Saudi Arabia’s Crown Prince Mohammed bin Salman has launched a new strategy for the Kingdom’s National Development Fund (NDF), with an aim to make the fund a pivotal enabler for the economic and social objectives of the Saudi Vision 2030.
Under the new strategy, the NDF has set the aim to contribute to the Kingdom’s real GDP growth by injecting more than $152 billion by 2030 and targets to triple non-oil GDP to reach $161 billion by 2030.
Mohammed bin Salman Crown Prince – Saudi Arabia Chairman – NDF
“NDF’s strategy aspires to create a long-term and sustainable economy through transforming the Fund into a Development Finance Institution (DFI) to contribute to achieving Saudi Vision 2030 objectives; as it seeks, through its development funds and banks, to stimulate a threefold increase in the private sector’s development impact on the Kingdom’s economy by 2030.”
The new strategy activates Saudi Arabia’s development objectives by securing liquidity for the development funds and banks, in addition to enabling it to achieve a sustainable business model portfolio, and mobilizing the private sector to enhance its role in development finance and benefit from the harmonization, commercial and operational integration.
Furthermore, NDF’s strategy aims to inaugurate initiatives concerned with improving performance and transparency, increasing efficiency and effectiveness, along with developing the internal capabilities required to meet the aspirations and objectives of NDF for long-term development finance.
The NDF was established by Royal Decree upon the Crown Prince’s recommendation to set affiliated development funds and banks with robust and sustainable development that functions according to global best practices. It supervises the financing activities carried out by its development funds and banks and coordinates policies to improve their performance and support the economic priorities in line with Vision 2030.
Saudi Arabia’s Vision 2030 aims to reduce the Kingdom’s reliance on oil, create more job opportunities and attract private investment to boost economic development.
As part of NDF’s new strategy, it will support the Kingdom’s diversification strategy, encourage exports and local industries and work as an effective tool to face the fluctuations of economic challenges, said Mr. Muhammad Al-Tuwaijri, Deputy Chairman of NDF.
The NDF, which has assets of $132.2 billion, has pumped more than $183.9 billion through its affiliates since it was founded and is one of the largest development financing funds in terms of the ratio of assets to GDP in the G20 group.
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