2022-03-15 14:50:00
SAUDI INVESTMENT $152 BLN
AN - March 14, 2022 - Saudi National Development Fund to inject SR570 billion ($152 billion) in the Kingdom’s economy by 2030, Saudi Arabia’s Crown Prince Mohammed bin Salman said.
In a statement on Monday to mark the launch of the strategy for the fund, known as NDF, the Crown Prince said that it will contribute to tripling the share of non-oil GDP to SR605 billion over the same period.
NDF, through its funds and development banks, will increase the participation of the private sector in the GDP by three-folds by 2030, the statement carried by Saudi Press Agency reported.
Stephen Groff, Governor of the NDF, said: “At NDF, we have a huge opportunity to enhance the efficiency of government development funds and banks in terms of identifying and investing in financing opportunities across the Kingdom.”
“Our goal is to become a global brand of excellence in development finance through integration, alignment, and facilitation of synergies between partners,” he added.
The fund was established by royal order in 2017, according to its website. It was mandated to advance the performance of development funds and banks as well as to empower development funds and banks to better fulfill development priorities and economic obligations related to the Kingdom’s Vision 2030.
It oversees the financing activities carried out by its development funds and banks and aligns its various policies. The NDF has injected more than SR690 billion through its affiliates since its inception, becoming one of the largest development finance funds in terms of the ratio of assets to GDP in the G20 economies, with assets amounting to SR496 billion, the statement added.
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Earlier:
2022, March, 3, 14:10:00
SAUDI ARAMCO $2.3 TLN
Shares in oil giant Aramco touched the highest level in its history of SR43.1 ($11.5) on Wednesday, propelled by a rally in the energy market.
2022, February, 9, 12:20:00
SAUDI ARABIA'S PRODUCTION CAPACITY 13.5 MBD
We are targeting our production capacity to become 13.4, 13.5 million barrels a day by 2027.
2022, February, 1, 14:25:00
SAUDI ARABIA'S NEOM $500 BLN
Neom, which will be built along Saudi Arabia's borders with Jordan and just across the narrow Strait of Aqaba from Egypt's Sinai Peninsula, is a linchpin of the world's largest oil exporter's plans to diversify its fossil fuels-dominated economy.
2022, January, 27, 12:15:00
SAUDI, IRAQ POWER GRID 1 GW
“the Iraqi-Saudi cooperation is not limited to the electrical connection only, but rather it is the beginning of a joint collective action,” Iraqi News Agency reported, citing the Prince.
2022, January, 21, 10:45:00
SAUDI ARABIA'S HYDROGEN
Private sector firms in Saudi Arabia will be encouraged to import hydrogen-powered vehicles as part of the Kingdom's green iniative
2022, January, 14, 11:50:00
SAUDI ARABIA, TUNISIA RENEWABLES
The agreement includes cooperation in the fields of demand management for renewable energy, reliable and sustainable operating of energy systems, and standard indicators of energy consumption in the industrial sector.
2022, January, 13, 13:50:00
SAUDI ARABIA RENEWABLES 15 GW
Saudi Arabia plans to generate 15109 gigawatt hours of electricity from renewable sources by 2024, supplying 692,557 houses with energy, the Kingdom's Gastat said on its website.
