Saudi Arabia National Development Fund to invest $152 billion in the country's economy

Saudi Arabia National Development Fund to invest $152 billion in the country's economy

The Saudi Arabia National Development Fund intends to inject 570 billion Saudi riyals ($152 billion) into the kingdom's economy by 2030. According to Crown Prince Mohammed bin Salman, the share of “oil GDP” will increase to 605 billion riyals over the same period. Also, the Fund through its development banks will increase the participation of the private sector in GDP by three times.

The organization's goal is to become a global brand of excellence in finance through integration and facilitation among partners.

The foundation was established by royal decree in 2017. Its mission was to improve the performance of the development funds and banks, as well as to empower them to more effectively meet the development priorities and economic commitments associated with the Saudi National Strategy 2030.

Since its inception, the fund has invested more than 690 million riyals in the state economy through its branches, becoming one of the largest development finance funds in terms of asset-to-GDP ratio in the G20 countries. At the moment, the assets of the fund amount to 496 billion riyals.