Saudi Cabinet approves National Development Fund to form special purpose entities

The Saudi Cabinet, headed by King Salman, approved today, Sept. 30, the National Development Fund to form companies or establishments with special purposes or other legal entities inside and outside the Kingdom.

The fund might contribute to the companies on its own, or with the participation of others from the public or private sectors, to invest inside the Kingdom and abroad and, own and dispose of assets, Saudi Press Agency reported.

The step will aim to achieve the fund’s goals and that of its development funds and banks.