Latest news with #NationalDevelopmentFund
Zawya
04-08-2025
- Business
- Zawya
Oman: OIA injects $18bln into state budget
MUSCAT - The Oman Investment Authority (OIA) has pumped over RO 7 billion into the state budget to continue the role initiated by the State General Reserve Fund since 2016. Other contributions include enhancing investor confidence, improving the investment climate in Oman, and reducing companies' debt by 47% by the end of 2024. Details about OIA's major contributions to the national economy over the past five years have been highlighted in an interview by Sultan al Habsi, Chairman of OIA's Board, in the latest edition of Enjaz & Eejaz, OIA's quarterly bulletin. Al Habsi also discussed the dual financial and economic impact of the National Development Fund (NDF), which spent over RO 8.8 billion since its establishment. Its financial importance lies in enhancing financial stability, reducing the state's budgetary burden, and stimulating national economic activity. Economically, it is strategically aligned with Oman Vision 2040 as these projects focus on high-impact sectors, helping diversify the productive base, generate local employment, and strengthen supply chains. In the same interview, Al Habsi clarified the Board's role in steering investment decisions and ensuring long-term financial sustainability. The Board is tasked with approving OIA's vision and strategy, overseeing major investment decisions, asset allocation, policy approval, and its companies' governance, ensuring, as he described, that OIA remains 'a trusted custodian of Oman's wealth, investing for present and future generations in alignment with Oman's national interests.' Recognising its national responsibility to contribute to development and achieve the goals of Oman Vision 2040, OIA highlighted its 'National Agenda', a set of development-oriented commitments including attracting foreign investment, reducing its companies' debt, developing human capital, maximising local content, and supporting the national digital transformation journey. OIA has made tangible progress toward these goals. In 2024 alone, the NDF and FFO attracted more than RO 3.3 billion in foreign investments, while the divestment programme drew over RO 1.5 billion. OIA also cut debt by more than RO 2.5 billion by the end of 2024. It prioritised human capital development through initiatives like the 'Nomou' and 'Mu'tamad' programmes, positioning people as drivers of growth. It also focused on maximising local content, issuing policies and guiding its companies to adopt and enhance local content practices. Programmes like the 'Vendor Development Program' helped develop 58 small and medium enterprises (SMEs) between 2023 and 2024, in addition to initiatives such as the 'Mandatory list', 'Ring Fencing', and the 'Qimam' Hackathon. These efforts led to an increase in SME spending to RO 265.5 million in 2024. On the digital transformation front, OIA aligned its internal digital strategy with the national plan under Oman Vision 2040.
Argaam
24-07-2025
- Business
- Argaam
NDF inks SAR 5.5B credit facilities with Riyad Bank, SAB
Logo of National Development Fund (NDF) The National Development Fund (NDF) signed two credit facility agreements with Riyad Bank and Saudi Awwal Bank (SAB), at a value of SAR 5.5 billion. The facilities aim to provide more support for development projects in the Kingdom and enable its 12 development funds and banks to achieve their development goals, reinforce economic growth, and accelerate the pace of national transformation, the bank said, in a statement. It added that these partnerships represent a fundamental pillar for driving development and accelerating the achievement of the goals of Vision 2030 by supporting major projects and financing development initiatives that contribute to building a prosperous and sustainable economy for future generations.
CairoScene
07-07-2025
- Business
- CairoScene
KSA National Development Fund Signs SAR 5 Billion in Credit Facilities
The National Development Fund signs two SR 5 billion credit facility agreements to support private-sector growth and fund strategic development initiatives across the Kingdom. Jul 07, 2025 The Saudi Arabian National Development Fund (NDF) has signed two credit facility agreements totalling SR 5 billion, marking a significant step in supporting the private sector and advancing national development objectives. The first agreement - amounting to SR 3 billion - is aimed at expanding financing solutions tailored for small and medium-sized enterprises (SMEs). The second, totalling SR 2 billion, targets mid-cap enterprises operating in strategic sectors aligned with Saudi Vision 2030. These agreements were formalised as part of NDF's ongoing mission to foster economic diversification and empower private-sector growth. By providing enhanced access to capital across enterprise sizes, the new lines are expected to unlock investment in critical industries and new business ventures. The initiative also supports job creation, innovation, and development of domestic supply chains, key priorities under the country's economic reform agenda.
Arab News
07-07-2025
- Business
- Arab News
Saudi Arabia's National Development Fund secures $1.3bn in credit facilities to boost development projects
RIYADH: Saudi Arabia's National Development Fund has secured SR5 billion ($1.3 billion) in credit facilities through two agreements with Al-Rajhi Bank and Arab National Bank. The deals are designed to enhance funding for key development projects across the Kingdom, empowering its 12 affiliated development funds and financial institutions to drive economic growth and accelerate national transformation, according to the Saudi Press Agency. The agreements represent a strategic move in the NDF's push to promote sustainable development and strengthen Saudi Arabia's private sector, reflecting the Kingdom's increasing reliance on public-private partnerships to drive economic growth. This approach supports broader efforts to reduce government dependence and enhance private investment in key sectors, such as infrastructure, renewable energy, and technology. The pacts were formalized during a signing ceremony at the fund's headquarters in Riyadh. Khalid Shareef, vice governor of the NDF, said that the initiative aligns with the fund's strategy to foster stronger partnerships between the government and private financial institutions. 'The goal is to provide credit products to the development system through the fund and its associated development banks,' Shareef said. He added: 'This will empower these institutions to effectively implement their strategic projects and expansion plans, thereby increasing their contribution to economic growth and supporting the objectives of Saudi Vision 2030.' In a separate statement, Al-Rajhi Bank announced that the deal with NDF is valued at SR3 billion for a 12-month duration. 'The agreement aims to strengthen the support of development projects in the Kingdom and enable the development banks of the development system to achieve their development goals, contributing to enhancing economic growth and accelerating the pace of national transformation,' the statement said. In a post on its official X account, the NDF said that the agreements are part of its 'commitment to supporting development projects and empowering funds and banks within its ecosystem.' Speaking to Arab News in February, Jaber Al-Salah, chairman of the academic chapter and member of the steering committee of the World Association of Public-Private Partnership Units and Professionals, explained how the deals align with the Vision 2030 drive to boost the private sector's contribution to gross domestic product from 40 percent to 65 percent by the end of the decade. 'PPPs offer several benefits to the private party, making them an attractive option for collaboration. These partnerships also support government objectives by improving public asset efficiency, enhancing service coverage, quality, and rationalizing spending,' he said.
Leaders
07-07-2025
- Business
- Leaders
National Development Fund Signs SAR5 Billion Credit Facility Deals
The National Development Fund (NDF) has signed two credit facility agreements with Al Rajhi Bank and Arab National Bank, according to the Saudi Press Agency. 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
