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SNDF to inject $152b in local economy by 2030

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RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman has said that Saudi National Development Fund to inject SR570 billion ($152 billion) into the Kingdom’s economy by 2030. 

SNDF, through its funds and development banks, will increase the participation of the private sector in the GDP by three-folds by 2030, the statement carried by Saudi Press Agency reported.

In a statement on Monday to mark the launch of the strategy for the fund, known as SNDF, the Crown Prince said that it will contribute to tripling the share of non-oil GDP to SR605 billion over the same period.

Stephen Groff, Governor of the SNDF, said: “At SNDF, we have a huge opportunity to enhance the efficiency of government development funds and banks in terms of identifying and investing in financing opportunities across the Kingdom.”

“Our goal is to become a global brand of excellence in development finance through integration, alignment, and facilitation of synergies between partners,” he added. 

The fund was established by royal order in 2017, according to its website. It was mandated to advance the performance of development funds and banks as well as to empower development funds and banks to better fulfill development priorities and economic obligations related to the Kingdom’s Vision 2030.

It oversees the financing activities carried out by its development funds and banks and aligns its various policies. The SNDF has injected more than SR690 billion through its affiliates since its inception, becoming one of the largest development finance funds in terms of the ratio of assets to GDP in the G20 economies, with assets amounting to SR496 billion, the statement added.

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