The National Development Fund was established by Royal Order No. (A /13) dated 03/10/2017. It was mandated to advance the performance of development funds and banks as well as to empower development funds and banks to better fulfil development priorities and economic obligations related to the Kingdom’s Vision 2030. This will be achieved by:
At inception, a number of functions were articulated, including:
NDF and Vision 2030
Vision 2030 aims to create a robust foundation for a vibrant society, a thriving economy, and an ambitious nation. Grasping how vital economy diversification is to sustainability, Vision 2030 focuses on increasing the share of Non-Oil GDP and expanding private sector participation in the economy. By cultivating integration between development funds and improving their efficiency, effectiveness, and financial sustainability, NDF aims to significantly impact and overcome cyclical economic fluctuations in support of realizing Vision 2030 objectives.