The National Development Fund (NDF) has appointed Northern Trust in Saudi Arabia as custodian. Northern Trust will support consolidation of the assets and books and records of all development funds and banks in the Kingdom of Saudi Arabia under a unified portfolio estimated at more than SAR60bn (USD16bn).
The NDF was established to improve the performance of development funds and banks, ensuring they achieve their intended goals and meet the priorities of development and economic needs in line with the objectives and principles of Saudi Vision 2030.