National Development Fund (NDF)

صندوق التنمية الوطني · Saudi Arabia · Middle East · Founded 2017 · Strategic development fund · Not an IFSWF member

Focus

NDF: what it invests in

Real estateIndustrials and manufacturingAgriculture and food securityTourism and hospitalityInfrastructure and utilitiesSports

Private creditStrategic state holdingsInfrastructurePrivate equity

Geography Mainly domestic

Scale

NDF: how big it is, and on what basis

About SAR 430B

Committed or authorised capitalAs of 2025-12-17

In US dollars: about USD 114.7B. Converted at the fixed rate of SAR 3.75 per US dollar.

Transparency

NDF: what it publishes

4.0 of 10 Band 2 of 5

Published 2 · Partly 4 · Not published 4

Our 10 item score. It measures what is public, not how well a fund is run.

Capital across the systemS7: About SAR 430B (about USD 114.7B at the peg); As of 2025-12-17
Funds and banks overseenS2: 12; As of 2026-09-08
Disbursed per yearS4: About SAR 60B; As of 2025-12-09
Injection target to 2030S2: SAR 570B+; As of 2026-09-08
Deals signed, December 2025S9: 45 worth SAR 6B; As of 2025-12-17
Non-oil GDP contribution, 2024S7: About USD 12.5B; As of 2025-12-17
Transparency scoreS8: 4 of 10

At a glance. The National Development Fund is the Saudi state holding and coordinating body for 12 development funds and banks, from the Real Estate Development Fund to the SME Bank and Saudi EXIM. Its governor cites about SAR 430 billion of capital across the system, about USD 114.7 billion at the peg, with about SAR 60 billion lent or invested each year in non-oil sectors. S2 S4 S7

Key points

Oversees 12 development funds and banks covering real estate, industry, agriculture, social lending, human capital, culture, events, exports, tourism, SMEs and infrastructure. S2 S8
Disburses about SAR 60 billion a year, roughly USD 16 billion. S4
Pooled the capital of six legacy lenders and used it to fund six new ones, without fresh central government capital. S4
Judged on jobs, private sector financing and non-oil growth rather than on investment returns. S4 S7
Signed 45 agreements worth about SAR 6 billion with partners in December 2025. S9
Plans its first international bonds within 18 to 24 months of December 2025 and is preparing for a credit rating. S7
A 2022 strategy aims to inject more than SAR 570 billion into the economy by 2030. S2

Interesting facts

The fund put its contribution to non-oil GDP in 2024 at about USD 12.5 billion. S7
The governor holds the excellent rank, which places the post alongside ministers. S1
It has signed cooperation agreements with the national development banks of Italy and France. S8

Mandate and goals

A development finance coordinator focused on the economy of today: widening credit and guarantees for small firms, tourism operators, exporters and housing, and de-risking private investment in new sectors. S7 S4

Maximise development impact through financing programmes tied to national priorities. S8
Raise the operating efficiency and performance of the development funds and banks. S8
Direct financing to opportunities that speed up Vision 2030 programmes. S8
Expand partnership models that bring more private capital into priority sectors. S8

How it invests

Industries	Real estate, Industrials and manufacturing, Agriculture and food security, Tourism and hospitality, Infrastructure and utilities, Sports, entertainment and gaming, Financial services, Transport and logistics S2 S4
Asset classes	Private credit, Strategic state holdings, Infrastructure, Private equity S4 S2
Stages	Credit, Growth, Infrastructure S4 S7
Geography	Mainly domestic. Domestic; non-oil sectors across the Kingdom S4
Direct / through funds / co-invest	Yes / Yes / Yes S7 S4
Ticket size	No ticket size is published; financing is offered through the affiliated funds and banks, each with its own products. S4
External managers	No external managers; the affiliated funds and banks deliver financing S4
Co-investment programme	Co-invests with the Public Investment Fund on some projects and signs cooperation agreements with peer development banks S7 S8

Past investments

Year	Investment	Type	Sector	Stage	Amount
2025	December 2025 agreements package. 45 agreements across agriculture, infrastructure, tourism and local talent. S9 S7	Joint venture or partnership	Agriculture and food security	Not stated	About SAR 6B
2025	Credit facilities with Al Rajhi Bank and Arab National Bank. Funding deal reported as linked to buying back SAR 5B of sukuk. S5 S10	Direct investment	Financial services	Credit	SAR 5B raised
Not published	NEOM Green Hydrogen. Co-investment with the Public Investment Fund, per the governor. S7	Co-investment	Renewables and climate	Infrastructure	Not published
Not published	Tourism Development Fund. New lender and investor for tourism projects. S7 S2	New company or platform	Tourism and hospitality	Credit	Not published
Not published	Saudi EXIM Bank. New export and import bank. S7 S2	New company or platform	Transport and logistics	Credit	Not published
Not published	Small and Medium Enterprises Bank. New bank for small business lending. S7 S2	New company or platform	Financial services	Credit	Not published
Not published	Cultural Development Fund. New fund for the cultural sector. S7 S2	New company or platform	Sports, entertainment and gaming	Not stated	Not published
Not published	Events Investment Fund. New fund for event venues and infrastructure. S7 S2	New company or platform	Sports, entertainment and gaming	Infrastructure	Not published
Not published	National Infrastructure Fund. Infrastructure financing arm. S2	New company or platform	Infrastructure and utilities	Infrastructure	Not published
Not published	Real Estate Development Fund. Legacy housing lender placed under the NDF. S2	State asset transfer	Real estate	Credit	Not published
Not published	Saudi Industrial Development Fund. Legacy industrial lender placed under the NDF. S2	State asset transfer	Industrials and manufacturing	Credit	Not published
Not published	Agricultural Development Fund. Legacy agriculture lender placed under the NDF. S2	State asset transfer	Agriculture and food security	Credit	Not published

Case studies

One balance sheet for 12 lenders S4 S7

What: Pooled the capital of six legacy state lenders and used it to fund six new ones for tourism, exports, SMEs, culture, events and infrastructure.
When: 2017 onward
Size: About SAR 430B of capital
Why: To centralise and scale development finance without new central budget money.
Outcome: About SAR 60B a year now goes into the economy through the affiliates.

Moving to market funding S5 S7

What: Took SAR 5B of bank facilities and began preparing a bond programme and credit rating.
When: July to December 2025
Size: SAR 5B facilities
Why: To fund growth beyond the original pooled capital.
Outcome: International bonds planned within 18 to 24 months of December 2025.

Investment process

The Council of Ministers set the statute; a board oversees the fund and the governor is appointed by royal order. The NDF sets shared targets for jobs, private financing and non-oil growth, while each affiliated fund or bank makes its own lending decisions. S1 S4

The NDF capitalises each affiliated fund or bank and sets development targets. S4
Affiliates design products such as loans, guarantees and equity for their sectors. S4
Companies apply directly to the relevant affiliate. S4
The NDF tracks results and reports to the Prime Minister and Council of Ministers. S11

How to approach: Companies and entrepreneurs apply to the affiliated fund or bank for their sector, not to the NDF. Institutions may later reach it through planned bond and securitisation deals. S4 S8

Size and returns

Headline size: About SAR 430B (Committed or authorised capital, as of 2025-12-17) S7
In US dollars: about USD 114.7B. Converted at the fixed rate of SAR 3.75 per US dollar.
Annual disbursements: About SAR 60B (about USD 16B) (Published estimate, as of 2025-12-09) S4
Returns: the fund does not publish a return figure.

Leadership

Name	Title	Since
Abdulaziz Al-Arifi	Governor S1	2026-02-12
Sultan Al-Qahtani	Deputy Governor for Development, Economic Research and Policy Support S6	Not published

Governance and transparency

Legal basis: Council of Ministers Decision 132 of 21 November 2017; governor appointed by royal order S1
Oversight: Linked to the Prime Minister; annual report submitted to the Prime Minister and Council of Ministers S2 S11
Publishes monthly newsletters and press releases; the latest annual report is for 2023. S8
Not an IFSWF member. S3

Transparency score: 4.0 of 10 (band 2 of 5). Our own 10-item rubric; see the methodology page.

Published: governance and mandate documents, named leadership. S1 S6
Partly published: total assets, geographic or sector split, holdings or deal list, regular reporting schedule. S4 S7 S8
Not published: annual return, long-term returns, asset allocation, audited financial statements. S7 S8

History

Date	Event
2017-11-21	Statute issued by Council of Ministers Decision 132. S1
2022-03	New strategy targets more than SAR 570B injected by 2030. S2
2025-07-07	SAR 5B credit facilities with two Saudi banks. S5
2025-12-17	Governor outlines bond plans; 45 agreements worth SAR 6B signed. S7 S9
2026-02-12	Abdulaziz Al-Arifi appointed governor by royal order. S1

For family offices

The NDF has no programme for private investors. Outside capital meets it through co-financing with its affiliated funds and banks and, in future, through its planned bonds and securitisations. S4 S7

Co-financing projects alongside affiliates such as the Tourism Development Fund in priority sectors. S4
Buying future NDF bonds or securitised loan pools once issued. S4 S7

Reports

Newsletters, reports and press releases: https://ndf.gov.sa/en/home/ S8

Common questions

How big is the National Development Fund?

Its governor cites about SAR 430 billion of capital across its funds and banks, about USD 114.7 billion at the peg. S7

Who runs the NDF?

Governor Abdulaziz Al-Arifi, appointed on 12 February 2026. S1

Is the NDF the same as PIF?

No. PIF is the sovereign wealth fund; the NDF oversees the development funds and banks. The two co-invest on some projects. S7

How do I get NDF financing?

Apply to the affiliated fund or bank for your sector, such as the SME Bank or the Tourism Development Fund. S4

Is it an IFSWF member?

No. S3

Public Investment Fund (PIF) Saudi Arabia · SAR 3,396B
Mubadala Investment Company United Arab Emirates (Abu Dhabi) · AED 1,414B
National Development Fund of Iran (NDFI) Iran · About USD 195B (stated, unaudited)
XRG, ADNOC international investment company (Abu Dhabi) United Arab Emirates (Abu Dhabi) · USD 150B+, estimate
Oman Investment Authority (OIA) Oman · OMR 22.922B
MGX United Arab Emirates (Abu Dhabi) · USD 49B

All sovereign wealth funds in Middle East · All strategic development funds · All funds in Saudi Arabia

Sources

Disclaimer

Informational only. SovereignWealthFunds.com is an independent public-source reference. It is not affiliated with or endorsed by any fund named on it, and it is not investment, legal or tax advice. Figures are as of the dates shown next to them and may have changed; please read each fund's official pages, linked on its profile. To report an error, use the contact page. Copyright SovereignWealthFunds.com. All rights reserved.