Prince Muhammad bin Salman, Crown Prince, Deputy Prime Minister and Chairman of the Board of Directors of the National Development Fund, launched the fund’s strategy 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 meet the existing development challenges in line with With global best practices.
The Crown Prince said, “The strategy of the National Development Fund aims to support the sustainable development goals of all economic sectors by transforming it into an integrated national financial institution to contribute to achieving the goals of the Kingdom’s Vision 2030, as the Fund aims, through its development funds and banks, 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 Kingdom’s real GDP growth by pumping more than 570 billion riyals by 2030, it also aims to more than triple the share of non-oil GDP to reach 605 billion riyals by 2030, in addition to creating many job opportunities in the Kingdom by 2030.”
The strategy of the National Development Fund is based on activating the Kingdom’s development goals by securing financing 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 or 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.
The National Development Fund was established by Royal Decree No. (A / 13) on 1/13/1439 AH, upon the recommendation of the Crown Prince, Chairman of the Council of Economic and Development Affairs, with the aim of raising the level of performance of affiliated development funds and banks to achieve the desired goals and keep pace with what serves development priorities and needs. In light of the objectives and pillars of the Kingdom’s Vision 2030, where the Fund supervises the financing activities carried out by its development funds and banks, coordinates policies, and has pumped more than 690 billion riyals through its affiliates since its establishment, and the Fund is one of the largest funds Development financings in terms of the ratio of assets to GDP in the Group of Twenty economies, with assets amounting to 496 billion riyals.