Saudi to pump SR 570 billion into economy by 2030

Riyadh: Saudi Arabia Crown Prince Mohammed bin Salman said that the Saudi National Development Fund (NDF) is planning to pump 570 billion Saudi riyals into the nation's economy by 2030, Arab News reported.

Prince Salman said in a statement that marked the launch of the fund's strategy, NDF, that the fund's contribution will increase the share of non-oil GDP threefold, touching 605 billion Saudi riyals by 2030.

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 out by Saudi Press Agency reported.

Governor of NDF, Stephen Groff, said that NDF has an enormous opportunity to boost the efficiency of the government's development funds and banks in terms of identifying and investing in financing opportunities.

Groff said NDF's goal is to become a global brand of excellence in development finance integration, alignment and cooperation among partners.

The NDF, set up in 2017, mandates to improve the performance of development funds and banks as well as their empowerment. The was aimed to complete the development priorities regarding the Vision 2030 of Saudi Arabia.

Further, NDF monitors the financial activities of development funds and banks. It also brings various policies in line. Since it was established, NDF has pumped 690 billion Saudi Riyal and has become one of the largest development funds in G20 economies, and assets amounting to 496 billion Saudi riyals, as per the statement.