Al-Arifi Named Governor of National Development Fund

A royal order has appointed Abdulaziz bin Abdulrahman bin Abdulaziz Al-Arifi as Governor of the National Development Fund with excellent (ministerial) rank. The decision, issued under Royal Order O/266 dated 24 Sha'ban 1447 (12 February 2026), places him at the head of the entity that oversees the Kingdom's development banks and funds.

The National Development Fund serves as an umbrella body coordinating Saudi Arabia's sectoral development lenders, including specialized funds such as the Saudi Industrial Development Fund and the Tourism Development Fund. Its mandate is to improve the performance and financial sustainability of these funds and banks, reduce overlaps between their programs, and align their financing with the Kingdom's economic diversification and Vision 2030 goals.

As governor, Al-Arifi will act as the fund's executive officer, responsible for implementing the decisions of its board and overseeing development financing operations. The fund operates under a board of directors chaired by the deputy prime minister, with members nominated by the prime minister, and falls under the prime minister's mandate as set out in the order that established it.

Why it matters

Al-Arifi previously served as CEO of the Shareek program, a state initiative built around deepening partnerships with major Saudi companies and mobilizing up to SAR 5 trillion in private investment by 2030. He has also held senior roles across transport, investment, shipping, and government advisory bodies.

His appointment signals a move to more closely integrate state development lending with private-sector investment needs, making private-sector mobilization a core financing priority within the fund. For residents and businesses in the Kingdom, the reform points to development capital being channeled more directly toward projects that support economic diversification and job creation. The fund remains a sovereign financing institution operating through internal government and financial channels rather than a citizen-facing service portal.

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