National Development Fund boosted Saudi Arabia’s economy with over $36bn in 2022

National Development Fund boosted Saudi Arabia’s economy with over $36bn in 2022
The NDF has given funds to the Saudi electric car company CEER (CEER)
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Updated 18 January 2023

National Development Fund boosted Saudi Arabia’s economy with over $36bn in 2022

National Development Fund boosted Saudi Arabia’s economy with over $36bn in 2022

RIYADH: Saudi Arabia’s National Development Fund boosted the Kingdom’s economy by approving financing and support worth over SR135 billion ($36 billion) in 2022, according to a report.

The NDF’s quarterly report outlined the various initiatives spearheaded by the fund to achieve social, economic and cultural goals envisioned in the Kingdom’s Vision 2030.

NDF’s development ecosystem also signed a financing agreement with NEOM Green Hydrogen Co. to establish the largest green hydrogen production plant in the world as Saudi Arabia continues its sustainability journey.

Another example was the support offered to the Saudi electric car company CEER, with the report saying: “As part of the ecosystem’s efforts to support environmental sustainability in the industrial sector, the Saudi Industrial Development Fund offered strategic development financing to CEER company to establish the first Saudi electric car company and empower it to compete in this growing sector.”

The report further pointed out that the NDF has issued its approval to establish the SIDB Investment Co. to support the objectives of the National Strategy for Industry, raising private sector’s investments in financed projects, and attracting local and international investors to invest in the targeted sectors.

The total approved loans by SIDB in 2022 exceeded SR14 billion, spanning across various sectors including industry, energy, mining, and logistics.

“SIDB also conducted 95 programs and seminars through its educational academy, benefiting more than 9000 trainees,” the report added.

The Tourism Development Fund, which also allocates financing, launched the “Awn Tourism for Hospitality” program for micro and small enterprises in the fourth quarter of 2022, and it aims to support new enterprises, develop, and modernize existing ones with flexible financing solutions by allocating up to SR10 million with an extended repayment period of 10 years.

To enrich Arabic content, the Cultural Development Fund signed a partnership agreement with King Abdulaziz Center for World Culture to cooperate in developing cultural projects, spreading knowledge, and encouraging national talents locally and globally.

In 2022, the Real Estate Development Fund approved loans worth value over SR72 billion, while the social development fund financed over SR13 billion to 150,000 individuals and SR5 billion to 8,600 enterprises.

The report further added that the total support provided by the Human Resource Development Fund exceeded SR6.5 billion.

The Saudi EXIM Bank continued its efforts to enable Saudi non-oil exports and enhance their competitiveness in global markets, by providing credit facilities exceeding SR 14.6 billion since the beginning of 2022.

Another financial institution, the Small and Medium Enterprise bank, launched its activities last month to boost SMEs’ financing, raise their share of the gross domestic product, and act as a primary catalyst for the sector.

The report added that the Agricultural Development Fund approved loans worth SR6.3 billion in 2022.