Riyadh (Al-Ittihad) His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince of Saudi Arabia and Chairman of the Board of Directors of the National Development Fund, launched the strategy of the Fund during his presidency of the Board of Directors meeting, which aims to make the Fund a pivotal enabler for the economic and social objectives of the Kingdom’s Vision 2030 by working to confront Existing development challenges in line with international best practices.
His Highness the Crown Prince said: “The strategy of the National Development Fund aims to support the sustainable development goals of all economic sectors by turning it into an integrated national financial institution to contribute to achieving the goals of the Kingdom’s Vision 2030; The fund, through its affiliated development funds and banks, aims to stimulate the private sector’s contribution to more than three times the development impact on the Kingdom’s economy by 2030. In addition to the fund’s contribution to the real GDP growth of the Kingdom by pumping more than 570 billion Saudi riyals by 2030, it also aims to more than triple the share of non-oil GDP to reach 605 billion Saudi riyals by 2030, in addition to creating many opportunities Work in the Kingdom by 2030.”
The strategy of the National Development Fund is based on activating the Kingdom’s development goals by securing financial savings for development funds and banks, in addition to enabling them to achieve a business model and a sustainable portfolio and enabling the private sector to enhance its role in development financing and benefit from harmonization and commercial and operational integration to serve the beneficiaries of affiliated entities, and activate initiatives Concerned with improving performance and transparency, increasing efficiency and effectiveness, as well as developing the internal capabilities required to achieve the aspirations and objectives of the Fund for the continuation of development financing in the long term.
His Excellency Mohammed bin Mazyad Al-Tuwaijri, Vice Chairman of the Board of Directors of the National Development Fund, said: It is a step that reflects our always firm commitment to transforming into an integrated development financing institution that contributes to the development and diversification of the Saudi economy and enhances its prosperity. To consolidate the Kingdom’s position at the global level. We intend to achieve these goals by transforming the Kingdom’s economy from an economy dependent on government spending to an economy led and integrated by the private sector, in addition to encouraging exports and local industries, achieving financial sustainability, and working as an effective tool to face the fluctuations of economic challenges, and we are confident that the National Development Fund will be one of the main pillars To turn these plans into reality, God willing.”
The Governor of the National Development Fund Stephen Paul Grove said: “We have a great opportunity to enhance the efficiency of government development funds and banks in terms of identifying and investing financing opportunities throughout the Kingdom, as well as enhancing their collaborative efforts with the aim of sharing services and reducing overlaps in their operations; Which will mainly contribute to building more robust and sustainable financial institutions that operate with the best international practices. The successful implementation of the fund’s strategy will support efforts to achieve the Kingdom’s prosperity, improve the quality of life, create new and sustainable jobs, and raise the Kingdom’s reputation on the international scene in a move that leads to attracting more foreign investments. Today, we are facing a big step, which takes us towards achieving the vision of His Royal Highness Prince Mohammed bin Salman for the future of the Kingdom and its leading role in the world.”
The Fund supervises the financing activities carried out by its development funds and banks, and coordinates policies. It has pumped about 690 billion Saudi riyals through its affiliates since its establishment. The Fund is one of the largest development financing funds in terms of the ratio of assets to GDP. in the Group of Twenty economies, with assets amounting to 496 billion Saudi riyals.
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