Al-Tuwaijri: 52 billion riyals in funding from the National Development Fund in 2018
His Excellency Mr. Mohammed bin Mazyad Al-Tuwaijri, Vice Chairman of the Board of Directors of the National Development Fund, emphasized the Fund's growing role in shaping the economic landscape of the Kingdom of Saudi Arabia, revealing figures that reflect the extent of this impact. Mr. Al-Tuwaijri announced that the Fund's total financing reached approximately 52 billion Saudi Riyals in a single year, a figure that reflects its strong commitment to supporting developmental and strategic projects in the country.
A key pillar for achieving Vision 2030
These funds are of paramount importance because they directly contribute to achieving the goals of the Kingdom's Vision 2030. Since its inception, the National Development Fund has undertaken the task of overseeing development funds and banks to ensure their integration and efficiency. These billions will support economic diversification plans and reduce overall dependence on oil revenues by injecting liquidity into promising and emerging sectors that previously lacked sufficient support, thus accelerating the pace of comprehensive economic transformation.
Empowering the private sector and promoting sustainability
The impact of the 52 billion riyals extends beyond mere figures; it empowers the private sector to become the primary driver of economic growth. This funding supports small and medium-sized enterprises (SMEs), finances major industrial projects, and bolsters the tourism, entertainment, and cultural sectors. Through this strategy, the fund aims to increase the private sector's contribution to GDP and create thousands of job opportunities for Saudi citizens, thereby strengthening the sustainability of the national economy and its ability to withstand global challenges.
A global model in development finance
Today, the National Development Fund is one of the largest development funds in terms of assets as a percentage of GDP, aiming to transform the Kingdom into a comprehensive and sustainable development finance system. By consolidating the efforts of its subsidiary funds—such as the Industrial Development Fund, the Real Estate Development Fund, and the Tourism Development Fund—the Fund ensures that financing is directed with high precision to projects with the highest economic and social returns. This approach not only enhances the efficiency of government spending but also positions the Kingdom among the leading nations with development finance institutions capable of fundamentally transforming the economic structure and attracting foreign investment by providing a stable and attractive financing environment.
