Riyadh, The National Development Fund (NDF) is extending its developmental role in enhancing sustainable economic growth for the Kingdom of Saudi Arabia to achieve the objectives of Saudi Vision 2030 and bridge the gaps in private sector’s development funding.
According to data of the second quarter of the current fiscal year 2022 published by the fund’s media center, HRH Prince Mohammed bin Salman, Crown Prince, Deputy Prime Minister and NDF’s Chairman of the Board, has approved in the first quarter of the current year NDF’s strategy to transform the fund into a Development Financial Institution that supervise affiliated funds and banks through monitored strategic targets and measure their progress using performance indicators and strategic initiatives. Furthermore, the fund has initiated the strategy of the Shared Services Center to enhance operation efficiency and develop human resources. Additionally, NDF has signed several memoranda of understanding this year with multiple companies and authorities, including Saudi Telecommunication Company (STC), Saudi Information Technology Company (SITE), and Cisco Saudi Arabia to enhance cooperation in cybersecurity and digital infrastructure.
NDF’s Shared Services Center has launched the first workshop related to training and development as part of the initiative of enhancing operation efficiency and developing competence of human resources among the supervised entities. The center aims to empower the development ecosystem, support its operation, and transfer/exchange knowledge and expertise within the ecosystem to achieve efficiency and increase productivity. The center also aims to raise the quality of shared services and support its operation, including human resources, financial services, procurement and contracts, information technology, administrative services, and cybersecurity through analyzing the ecosystem, developing the operational model of the center, as well as aligning it with the operational models of the supervised entities.
NDF aims to achieve sustainable development in different economic sectors by transforming into an integrated development financial institution that contributes to the realization of Saudi Vision 2030’s goals and objectives. And through the activities of its supervised entities, the fund aims to stimulate the private sector’s contribution to reach three times the development impact on the Kingdom’s economy and contributes to the growth of the Kingdom’s real GDP by injecting more than SAR 570 billion, increase the share of non-oil GDP by more than triple to reach SAR 605 billion, and create numerous job opportunities in the Kingdom by 2030.
Source: Saudi Press Agency
