The Saudi National Development Fund is preparing to launch a new fund, with allocations directed towards investing in infrastructure projects within the Kingdom. According to sources who spoke to "Al-Sharq," the capital of the new fund is expected to be several billion riyals.
The sources, who spoke to "Al-Sharq" on the condition of anonymity, revealed that the official announcement of the infrastructure fund is imminent, following the completion of strategic consultation by expert houses to establish a fund that serves developmental infrastructure in Saudi Arabia, along with companies linked to the sector, thereby supporting the national economy.
**Launch in Weeks**
The National Development Fund will manage the new fund, in addition to its ecosystem of 11 associated development funds and banks, making it the twelfth national infrastructure fund.
According to the sources, the announcement and formalization procedures for the fund are in their final stages, with expectations for the announcement to take place in the coming weeks. They noted that the fund's capital would be substantial "billion," in line with the scale of the sector it will operate in, although they did not disclose the exact approved capital.
In previous statements, the Governor of the National Development Fund, Stephen Grove, had anticipated the launch of the national infrastructure fund in Saudi Arabia during the first half of this year. He added that the fund's capital size had not yet been specified but stated that it would operate with various financial tools available in the Kingdom, due to the differing needs of investors wanting to enter this field.
At that time, Stephen estimated the total capital of the funds affiliated with the National Development Fund at 350 billion riyals (the dollar equals 3.75 riyals). The Vice Chairman of the National Development Fund, Mohammed bin Mazid Al-Tuwaijri, mentioned during the Saudi Budget Forum 2021 in February that the Kingdom had started working on launching an infrastructure fund, emphasizing that infrastructure supports development, small businesses, the public treasury, and the economy overall.
