National Development Fund Signs SAR5 Billion Credit Facility Deals
With a total amount of SAR5 billion, the move seeks to further support development projects across the Kingdom and empower its 12 developments funds and banks to achieve their objectives.
NDF's Vice Governor Khalid Shareef noted that this initiative perfectly aligns with the fund's strategy to boost collaboration between the government and the private financial sector. Such collaboration would further provide credit products to the development system through the fund and its associated development banks.
Consequently, these institutions would efficiently carry out their strategic projects and turn their plans into real actions. Therefore, they would significantly contribute to the economic growth and fulfill the Saudi Vision 2030 objectives as well. National Development Fund Signs SAR5 Billion Credit Facility Deals
Crucially, the new deals stand as a testament to the NDF's commitment to strengthen economic growth and achieve comprehensive and sustainable development.
Overall, the initiative aims to foster the Kingdom's economic growth and accelerate the national transformation process.
Related Topics:
Georgian Prime Minister Meets CEO of Saudi Fund for Development
Finance Minister Wraps Up OPEC Fund Engagements
SVC Announces Major Investment in Global Ventures VC Fund
Short link :
Post Views: 20 Related Stories
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
a day ago
- Arab News
Saudi real estate authority reports 185% rise in renewed Owners' Association Certificates
RIYADH: Saudi Arabia's Real Estate General Authority announced an increase of 185 percent in the number of renewed Owners' Association Certificates through its electronic portal during the first half of the year compared to the same period in 2024. The number of renewed certificates exceeded 635 during this period, as part of the authority's efforts to create a sustainable regulatory environment that safeguards the rights of property owners and residents of jointly owned real estate units. As a key part of Saudi Vision 2030, REGA aims to professionalize real estate practices, streamline licensing, and promote investment through digital platforms like Mullak. In addition, REGA has introduced off-plan property regulations to better protect both buyers and developers. Mullak's indicators for the first half show the establishment of 3,600 new Owners' Associations, covering more than 9,000 registered real estate units. This brought the total number of accredited associations to 17,000. Over 16,000 new members joined during this time, raising the total number of registered members on the portal to more than 160,000. The authority also registered 4,000 association presidents and over 1,000 property managers, reflecting the growing scope of participation in association management and the increasing interest in regulating relationships between owners and improving the efficiency of community management. REGA said the total number of transactions processed through the Owners' Associations portal exceeded 74,000. These transactions included property registrations, ownership transfers, appointment voting for association leaders, and issuance and renewal of certificates. The portal also provides additional services to support the development and regulation of the real estate sector. The authority said that property managers in accredited Owners' Associations are authorized to document lease contracts related to the investment of common areas. Such contracts require prior approval through members' voting on the electronic portal before they can be officially documented via the Ejar platform.
Leaders
2 days ago
- Leaders
Saudi AI Firm Humain to Roll out Arabic ChatGPT by Late August
Saudi Arabia's artificial intelligence company Humain will release an Arabic-language version of ChatGPT by the end of August, CEO Tareq Amin announced. Amin noted that the model was developed entirely by a Saudi team, according to Gulf News. The CEO also stated that the Public Investment Fund–backed company seeks to reach a valuation comparable to the world's top AI firms, during a TV interview. In line with the Saudi Vision 2030, Humain aims also to leave a global mark on the AI sector, contribute significantly to the diversification of the Kingdom's economy, as well as build advanced digital infrastructure. 'Humain was created to lead this transformation by building a modern technological foundation that boosts GDP, localizes technology, and empowers Saudi talent,' Amin said. Humain's Ambitious Agenda Through an ambitious agenda, the company pursues to cut the Kingdom's oil dependency, create knowledge-based economy and build AI infrastructure from scratch. 'Humain reflects Saudi Arabia's ambition to be, in AI, what it is in oil and energy, a global leader,' he added. In this regard, the CEO stressed the strategic significance of data localization, underscoring that recent investments by AWS and Microsoft have paved the way for large-scale data centers to be built inside the Kingdom. Interestingly, the company's models are designed to cater not only to domestic demand but also to attract a global user base. Overall, Humain's ultimate goal is to become one of the world's top five data center operators and market its AI models worldwide. 'We have the talent, the resources, and the drive to get there,' Amin said. Related Topics: Saudi Arabia's Location & Energy Advance Artificial Intelligence Artificial Intelligence to create 69 Mln Jobs Aramco Leads Globally in Artificial Intelligence Short link : Post Views: 35
Arab News
2 days ago
- Arab News
Tabuk's governor launches environmental, water, agricultural projects worth more than SR4.3bn
RIYADH: Tabuk Governor Prince Fahd bin Sultan has inaugurated 23 environmental, water, and agricultural projects with a combined value of more than SR3.8 billion ($1 billion), and laid the foundation for a further 25 projects worth over SR580 million, it was announced on Sunday. The initiatives, launched in the presence of Environment, Water and Agriculture Minister Abdulrahman Al-Fadli, aim to improve services for residents, strengthen environmental and water sustainability, and support the objectives of Saudi Vision 2030. Prince Fahd thanked King Salman and Crown Prince Mohammed bin Salman for their backing of the infrastructure projects, and praised ministry staff for their efforts in enhancing public services and bolstering the Kingdom's food security. According to Al-Fadli, the projects include small desalination plants along the western coast with a design capacity of more than 93,000 cubic meters per day, and new water transmission systems able to carry 72,000 cubic meters per day to boost supplies in the governorates of Duba, Al-Wajh, and Umluj. The National Water Company has launched 16 initiatives worth more than SR860 million to expand drinking water distribution and wastewater services in Tabuk, while the Saudi Water Partnership Company has completed the SR550 million Tabuk-2 Wastewater Treatment Plant with a peak capacity of 135,000 cubic meters per day. Additional works include dam construction projects worth more than SR92 million, and mangrove planting and rangeland reserve protection valued at over SR18 million, as well as irrigation, rural development, and vegetation cover initiatives across the region.
