RIYADH — The National Development Fund (NDF) has appointed the Northern Trust Company of Saudi Arabia (Northern Trust) as the custodian for its assets under management, as part of its ongoing transformation into a global development finance institution.

This partnership is one of the world's largest custody projects, with Northern Trust overseeing the consolidation of assets and records from all development funds and banks across Saudi Arabia into a unified portfolio estimated at more than SR60 billion.

The agreement aims to bolster the NDF's capabilities and support its strategic objectives, enhancing financial transparency and operational efficiency. Northern Trust’s role will involve safeguarding the fund's assets, executing daily financial operations, and providing comprehensive reports on asset status and performance. This integration is expected to reduce operating costs, increase effectiveness, and contribute to long-term financial sustainability, thereby positively impacting the national economy and supporting sustainable development in the Kingdom.

Northern Trust, with over 37 years of experience serving clients in the Middle East, has recently established its regional headquarters in Saudi Arabia, further demonstrating its commitment to the region.

Khalid Sharif, Vice Governor of the NDF, emphasized the fund’s role in achieving Saudi Vision 2030 by improving the efficiency of the development finance ecosystem and ensuring sustainable economic growth.

Kholoud Al-Dosari, Country Head of Northern Trust in Saudi Arabia, expressed Northern Trust's dedication to expanding its services and supporting local market progress, reaffirming their commitment to delivering world-class solutions. — SPA