New Saudi fund’s capital will amount to SAR 345 bln, says REDF official

The capital of Saudi Arabia’s new National Development Fund will amount to SAR 345 billion, representing the capital of all the Kingdom’s development funds under its umbrella, Saudi Press Agency (SPA) reported citing Khalid Al Amoudi, general supervisor of Real Estate Development Fund (REDF).

Combining all the fund capitals under one roof will unify the efforts needed to realize Saudi Vision 2030, and raise the efficiency of financing and lending in order to meet the needs of citizens and contribute to the well-being of their families, he added.

Last week, King Salman issued a royal decree to form the National Development Fund. It will follow the Prime Minister and it will supervise the Kingdom’s development funds, Argaam reported earlier.