Al-Arifi Named Governor of National Development Fund

Abdulaziz Al-Arifi has been appointed Governor of the National Development Fund by royal order in February 2026, taking the helm of the body that coordinates and oversees the country's sectoral development banks and funds.

The appointment follows a Cabinet amendment to the fund's regulation that shifted the authority to name the governor. Under the updated rules, the governor is now appointed by royal order rather than by the fund's board. The previous governor remained in office until the new appointment took effect, ensuring a smooth transition.

What the fund does

The National Development Fund is tasked with coordinating and supervising the country's development banks and funds. Its stated goals include improving their performance, strengthening their financial sustainability, and reducing overlap between programs so that public financing is directed more efficiently.

Its work is also aligned with wider economic diversification objectives, connecting the various financing arms to national priorities across key sectors.

For residents, businesses, and entrepreneurs, the fund sits behind many of the financing programs that support housing, small and medium enterprises, industry, and other sectors. Changes at the leadership level and in how the fund is governed can influence how these programs are managed and coordinated over time. The move reflects an ongoing effort to sharpen economic governance and make the flow of development financing more structured and effective.

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