BlackRock to work with Saudi’s National Development Fund on $53bn infrastructure plans｜Arab News Japan
US asset management giant BlackRock will work with Saudi’s National Development Fund (NDF) to help plough up to SR200 billion ($53 billion) into the Kingdom’s infrastructure over the next ten years, it has been announced.
BlackRock will act as an advisor on running a National Infrastructure Fund, which will help deliver investment between now and 2030 in assets such as schools, hospitals, transport, and the digital foundation.
Announced on the eve of the Future Investment Initiative in Riyadh, the agreement is a significant step for the NDF, the lesser-known of the Kingdom’s agents for economic development, in comparison to its high-profile collaborator, the Public Investment Fund.
The institution contributes to Saudi Arabia’s plans to diversify the economy and develop infrastructure.
“The joining of the National Infrastructure Fund to the list of government lending institutions in the Kingdom will contribute significantly to supporting infrastructure projects in vital sectors such as transportation, water, energy, health, education, communications, digital infrastructure and others,” vice chairman of NDF, Mohammed bin Mazyad Al-Tuwaijri, said.
“It will reflect positively on the development of the national economy and enhance the quality of life of the individual and society,” he added.