With the appointment of Northern Trust to oversee more than SR60 billion ($16 billion) in assets, Saudi Arabia’s National Development Fund is moving closer to its ambition of being a world leader in finance.
The NDF will entrust its holdings to Northern Trust, which recently set up its regional offices in the Kingdom. Among the responsibilities are streamlining operations, improving financial transparency, and combining assets from banks and development funds.
It is anticipated that this will lower expenses, increase efficacy, and strengthen financial stability.
The NDF made the appointment with the goal of supporting Vision 2030 by optimizing the performance of Saudi development funds and banks. It is anticipated that Northern Trust’s appointment will improve the NDF’s capacity to achieve these objectives through coordinated portfolio management.
According to Khalid bin Ibrahim Sharif, deputy governor of the NDF, “the fund contributes to achieving the goals of Saudi Vision 2030 by improving the efficiency of the development finance ecosystem in the Kingdom and enhancing the financial sustainability of development funds and banks.”
He stressed that by guaranteeing the efficacy of development finance programs, projects, and initiatives, these efforts will promote sustainable growth, economic diversification, and higher productivity.
Also Read:
6.3% Increase in Non-Oil Exports from Saudi Arabia in June: GASTAT
