National Development Fund (NDF) Appoints Northern Trust as Custodian for Assets under management estimated at more than 60 billion SAR

Riyadh, 21 August 2024: As part of its transformation into a global development finance institution, the National Development Fund (NDF) has agreed to appoint the Northern Trust Company of Saudi Arabia (Northern Trust (, as its custodian for assets under management.  Northern Trust will be custodian to NDF’s assets, one of the world’s largest custody projects in terms of assets under management, by consolidating 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 60 billion Saudi riyals.

The agreement aims to enhance the NDF’s capabilities and achieve its strategic objectives. The custodian plays a crucial role in transferring capital from development funds and banks, consolidating them under the NDF’s umbrella. The agreement also contributes to improved asset management and increased financial transparency and efficiency by integrating and simplifying financial operations related to asset management, leading to reduced operating costs, increased effectiveness, and improved operational efficiency and financial security. This, in turn, contributes to realizing the fund’s objectives and achieving higher economic returns and long-term financial sustainability, positively impacting the national economy and sustainable development in the Kingdom.

The appointment of Northern Trust as custodian aligns with the fund’s strategic objectives. 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.

Northern Trust has served clients across the Middle East for over 37 years. This year, the company announced the establishment of its regional headquarters for the Middle East and North Africa in the Kingdom. Northern Trust’s primary responsibilities include safeguarding the fund’s assets, as well as executing daily financial operations such as transaction recording and providing reports on the status and performance of assets.

On this occasion, Khalid bin Ibrahim Sharif, Vice governor of the National Development Fund, stated, “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, leading to sustainable growth, economic diversification, and improved productivity by ensuring the effectiveness of development finance programs, projects, and initiatives.” He added, “We are pleased to choose Northern Trust, a global provider of asset servicing solutions, as they possess extensive experience working with prestigious institutions, sovereign wealth funds, and various development agencies, and have operational models and requirements similar to those of the National Development Fund.”

Kholoud Al-Dosari, Country Head of Northern Trust in Saudi Arabia said, “We are delighted to have been selected by the National Development Fund as custodian. Northern Trust is committed to expanding its services across the region, investing in infrastructure development, and enhancing skills and expertise to support clients and drive progress in the local market. We remain focused on delivering world-class services and solutions that exceed the evolving needs of our clients.”

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