Saudi Arabia: Faisal Al Ibrahim Named National Infrastructure Fund Chairman
Crown Prince Mohammed bin Salman and the National Development Fund Board of Directors have chosen Faisal Al Ibrahim, Minister of Economy and Planning, to serve as the next head of the National Infrastructure Fund (INFRA).
Al Ibrahim expressed gratitude to the Board of Directors for their confidence in him and reaffirmed INFRA's dedication to supporting the economic transformation of the Kingdom. He commended the Kingdom's forward-thinking approach to empowering development funds and banks, recognizing them as vital drivers of Saudi Vision 2030 with distinct mandates across various sectors.
Al Ibrahim underlined the importance of INFRA as the principal financier for infrastructure projects, noting that it helps bring in more private investment and speeds up the completion of vital projects that are vital to the Kingdom's economic and social development.
He reiterated INFRA's commitment to advancing the objectives of Saudi Vision 2030, including the enhancement of infrastructure quality and the elevation of the private sector's contribution to the GDP to 65%.
Moreover, Al Ibrahim stressed INFRA's support for the Saudi Green Initiative, particularly through its endorsement of projects crucial for achieving the Kingdom's goal of achieving net-zero emissions by 2060.
He outlined INFRA's strategic approach to attracting more private-sector financing for infrastructure projects, offering flexible solutions, and positioning the Kingdom as a prominent global investment destination in this vital asset class.
Al Ibrahim also emphasized INFRA's role in facilitating economic diversification, fostering private sector engagement, generating employment opportunities, and attracting international investments and expertise.
In addition to his position as Minister of Economy and Planning, Faisal Al Ibrahim serves as the Supervisor of the Council of Economic and Development Affairs (CEDA) Secretariat General, Chairman of the Board of Directors at the General Authority for Statistics, member of the National Development Fund Board of Directors, and holds board memberships in various government-related entities.