Saudi Arabia's Crown Prince Mohammed bin Salman has announced a new strategy for the kingdom's National Development Fund. Reuters
Saudi Arabia's Crown Prince Mohammed bin Salman has announced a new strategy for the kingdom's National Development Fund. Reuters
Saudi Arabia's Crown Prince Mohammed bin Salman has announced a new strategy for the kingdom's National Development Fund. Reuters
Saudi Arabia's Crown Prince Mohammed bin Salman has announced a new strategy for the kingdom's National Development Fund. Reuters

Business

Economy

Saudi Arabia's National Development Fund to triple non-oil GDP by 2030 under new strategy

The fund has pumped more than $184bn through its affiliates since it was founded in 2017

Aarti Nagraj
Aarti Nagraj

March 14, 2022

  • English
  • Arabic

Saudi Arabia's National Development Fund aims to triple the kingdom's non-oil gross domestic product to 605 billion Saudi riyals ($161bn) by 2030.

As part of a new strategy revealed by Crown Prince Mohammed bin Salman, who is also the fund's chairman, NDF will also contribute more than 570bn riyals to the kingdom’s real GDP growth, the Saudi Press Agency reported.

“The strategy of the National Development Fund aims to support the sustainable development goals of all economic sectors by transforming it into an integrated national financial institution to contribute to achieving the goals of the kingdom's Vision 2030,” Prince Mohammed said on Monday.

The new strategy is based on “activating the kingdom's development goals by securing financial savings for development funds and banks, in addition to enabling them to achieve a … sustainable portfolio and enabling the private sector to enhance its role in development financing and benefit from harmonisation and commercial and operational integration”, he said.

The NDF was established in 2017 to oversee economic development funds across several ministries in the kingdom.

It supervises the financing activities carried out by its development funds and banks and co-ordinates policies to improve their performance and support 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.

The fund, which has assets worth 496bn riyals, has pumped more than 690bn Saudi riyals 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, SPA reported.

In October last year, NDF partnered with the world’s largest asset manager BlackRock to support projects worth up to 200bn riyals in “vital” sectors of the kingdom over the next decade.

The national infrastructure fund will invest in projects in sectors such as transport, water, energy, health, education, telecoms and digital infrastructure.

As part of its new strategy, the fund 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 NDF deputy chairman Muhammad Al-Tuwaijri.

“We have a great opportunity to enhance the efficiency of government development funds and banks in terms of identifying and investing financing opportunities throughout the kingdom, as well as enhancing their collaborative efforts with the aim of sharing services and reducing overlaps,” said NDF governor Stephen Groff.

“Its operations will mainly contribute to building more robust and sustainable financial institutions that operate with the best international practices, and the success of the implementation of the fund’s strategy will support efforts to … improve the quality of life, create new and sustainable jobs, and raise the kingdom’s reputation on the international scene in a step that leads to attracting more foreign investments.”

___________________________

Red Sea Tourism Project - in pictures

The Red Sea Project will span mountains, islands, wadis and desert.
The Red Sea Project will span mountains, islands, wadis and desert.
The first hotel to be announced for the Red Sea Project in western Saudi Arabia is an eco-friendly mountain retreat. Guests can choose a room at the bottom of the mountain, mid-way up or carved into the massif. All photos: RSDC
The first hotel to be announced for the Red Sea Project in western Saudi Arabia is an eco-friendly mountain retreat. Guests can choose a room at the bottom of the mountain, mid-way up or carved into the massif. All photos: RSDC
Guests at Desert Rock will look out over an uninterrupted wadi-strewn landscape.
Guests at Desert Rock will look out over an uninterrupted wadi-strewn landscape.
The resort has sustainability as its ethos, with stone from the mountain being used to construct interior and exterior walls.
The resort has sustainability as its ethos, with stone from the mountain being used to construct interior and exterior walls.
Access roads are carefully planned to ensure they do not disrupt the landscape. Light pollution will be minimised.
Access roads are carefully planned to ensure they do not disrupt the landscape. Light pollution will be minimised.
All rooms at Desert Rock offers endless wadi views of Saudi Arabia's Red Sea Project landscape.
All rooms at Desert Rock offers endless wadi views of Saudi Arabia's Red Sea Project landscape.
Desert Rock will be home to 48 villas and 12 hotel rooms in western Saudi Arabia.
Desert Rock will be home to 48 villas and 12 hotel rooms in western Saudi Arabia.
Desert Rock is being designed by Oppenheim Architecture. It will reuse excavated stone to create the resort.
Desert Rock is being designed by Oppenheim Architecture. It will reuse excavated stone to create the resort.
Desert Rock is a unique inland experience set to open at the Red Sea Project.
Desert Rock is a unique inland experience set to open at the Red Sea Project.
The first hotel to be announced at Saudi Arabia's Red Sea Project is an eco-friendly mountain resort built into the mountains.
The first hotel to be announced at Saudi Arabia's Red Sea Project is an eco-friendly mountain resort built into the mountains.
The Red Sea Development Project will have its own international airport.
The Red Sea Development Project will have its own international airport.
Overwater villas will be another accommodation option at the project on the west coast of Saudi Arabia.
Overwater villas will be another accommodation option at the project on the west coast of Saudi Arabia.
Mountain canyons at the Red Sea Project.
Mountain canyons at the Red Sea Project.
The Red Sea Project will turn untouched coastlines, mountains and deserts into one of Saudi Arabia's biggest tourism projects.
The Red Sea Project will turn untouched coastlines, mountains and deserts into one of Saudi Arabia's biggest tourism projects.
Williams at Wimbledon

Venus Williams - 5 titles (2000, 2001, 2005, 2007 and 2008)

Serena Williams - 7 titles (2002, 2003, 2009, 2010, 2012, 2015 and 2016)

Royal Birkdale Golf Course

Location: Southport, Merseyside, England

Established: 1889

Type: Private

Total holes: 18

Super Rugby play-offs

Quarter-finals

  • Hurricanes 35, ACT 16
  • Crusaders 17, Highlanders 0
  • Lions 23, Sharks 21
  • Chiefs 17, Stormers 11

Semi-finals

Saturday, July 29

  • Crusaders v Chiefs, 12.35pm (UAE)
  • Lions v Hurricanes, 4.30pm
The Indoor Cricket World Cup

When: September 16-23

Where: Insportz, Dubai

Indoor cricket World Cup:
Insportz, Dubai, September 16-23

UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final

Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final

Grand slam winners since July 2003

Who has won major titles since Wimbledon 2003 when Roger Federer won his first grand slam

Roger Federer 19 (8 Wimbledon, 5 Australian Open, 5 US Open, 1 French Open)

Rafael Nadal 16 (10 French Open, 3 US Open, 2 Wimbledon, 1 Australian Open)

Novak Djokovic 12 (6 Australian Open, 3 Wimbledon, 2 US Open, 1 French Open)

Andy Murray 3 (2 Wimbledon, 1 US Open)

Stan Wawrinka 3 (1 Australian Open, 1 French Open, 1 US Open)

Andy Roddick 1 (1 US Open) 

Gaston Gaudio 1 (1 French Open)

Marat Safin 1 (1 Australian Open)

Juan Martin del Potro 1 (1 US Open)

Marin Cilic 1 (1 US Open)

Netherlands v UAE, Twenty20 International series

Saturday, August 3 - First T20i, Amstelveen
Monday, August 5 – Second T20i, Amstelveen​​​​​​​
Tuesday, August 6 – Third T20i, Voorburg​​​​​​​
Thursday, August 8 – Fourth T20i, Vooryburg

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Company%20Profile
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COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

While you're here
Results:

6.30pm: Maiden Dh165,000 2,000m - Winner: Powderhouse, Sam Hitchcott (jockey), Doug Watson (trainer)

7.05pm: Handicap Dh165,000 2,200m - Winner: Heraldic, Richard Mullen, Satish Seemar

7.40pm: Conditions Dh240,000 1,600m - Winner: Walking Thunder, Connor Beasley, Ahmed bin Harmash

8.15pm: Handicap Dh190,000 2,000m - Winner: Key Bid, Fernando Jara, Ali Rashid Al Raihe

8.50pm: The Garhoud Sprint Listed Dh265,000 1,200m - Winner: Drafted, Sam Hitchcott, Doug Watson

9.25pm: Handicap Dh170,000 1,600m - Winner: Cachao, Tadhg O’Shea, Satish Seemar

10pm: Handicap Dh190,000 1,400m - Winner: Rodaini, Connor Beasley, Ahmed bin Harmash

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Part three: an affection for classic cars lives on

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

'Cheb%20Khaled'
%3Cp%3E%3Cstrong%3EArtist%3A%20%3C%2Fstrong%3EKhaled%3Cbr%3E%3Cstrong%3ELabel%3A%20%3C%2Fstrong%3EBelieve%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
UAE squad

Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.

UAE tour of Zimbabwe

All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I

While you're here
UAE currency
Whiile you're here
UAE currency: the story behind the money in your pockets
BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
%3Cp%3E%3Cstrong%3EEdited%20by%3A%3C%2Fstrong%3E%20Idries%20Trevathan%3Cbr%3E%3Cstrong%3EPages%3A%3C%2Fstrong%3E%20240%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Hirmer%20Publishers%3Cbr%3E%3Cstrong%3EAvailable%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

Kill%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Nikhil%20Nagesh%20Bhat%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3C%2Fstrong%3E%3A%20Lakshya%2C%20Tanya%20Maniktala%2C%20Ashish%20Vidyarthi%2C%20Harsh%20Chhaya%2C%20Raghav%20Juyal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204.5%2F5%3Cbr%3E%3C%2Fp%3E%0A
Ticket prices
  • Golden circle - Dh995
  • Floor Standing - Dh495
  • Lower Bowl Platinum - Dh95
  • Lower Bowl premium - Dh795
  • Lower Bowl Plus - Dh695
  • Lower Bowl Standard- Dh595
  • Upper Bowl Premium - Dh395
  • Upper Bowl standard - Dh295
AS%20WE%20EXIST
%3Cp%3EAuthor%3A%20Kaoutar%20Harchi%C2%A0%3C%2Fp%3E%0A%3Cp%3EPublisher%3A%20Other%20Press%3C%2Fp%3E%0A%3Cp%3EPages%3A%20176%3C%2Fp%3E%0A%3Cp%3EAvailable%3A%20Now%3C%2Fp%3E%0A
'Ghostbusters: From Beyond'

Director: Jason Reitman

Starring: Paul Rudd, Carrie Coon, Finn Wolfhard, Mckenna Grace

Rating: 2/5

RESULT

Liverpool 4 Southampton 0
Jota (2', 32')
Thiago (37')
Van Dijk (52')

Man of the match: Diogo Jota (Liverpool)

The specs
Engine: 2.5-litre, turbocharged 5-cylinder

Transmission: seven-speed auto

Power: 400hp

Torque: 500Nm

Price: Dh300,000 (estimate)

On sale: 2022 

On Women's Day
The specs

Engine: 5.2-litre twin-turbo V12

Transmission: eight-speed automatic

Power: 715bhp

Torque: 900Nm

Price: Dh1,289,376

On sale: now

Winners

Best Men's Player of the Year: Kylian Mbappe (PSG)

Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)

TikTok Fans’ Player of the Year: Robert Lewandowski

Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)

Best Women's Player of the Year: Alexia Putellas (Barcelona)

Best Men's Club of the Year: Chelsea

Best Women's Club of the Year: Barcelona

Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)

Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)

Best Coach of the Year: Roberto Mancini (Italy)

Best National Team of the Year: Italy 

Best Agent of the Year: Federico Pastorello

Best Sporting Director of the Year: Txiki Begiristain (Manchester City)

Player Career Award: Ronaldinho

Updated: March 15, 2022, 6:48 AM
Saudi ArabiaEconomy