SAUDI ARABIA

Kingdom consolidates control of state funds

October 05, 2017

Saudi Gazette report

JEDDAH — The Kingdom has created a body centralizing control of its economic development funds.

The National Development Fund, which was announced through a Royal decree early on Wednesday, will supervise and link the Saudi Fund for Development, the Saudi Industrial Development Fund, the Agricultural Development Fund, the Social Development Bank, the Human Resources Development Fund and any development fund or bank ordered by the Prime Minister.

Control of these funds has been spread between various ministries and agencies.

The SIDF, which has capital of at least SR65 billion ($17.3 billion), provides loans to industries ranging from chemicals to building materials and food.

The National Development Fund, which will be organizationally linked to the Prime Minister, will have a Board of Directors chaired by the deputy prime minister.

It will have at least seven members to be appointed by the Prime Minister.

The National Development Fund will have a governor with a minister’s rank, who is the Executive Officer of the Fund.

The Experts Committee of the Council of Ministers will prepare a draft regulation for the Fund.

Meanwhile, in a Royal decree issued early Wednesday Nabeel Al-Amudi was appointed as transport minister.

Amudi replaces Sulaiman Al-Hamdan, who has been named as the minister for civil service.

Prior to being the president of the Saudi Ports Authority, Amudi held various posts at state oil giant Saudi Aramco.

Sulaiman Mashat was appointed deputy minister of Haj and Umrah with excellent rank, Saad Almaimooni was appointed as governor of Taif with excellent rank, Isam Bin Hamad Bin Ali Almubarak was appointed as governor of real estate general commission with excellent rank.

Majid Bin Ibrahim Alfayadh was named general executive supervisor of the general corporation of King Faisal Specialist Hospital and Research Center with excellent rank, Dr. Falah Bin Faraj Bin Ali Alsobaie’i was appointed as director of Najran University with excellent rank, Dr. Abdullah Bin Yahia Bin Alhosain Qasim was named director of Albaha University with excellent rank and Dr. Abdullah Bin Mifrih Bin Nahar

Alrooqi was appointed as director of Tabuk University with excellent rank.


October 05, 2017
542 views
HIGHLIGHTS
SAUDI ARABIA
9 minutes ago

Financial package worth SR312 million launched to support Saudi research laboratories

SAUDI ARABIA
55 minutes ago

Renovation of 56 heritage buildings in Historic Jeddah completed  

SAUDI ARABIA
2 hours ago

Saudi Arabia, Azerbaijan discuss climate action cooperation