Saudi Cabinet sets rules for National Development Fund

21/11/2017 Argaam

 

The cabinet on Tuesday issued rules and regulations for the National Development Fund, the Saudi state news agency reported.

 

A royal decree was issued in October by King Salman to establish the fund under the mandate of the Prime Minister, Argaam earlier reported.

 

The new vehicle will serve as an umbrella fund to oversee the Saudi Fund for Development, the Saudi Industrial Development Fund, the Agricultural Development Fund, Social Development Bank, the Human Resources Development Fund, and any development fund or bank that reports to the cabinet.

 

The fund has SAR 345 billion in capital.

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