has approved two agreements to provide credit facilities to finance the export of miscellaneous goods and services from the Kingdom to Turkey, amounting to SR75 million. Following the signing ceremony held Monday in Istanbul, the Director General of the Saudi Exports Program of the SIDF, Ahmed Bin Mohammed Al-Ghannam, said that the volume of trade exchanged between the Kingdom and Turkey was growing. He said that in 2008, Saudi exports to Turkey was over SR11 billion, while Turkish exports to the Kingdom was over SR7 billion.
