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HomeEconomySaudi Arabia Appoints New Chair for National Infrastructure Fund

Saudi Arabia Appoints New Chair for National Infrastructure Fund

Faisal Alibrahim to Spearhead Infrastructure Development

May 10, 2024
in Economy, Vision 2030
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The National Development Fund (NDF) of Saudi Arabia has recently undergone a notable leadership change with the appointment of the Minister of Economy and Planning, Faisal Alibrahim, as chairman of the National Infrastructure Fund (INFRA). His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, the Crown Prince and Prime Minister, chaired the decision-making session.

Expressing appreciation to the NDF’s Board of Directors, Alibrahim affirmed INFRA’s dedication to the Kingdom’s ambitious economic overhaul. He praised the insightful efforts made by the Kingdom’s rulers to enhance the developmental funds and banks, viewing them as key drivers for the transformative Saudi Vision 2030 that aims to diversify and strengthen the economy through strategic sectoral development.

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Alibrahim identified INFRA as the primary development finance partner for the Kingdom’s infrastructure initiatives, outlining its role in boosting private investment and expediting essential infrastructure projects pivotal to Saudi Arabia’s socio-economic progress.

He underscored the significance of INFRA in realizing Saudi Vision 2030, with a focus on improving infrastructure quality and aiming to raise the private sector’s contribution to the gross domestic product (GDP) to 65%. Alibrahim also pointed out INFRA’s commitment to the Saudi Green Initiative, supporting projects that align with the Kingdom’s goal of achieving net-zero emissions by 2060.

“INFRA’s strategy will pave the way for attracting more private financing for infrastructure development, by offering comprehensive and adaptable financial solutions and positioning the Kingdom as a prime global investment hub for this crucial sector,” Alibrahim asserted.

In his final comments, he envisioned INFRA as a catalyst for productivity and investment in infrastructure, which will contribute to diversifying the economy, engaging the private sector more deeply, generating employment, and drawing international investment and expertise.

Beyond his new role as chair of INFRA, Alibrahim holds several key positions, including as the General Supervisor of the Secretariat of the Council of Economic and Development Affairs (CEDA), Chairman of the General Authority for Statistics, and as a board member for various governmental bodies.

Tags: Economic TransformationInfrastructure InvestmentNational Infrastructure Fundsaudi arabiaSaudi Vision 2030
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