New Governor Appointed to National Development Fund

Saudi Arabia has appointed Abdulaziz bin Abdulrahman bin Abdulaziz Al-Arifi as Governor of the National Development Fund (NDF), under a royal order issued on 24 Sha’ban 1447 (12 February 2026) with the rank of “excellent.” The order directs all competent entities to adopt and implement the appointment from the date of issuance.

The appointment follows a 2025 amendment to the NDF regulation that shifted the way the governor is named — from a board appointment to a royal appointment. The change replaces Stephen Groff, the fund’s inaugural governor, who publicly acknowledged Al-Arifi’s assumption of the role.

Why it matters

The NDF acts as an umbrella entity coordinating around 12 specialized public funds and development banks, including the Saudi Industrial Development Fund and the Tourism Development Fund. Its role is to channel development financing into priority non-oil sectors under رؤية السعودية 2030.

The fund’s stated goals include stimulating investment in non-oil sectors, supporting SMEs and entrepreneurs, closing financing gaps, and expanding financial products to reduce risk for private investors entering new sectors. The NDF has publicly targeted contributing roughly SAR 570 billion to real GDP and more than tripling non-oil GDP to about SAR 605 billion by 2030.

The fund has reported mobilizing around SAR 60.75 billion annually to support Vision 2030 projects, with a focus on economic diversification, job creation and new sectors. It has also indicated plans to securitize parts of its portfolio and issue bonds in international markets to expand its financing capacity. The NDF operates mainly as a wholesale development financier through its affiliated funds and banks rather than through standard e-government service portals.

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