Here are the National Development Fund’s rules, regulations

Saudi Arabia’s official gazette revealed the rules and regulations of the National Development Fund, which was approved by the cabinet on Nov. 21 and set up by royal decree in October.

The new vehicle will serve as an umbrella fund to oversee the Saudi Fund for Development, the Saudi Industrial Development Fund, the Agricultural Development Fund, Social Development Bank, the Human Resources Development Fund, and any development fund or bank that reports to the cabinet.

The fund, which has SAR 345 billion in capital, aims to raise the performance of development funds and banks, in order to achieve the objectives of their establishment and to meet the Kingdom’s vision, and development and economic needs.

The fund enjoys financial and administrative independence. It is Riyadh-based and organizationally linked to the Prime Minister (Crown Prince Mohammed bin Salman). The national fund will be operational within 90 days of issuing the rules and regulations.

The Fund enjoys wide authorities, including the following:

- General regulatory and operational supervision of the Kingdom’s development funds and banks.

- Taking necessary measures to achieve integration and coordination between development funds and banks to meet their objectives.

- Taking necessary measures to raise the adequacy of financing and development lending, and to enhance their sustainability in development funds and banks.