Saudi Arabia establishes national development fund, 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.