News dalla rete ITA

26 Ottobre 2021

Arabia Saudita

SAUDI ARABIA FORMS $53BN INFRASTRUCTURE FUND

Saudi Arabia has launched the National Infrastructure Fund (NIF) to invest up to $53bn in projects over the coming decade. Riyadh has appointed US investment manager Blackrock to support the establishment of the NIF, which will invest in sectors such as communications, digital infrastructure, education, energy, healthcare, transport and water. NIF will be affiliated with the National Development Fund, which was created in 2017 to supervise and link economic development funds previously launched by Saudi ministries and agencies. The fund will contribute to the Vision 2030 economic diversification mandate by “promoting the development of infrastructure projects […] and enabling the participation of the private sector”, state news agency SPA said. NIF will have a complementary role with the National Centre for Privatisation by funding projects that will be privatised or offered as public-private partnerships. The fund’s launch forms part of a wider reforms agenda overseen by Crown Prince Mohamed bin Salman to diversify the Saudi economy away from oil revenues. Earlier this month, the crown prince revealed the $6.7tn National Investment Strategy to raise finance in the kingdom’s non-oil sectors. The strategy is expected to include the injection of $3.2tn into the local economy until 2030. This entails $1.3tn through the Shareek initiative; $0.8tn from sovereign wealth vehicle Public Investment Fund; and $1.1tn through investments by local and international companies facilitated by NIS. Another $2.7tn in investments is expected by the government through its annual budgets for the next 10 years, and SR5tn is anticipated from private consumption spending during the decade. (ICE RIYADH)


Fonte notizia: Meed