The Saudi National Development Fund’s board of directors, chaired by Crown Prince Mohammed bin Salman, appointed on Thursday Stephen Groff as the new governor, Saudi Press Agency (SPA) reported.
The Yale graduate has more than 30 years of experience in economic development and emerging markets. He served as vice-president of the Asian Development Bank in September 2011, responsible for its operations in east and southeast Asia and the Pacific.
He also served as deputy director for development cooperation at the Paris-based Organization for Economic Cooperation and Development.
According to data compiled by Argaam, King Salman issued a royal decree in October 2017 to establish the National Development Fund under the mandate of the Prime Minister.
The fund oversees the Real Estate Development Fund, 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.
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