Saudi National Development Fund established by King Salman

King Salman ordered the establishment of the National Development Fund which will oversee all development funds in the Kingdom.

:: A royal order was issued on Wednesday establishing the National Development Fund to be under the mandate of the Prime Minister.

The National Development Fund will oversee the functions of the Saudi Fund for Development, the Saudi Industrial Development Fund, the Agricultural Development Fund, the Social Development Bank and the Human Resources Development Fund.

The Fund will have a Board of Directors chaired by the Deputy Prime Minister and a membership of no less than seven members to be appointed by the Prime Minister, according to the order.

The Board of Directors of the National Development Fund shall assume all the tasks and powers and take decisions and measures as may be deemed necessary to achieve the purpose of establishment.

The new fund will have a governor appointed with a minister’s rank, to act as the Executive Officer.

An Experts Committee from the Council of Ministers will prepare a draft regulation for the Fund within a period not exceeding thirty days from the date of this order, the royal order stated.

In other royal orders issued on Wednesday morning Suleiman al-Humaidan was relieved of his duties as minister of transport and appointed as minister of civil service while Nabil al-Amoodi was appointed as minister of transport .

Also Essam al-Mubarak was appointed as Governor of the General Property Authority.

Another order appointed Sulaiman Abdulfattah bin Sulaiman Mashat as deputy minister of Hajj and Umrah.

Saad bin Moqbil Almaimooni was appointed as governor of Taif, according to the royal order.

Majid bin Ibrahim Alfayadh was appointed as general executive supervisor of the general corporation of King Faisal Specialist Hospital and Research Center.

Dr. Mohammad Ibrahim bin Abdulaziz Alhasan from his post as director of Najran University Wa relived from his post while Dr. Falah bin Faraj bin Ali Alsobaie’i was appointed in his place.

Also Dr Nabil bin Abdulqadir bin Hamzah Koshak was relieved of his post as director of Albaha University while Dr Abdullah bin Yahia bin Alhosain Qasim was appointed as director.

Dr Abdullah bin Mifrih bin Nahar Alrooqi was appointed as director of Tabuk University.

Saudi Arabia Names New Ministers

Saudi Arabia announced it is set to create a new national fund in a Royal Decree early on Wednesday, the Saudi Press Agency reported.

The Kingdom will establish the new ‘National Development Fund’ which will serve as an umbrella fund for existing social, industrial and agricultural funds. The new institution will organizationally be linked to the prime minister and will have a governor with ministerial rank and who will act as its Executive Officer.

In other decrees, Transport Minister Sulaiman Al-Hamdan, who was appointed to the job last year, will move to head the Ministry of Civil Services, whose minister was dismissed in April.

Nabil Al-Amoudi will replace Al-Hamdan at the transport ministry.

Nabil Al-Amoudi and Sulaiman Al-Hamdan

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