The National Development Fund (NDF) has announced a partnership with the Northern Trust Company of Saudi Arabia (Northern Trust), appointing them as the custodian for its assets under management. This move is part of the NDF’s ongoing transformation into a global development finance institution. The agreement, estimated to be worth more than SR60 billion, is one of the world’s largest custody projects, with Northern Trust taking on the responsibility of consolidating assets and records from all development funds and banks across Saudi Arabia into a unified portfolio. The aim of this partnership is to enhance the NDF’s capabilities, improve financial transparency, and increase operational efficiency.
Northern Trust will play a crucial role in safeguarding the NDF’s assets, executing daily financial operations, and providing regular reports on asset status and performance. By integrating these services, the NDF expects to reduce operating costs, improve effectiveness, and contribute to long-term financial sustainability. This integration is also expected to have a positive impact on the national economy and support sustainable development in the Kingdom. With over 37 years of experience serving clients in the Middle East, Northern Trust has recently established its regional headquarters in Saudi Arabia, demonstrating its commitment to the region.
Khalid Sharif, Vice Governor of the NDF, highlighted the fund’s role in achieving Saudi Vision 2030 by enhancing the efficiency of the development finance ecosystem and ensuring sustainable economic growth. Kholoud Al-Dosari, Country Head of Northern Trust in Saudi Arabia, reaffirmed the company’s dedication to expanding its services and supporting local market progress. With this partnership, Northern Trust aims to deliver world-class solutions and contribute to the growth and development of the Saudi economy.
Overall, the partnership between the NDF and Northern Trust marks a significant step towards strengthening the financial infrastructure of Saudi Arabia and supporting the country’s economic goals. By entrusting Northern Trust with the custodianship of its assets, the NDF is positioning itself to play a more active role in driving sustainable development and economic growth in line with Saudi Vision 2030. This collaboration is expected to bring operational efficiencies, financial transparency, and long-term sustainability to the fund, ultimately benefiting the national economy and contributing to the Kingdom’s progress. Through their combined efforts, the NDF and Northern Trust aim to set new standards in financial management and support the advancement of the Saudi market.
