RIYADH: Saudi Arabia has launched a national infrastructure fund to invest SR200 billion ($53.3 billion) in projects over the next decade, the Saudi Press Agency reported on Monday.

The fund will invest in transportation, water, energy, health, education, communication and digital infrastructure, it said.

Under the kingdom’s National Development Fund, it will finance privatised infrastructure projects and create investment opportunities for those projects.

Saudi Arabia has been striving in recent years to diversify its economy and reduce its reliance on oil through empowering the private sector and offering different economic initiatives.