The director-general of the Saudi Industrial Development Fund (SIDF), Ali Ayed has said that for every SR1bn ($266.6m) invested in small conversion industries in the kingdom, 1,750 job opportunities are created for Saudi nationals.

In comparison, megaprojects in the kingdom create fewer than 400 roles for locals if the same amount is invested, said Ayed, speaking at the Saudi Downstream 2014 conference held in Yanbu. He also stressed that finance was available for any company that wanted to invest in the manufacturing sector, especially in remote areas.

The SIDF offers loans of up to 75 per cent of the cost of any new manufacturing plant that is constructed in areas that have been identified as vital for investment. These include provinces in the north and south of the kingdom.