RIYADH — The National Development Fund's Board of Directors, presided over by Crown Prince Mohammed bin Salman, has named Minister of Economy and Planning Faisal Al Ibrahim as the new chairman of the National Infrastructure Fund (INFRA). Expressing his appreciation to the Board of Directors of the National Development Fund, chaired by Prince Mohammed bin Salman, Al Ibrahim affirmed INFRA's unwavering commitment to supporting the Kingdom's economic transformation. He lauded the Kingdom's visionary initiative to empower development funds and banks, positioning them as integral drivers of Saudi Vision 2030. These entities have distinct and impactful mandates spanning various sectors and market segments. Al Ibrahim highlighted INFRA's pivotal role as the Kingdom's primary development financing partner for infrastructure projects. INFRA plays a vital role in mobilizing higher levels of private-sector investments and expediting the delivery of infrastructure projects crucial to the Kingdom's social and economic development. Furthermore, he emphasized INFRA's crucial role in advancing the goals of Saudi Vision 2030, which includes enhancing infrastructure quality and increasing the private sector's contribution to the GDP to 65%. Al Ibrahim also underscored INFRA's commitment to supporting the success of the Saudi Green Initiative, particularly by endorsing projects essential for achieving the Kingdom's 2060 net-zero emissions target. He stated: "INFRA's strategy will provide a clear roadmap for attracting more private-sector financing into infrastructure projects, offering a wide range of flexible solutions and positioning the Kingdom as a prominent global investment destination in this critical asset class." In conclusion, he emphasized INFRA's role in facilitating the Kingdom's objectives of economic diversification, private sector engagement, job creation, and the attraction of international investments and expertise. In addition to his role as Minister of Economy and Planning, Faisal Al Ibrahim holds the position of the Council of Economic and Development Affairs (CEDA) Secretariat General Supervisor, Chairman of the Board of Directors at the General Authority for Statistics, member of the National Development Fund Board of Directors, and serves as a board member of various government-related entities.
