Mubasher: Saudi Arabia has issued on Wednesday a royal order to establish a fund called "National Development Fund", which is organisationally linked to the prime minister, according to the Saudi Press Agency.
The fund will 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 that whose linkage is ordered by the Prime Minister on a proposal by the National Development Fund.
The National Development Fund will operate overall supervision of the entities previously mentioned, the news agency said.
The fund will have a board chaired by the deputy prime minister, with the membership of no less than seven members to be appointed by the prime minister.
National Development Fund’s board will establish all the tasks and powers as well as take decisions, measures, and others that will be necessary to achieve the purpose of establishing the fund.
“The National Development Fund shall have a governor with a minister's rank, who is the Executive Officer of the Fund,” the news agency added.
