National Infrastructure Fund to formally start operation in H1 2022: Official

Abdullah Abobakr, Project Director, National Infrastructure Fund

Saudi Arabia’s National Infrastructure Fund (NIF) has commenced preliminary work but will be officially operational in the first half of 2022, said the fund’s Project Director Abdullah Abobakr.

Speaking in an interview with Argaam on the sidelines of the fifth edition of the Future Investment Initiative (FII) conference, the official said that the fund will solely focus on development and will seek to boost the participation of the private sector in infrastructure projects.

The target sectors include water, energy, transportation, logistics, digital infrastructure (telecom), and social sectors (education and healthcare).

Abobakr pointed out that the NIF targets investments worth SAR 200 billion in the coming 10 years, noting that finance will initially be through the capital of the National Development Fund (NDF).

As for the fund’s relationship with US asset management giant BlackRock, Abobakr said it is a strategic relationship to participate in the establishment, supervision and operation of the NIF.

NDF recently launched the infrastructure fund, which was earlier approved by the Saudi Cabinet as one of NDF-affiliated development funds and banks, Argaam reported.

The NIF will contribute towards Vision 2030 objectives by promoting the development of infrastructure projects in the Kingdom. It will further help boost private sector investment in the infrastructure projects by providing innovative financing solutions that enhance the attractiveness of investment opportunities for such projects.