The Future Investment Initiative Foundation in Saudi Arabia announced today, Tuesday, the official launch of the National Development Fund, the National Infrastructure Fund, on the sidelines of the activities of the fifth session of the Future Investment Conference in its fifth session, held in Riyadh from 26 to 28 October 2021.
The Future Investment Initiative Foundation indicated, through its official account on Twitter, that the National Infrastructure Fund was launched with BlackRock; In the presence of the Vice Chairman of the Board of Directors of the National Development Fund, Mohammed bin Mazyad Al-Tuwaijri, the Governor of the National Development Fund Stephen Paul Grove, and Larry Fink, Chairman, and CEO of BlackRock.
The work of the fifth session of the Future Investment Initiative 2021 started today at the King Abdulaziz International Conference Center under the title “Investing in Humanity” and lasts for three days in Riyadh, with the participation of more than 2,000 missions, 5,000 participants from decision-makers, company leaders, policymakers, investors and innovators from all over the world.
Yesterday, Monday, the National Development Fund announced the establishment of the National Infrastructure Fund, which was approved by the Council of Ministers as one of the development funds and banks of the National Development Fund, and which intends to support projects with a total value of up to 200 billion riyals over the next ten years.
This will contribute to the development of the gross domestic product and provide job opportunities. The fund also aims to contribute to the development of the financial sector by finding alternative solutions to finance infrastructure projects and encouraging the private sector to invest in these projects.