Saudi Arabia is establishing a National Investment Fund (NIF) to invest $53bn in the kingdom over the next decade, and has hired BlackRock as an advisor. The fund will work alongside Saudi Arabia’s National Development Fund to invest in sectors including transport, health, education, tourism and digital logistics. BlackRock has not committed to investing in NIF.

The kingdom is seeking to develop new sources of investment in the local economy, rather than simply relying on government spending. Crown Prince Muhammad bin Salman says that more than SR12 trillion ($3.2 trillion) will be invested by 2030. As well as investments from the likes of NIF, this will be funded by the Shareek program of public-private partnerships which will contribute SR5 trillion ($1.33 trillion), while the Public Investment Fund (PIF) will contribute SR3 trillion ($800bn). (CONTINUED - 131 WORDS)