Saudi Arabia launches national infrastructure fund with BlackRock

Saudi Arabia, advised by the world's largest fund manager BlackRock, has launched a national infrastructure fund to support up to 200 billion riyals ($53.32 billion) in projects over the next decade, state news agency SPA said on Monday.

The National Infrastructure Fund will invest in areas such as water, transportation, energy, and health, contributing to Saudi Arabia's plans to transform the economy and make it less reliant on oil revenue.

The fund is one of the development funds of the National Development Fund (NDF), a body created in 2017 with the aim of supervising and linking together several economic development funds previously spread between various ministries and agencies.