Saudi Arabia has announced the launch of the National Infrastructure Fund (NIF) to support up to US$53 billion worth projects over the next decade. The target size of the fund is still not determined, but it will be assisted by the National Development Fund, a Saudi government entity.

The fund will invest in such areas as water, transportation, energy and health, contributing to the transformation of the country's economy and making it less dependent on oil revenue. National Infrastructure Fund will use structured financing products, including debt, equity and guarantees. BlackRock has been selected to manage the fund and provide advisory services.