Legislation & Regulations

“Amlak lists the texts of the articles of the National Infrastructure Fund Law

The government approved the establishment of an independent entity to finance and develop infrastructure projects in partnership with the public and private sectors.
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Amlak Real Estate

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<The Cabinet, chaired by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, recently approved the National Infrastructure Fund National Infrastructure Fund. According to the Umm Al-Qura newspaper, the fund aims to support, finance and develop infrastructure projects in the Kingdom in partnership with the public or private sector in accordance with the policies and strategies adopted in this regard.

National Infrastructure Fund

According to a report published in today's issue of the Umm Al-Qura newspaper, the fund aims to support and finance infrastructure projects in the Kingdom.

First Article:
The following words and phrases, wherever used in this Law, shall have the meanings indicated in front of each of them, unless the context requires otherwise:
Fund: National Infrastructure Fund.
Regulations: Fund Regulations.
Board: The Board of Directors of the Fund.
Chairperson: Chairman of the Board.
Chief Executive Officer: The Chief Executive Officer of the Fund.
Infrastructure Projects: Projects and works that aim to establish or develop public facilities in all its economic and social sectors, including land, rail, air and sea transportation, water, energy, industry, municipalities, telecommunications, information technology, health, education, and other sectors related to these projects and works as determined by the Council.
Infrastructure facilities: Establishments that operate in the field of infrastructure or its supporting services, or in the development of technology that serves infrastructure projects.
Article Two:
1- The Fund has public legal personality, financial and administrative independence, and is organizationally linked to the National Development Fund.
2- The headquarters of the Fund shall be located in Riyadh. The Fund may, by a decision of the Board, establish branches and offices inside the Kingdom as needed.
Article Three:
2- The Fund shall be headquartered in Riyadh. <The Fund aims to support, finance and develop infrastructure projects in the Kingdom in partnership with the public sector or the private sector in accordance with the policies and strategies adopted in this regard.
Article Four:
Without prejudice to the powers of the National Development Fund, the Fund, in order to achieve its objectives, shall have all the necessary powers in accordance with the law and regulations in this regard, including the following:
1- Providing financing in all its forms for infrastructure facilities and projects, including direct and indirect loans and senior and subordinate loans for such facilities and projects, in addition to any complementary financing product or financing products developed by the Fund and approved by the Board.
2- Concluding contracts and agreements with any governmental or private financing entities for the purposes of financing arrangements between the lenders and the borrower, or for providing full, partial or additional financing, or providing guarantees for infrastructure facilities and projects.
3- Concluding contracts and agreements with any of the governmental or private financing entities for the purposes of financing arrangements between the lenders and the borrower.
3- Concluding contracts, agreements and memorandums of understanding related to the Fund's activity with parties inside and outside the Kingdom.
4- Accepting mortgages
4- Accepting mortgages and other guarantees of fulfillment.
4- Accepting mortgages and other guarantees of fulfillment.
5- Providing guarantees of all forms for infrastructure facilities in accordance with the controls set by the Board.
6- Sale and purchase of debts to the public and private sectors after evaluating them in accordance with the regulations and policies set by the Board of Directors of the National Development Fund.
7- Borrowing and other loans.
7- Borrowing and other forms of indebtedness, including the issuance of sukuk, bonds and other debt instruments and other financing tools in agreement with the National Debt Management Center and the National Development Fund.
8- Investment of all kinds, including investing in securities, owning and disposing of real estate and assets, and contributing to the development of infrastructure in its target locations; directly or indirectly through partnerships with the public or private sector.
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9- Providing advice in its areas of specialization to government and private entities.
10- Carrying out any activity.
10- Carrying out any other activity or work approved by the Board in order to achieve the objectives of the Fund and consistent with the nature of its work.
Article Five:
The Fund may conclude contracts, agreements and memorandums of understanding related to its activity in non-Arabic language, provided that this is in its interest and in accordance with the controls and policies set by the Board of Directors of the National Development Fund.
<Article Six:
1- The Fund shall have a Board of Directors consisting of (seven) members whose appointment shall be issued by a decision of the Board of Directors of the National Development Fund, and shall be constituted as follows:
a- President.
B- (six) members nominated by the President.
2- Members of the Board shall have qualifications or experience commensurate with the work of the Fund.
3- The term of membership shall be for a period of one year.
3- The term of membership in the Board shall be (three) years, renewable for a maximum of two times by a decision of the Board of Directors of the National Development Fund.
Article Seven:
<Without prejudice to the competencies of the National Development Fund, the Council is the authority responsible for formulating the general policies of the Fund within the limits of the Law and related regulations, and assumes all tasks and powers that ensure the realization of the Fund's objectives. To this end, the Board may take whatever decisions, procedures, measures and other measures it deems necessary, and in particular, it may:
1- Approve the policies and strategies related to the Fund's activities, as well as the plans and programs necessary to implement them, and submit what needs to be completed.
2- Proposing draft regulations related to the Fund's jurisdiction, and proposing amendments to the existing ones, in preparation for submitting them to complete the statutory procedures.
3- Identifying the economic sectors.
3- Identifying the economic and social sectors related to infrastructure projects.
4- Supervising the implementation of the Fund.
4- Supervising the implementation of the Fund's tasks assigned to it.
5- Approving the organizational structure of the Fund.
5- Approve the organizational structure of the Fund.
6- Approve the financial and administrative regulations to be followed by the Fund, and other internal and technical regulations necessary for the conduct of its affairs.
6- Approve the financial and administrative regulations to be followed by the Fund and other internal and technical regulations necessary for the conduct of its affairs.
7- Approve the provision of all forms of financing for infrastructure facilities and projects, including direct and indirect loans and senior and subordinate loans for such facilities and projects, and set the regulations governing the same.
8- Approve any financial and administrative regulations to be followed by the Fund and other internal and technical regulations for the conduct of its affairs.
8- Approval of any complementary financing product or new financing product developed by the Fund.
9- Approval of the evaluation.
9- Approve the valuation for the sale and purchase of debts for the public and private sectors.
10.
10- Determine the maximum and minimum amounts of financing, and the categories and entities targeted for financing.
11- Determine the duration of the financing.
11- Determining the grace periods for various loans, and rescheduling the repayment of defaulted ones.
12- Approving the proposal to purchase debts for the public and private sectors.
12- Approve borrowing and other forms of indebtedness, including the issuance of sukuk, bonds and other debt and financing instruments, in agreement with the National Debt Management Center and the National Development Fund.
13- Approve the borrowing and other forms of indebtedness, including the issuance of sukuk, bonds and other debt instruments.
13- Approve the Fund's conclusion of agreements, memorandums of understanding and contracts in accordance with the statutory procedures.
14- Approve investment of all kinds, including investment in securities and the ownership and disposal of real estate and assets.
15- Approve programs.
15- Approving and supervising programs, initiatives, mechanisms, necessary procedures and incentives for the participation of the public and private sectors in achieving infrastructure development goals and implementing projects and services.
16- Accepting donations.
16- Accepting gifts, donations, grants, bequests and endowments; according to the rules governing the same.
17- Approving the financial compensation.
17- Approve the financial compensation for the services and works provided by the Fund, and set the criteria for determining it.
18- Consider periodic reports on the progress of work in the Fund, and take the necessary decisions thereon.
19- Approve the Fund's lists.
19- Approving the Fund's financial statements.
19- Approving the Fund's financial statements.
20- Approving the Fund's draft budget.
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21- Approving the Fund's final account and its annual report on its activities, and submitting them to the Board of Directors of the National Development Fund for consideration, in preparation for the completion of the regular procedures.
22- Appointing an external auditor (or more than one) and an internal financial controller.
23- Approve the use of experts, specialists, consultants and other competent persons in the fields related to the Fund, and determine their fees and the duration of their use.
In order to realize these powers, the Board may form permanent or temporary committees from its members or others, entrusting them with whatever tasks it deems necessary, and specifying in the decision to form each committee its chairman, members, secretary, terms of reference, and their remuneration, and each committee may use whomever it deems necessary to perform the tasks assigned to it.
<The Board may also delegate some of its powers to any of its members, any of the committees it has formed, or the Fund's employees. <Article Eight:
<Meetings of the Board shall be held at the headquarters of the Fund under the chairmanship of the Chairman or his deputy in his absence. If needed, it may be held in another place within the Kingdom or through technical means.
1- Board meetings shall be held at the headquarters of the Fund.
2- The Board shall hold its meetings periodically at least four times a year. The Chairman may call it to meet whenever the need arises, or whenever at least three members request it. The invitation to the Board meeting shall be sent in writing at least seven days before the date of the meeting, accompanied by the agenda of the meeting.
3- The meeting shall be valid.
3- The meeting shall be valid if attended by at least a majority of the members, including the Chairman or his deputy, and decisions shall be issued by a majority of the votes of those present, and in case of equality of votes, the side with which the Chairman of the meeting voted shall prevail.
4- The meeting shall be called in writing at least seven days before the date of the meeting, accompanied by the agenda of the meeting.
4- A member of the Board may not abstain from voting or authorize another member to vote for him in his absence. The objecting member may record his objection and the reasons for it in the minutes of the meeting.
5- The deliberations of the meeting shall be recorded.
5- The Board's deliberations and decisions shall be recorded in minutes signed by the Chairman of the meeting and the members present.
6- The Board's deliberations and decisions shall be recorded in minutes.
6- Decisions may be taken by presenting them to the members by passing, and decisions made in this way shall not be considered valid unless they are passed to all members, voted on by all members, and receive a majority of their votes, and such decisions shall be presented to the Board at the first subsequent meeting to be recorded in the minutes of the meeting.
7- The Board shall have a secretary.
7- The Board shall have a secretary chosen by the President from the Fund's staff, who shall be responsible for the secretariat of the Board, prepare for its meetings, and record the minutes, deliberations, and decisions.
8- The Board may invite any member of the Board to attend the meeting.
8- The Board may invite such specialists and advisors as it deems necessary to attend its meetings, without the right to vote.
Article Nine:
<The Fund shall have a Chief Executive Officer, who shall be appointed and dismissed from his position by a decision of the Board, and the decision shall not be effective until after the approval of the Board of Directors of the National Development Fund, and the decision shall specify his salary and other financial benefits. His responsibilities are centered on supervising the work and administration of the Fund and the powers and tasks decided by the Board, and in particular, he has the following:
1- Follow up on the implementation of the Board's decisions.
2- Supervise the preparation of policies and strategies related to the Fund's activity, and the plans and programs necessary to implement them, in preparation for submitting them to the Council.
3- Supervise the functioning of the Fund.
3- Supervising the progress of work in the Fund in accordance with the powers entrusted to him and the Fund's regulations, and ensuring that the Fund's operations are in accordance with the law and the Fund's regulations and what is approved by the Board.
4.
4- Supervise the preparation of the financial and administrative regulations of the Fund and other internal and technical regulations necessary for the conduct of its affairs in preparation for submitting them to the Board.
5- Supervise the preparation of the Fund's financial and administrative regulations and other internal and technical regulations necessary for the conduct of its affairs.
5- Supervising the preparation of the organizational structure of the Fund in preparation for its submission to the Board.
6- Supervising the preparation of the organizational structure of the Fund in preparation for its submission to the Board.
6- Supervise the preparation of the Fund's draft budget, annual report and final account, in preparation for submission to the Board.
7- Supervise the preparation of the Fund's budget, annual report and final account, in preparation for submission to the Board.
7- Supervising the preparation of the Fund's financial statements in preparation for submission to the Board.
8- Sign agreements, memorandums of understanding and contracts after the approval of the Board or according to the powers granted to him by the Board.
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9- Contracting for the implementation of works and services and using experts, specialists and consultants with competencies in fields related to the Fund's competencies, after the approval of the Board or according to the powers granted to him by the Board.
10- Representing the Fund before the Board.
10- Representing the Fund before the judiciary, government agencies, other relevant institutions, and other parties inside and outside the Kingdom. He may authorize others to do so.
11- Disbursing from the Fund's budget, and taking all financial procedures in accordance with the Fund's regulations.
12- Appointing the Fund's employees.
12- Appointing and supervising the Fund's employees in accordance with the organizing regulations. <The Chief Executive Officer may delegate some of his powers and tasks to any of the Fund's employees he deems appropriate. <Article Ten:
1- The Fund shall have an independent annual budget.
2- The fiscal year of the Fund is the fiscal year of the State. Except for this, the first fiscal year begins on the effective date of the Law and ends at the end of the State's next fiscal year.
Article Eleven:
<The resources of the Fund shall consist of the following:
1- The support provided to it by the State in the service of its activity.
2- Cash flows from loans disbursed from its capital.
3- Returns generated from its assets, investments and funds executed in fulfillment of its dues.
4- Financial consideration.
4- The financial remuneration he receives for the services and works he provides.
5- What he accepts.
5- Donations, donations, grants, bequests and endowments accepted by the Council.
6- Any resource.
6- Any other resource approved by the Board in accordance with the regulations and instructions.
Article Twelve:
The Fund's employees are subject to the labor law and the social insurance system.
Article Thirteen:
The funds provided by the Fund shall enjoy the benefits and guarantees prescribed for the rights of the public treasury, and shall be collectible in accordance with the state revenue system, without prejudice to the competencies of the Fund in accordance with the provisions of the Law.
Article Fourteen:
The Fund shall take the necessary guarantees for the direct or indirect financing it provides in accordance with the controls set by the Council, and its direct or indirect liabilities may not exceed the value of its assets.
Article Fifteen:
The Fund shall open an account in the Central Bank of Saudi Arabia and may open other accounts in any of the banks licensed to operate in the Kingdom, and shall disburse from these accounts in accordance with the Fund's approved budget and its financial and administrative regulations.
Article Sixteen:
<Without prejudice to the jurisdiction of the General Auditing Bureau, the Board shall appoint an external auditor (or more) licensed to work in the Kingdom to audit the Fund's accounts, transactions, statements, annual budget and final account, and the Board shall determine their fees. The auditor's report shall be submitted to the Board, and a copy of it shall be provided to the General Court of Audit after its approval by the Board.
Article Seventeen:
<The Council shall submit to the National Development Fund an annual report on the Fund's business and accounts - in accordance with the periods specified by the National Development Fund - certified by the external auditor; for consideration in preparation for the completion of the legal procedures.
Article Eighteen:
<The Law shall enter into force thirty (30) days after its publication in the Official Gazette.

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