Riyadh, February 7, 2024, The National Development Fund's Board of Directors, presided over by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, has appointed Minister of Economy and Planning Faisal Alibrahim as chairman of the National Infrastructure Fund (INFRA).
Expressing his appreciation to the Board of Directors of the National Development Fund, chaired by HRH, Alibrahim underscored INFRA’s commitment to supporting the Kingdom’s economic metamorphosis.
He lauded the Kingdom’s leadership for its visionary initiative to bolster the role of the Kingdom’s development funds and banks, positioning them as pivotal facilitators of Saudi Vision 2030. These entities possess distinct and influential mandates spanning multiple sectors and market segments.
Describing INFRA as the principal development financing partner for infrastructure in the Kingdom, Alibrahim stressed its role in galvanizing higher levels of private-sector investment to expedite the execution of infrastructure projects crucial to the Kingdom’s socioeconomic transformation.
Furthermore, Alibrahim underscored INFRA's pivotal role in underpinning the success of Saudi Vision 2030 by elevating the quality of the Kingdom’s infrastructure and elevating the private-sector contribution to gross domestic product (GDP) to 65%.
He also highlighted INFRA's commitment to the realization of the Saudi Green Initiative by supporting projects essential for attaining the Kingdom’s 2060 net-zero emissions objective.
Alibrahim outlined INFRA’s strategic approach to fostering increased levels of private-sector financing for infrastructure, emphasizing the deployment of a comprehensive and adaptable framework to position the Kingdom as a premier global investment destination for this critical asset class.
Concluding his remarks, Alibrahim affirmed that by driving investments in productivity-enhancing infrastructure, INFRA serves as a key facilitator of the Kingdom’s objectives to diversify its economy, attract private sector participation, create new employment opportunities, and allure international investment and expertise.
In addition to his role as Minister of Economy and Planning, Alibrahim holds the position of Council of Economic and Development Affairs (CEDA) Secretariat General Supervisor, Chairman of the Board of Directors of the General Authority for Statistics, and serves as a member of the Board of Directors of the National Development Fund and several other government-related entities.
