The capital of Saudi Industrial Development Fund (SIDF) has been doubled to SR40 billion ($10.7 billion) by King Abdullah in an effort to develop the industrial sector, its chairman Abdul Rahman Al-Humaidi was quoted as saying.

"The fund started with a capital of SR500 million. During the reign of King Abdullah it was raised to SR20 billion in 2005. Now it has doubled," Al-Humaidi said in remarks carried by the Saudi Press Agency, the Arab News report said.

The SIDF is a state-owned fund that grants medium and long-term loans for private industrial projects.

The SIDF has issued 3,344 loans worth SR95 billion since it was first set up in 1974 to support projects.