Saudi National Development Fund partners with World Economic Forum

RIYADH: Saudi Arabia’s National Development Fund (NDF) has forged a significant partnership with the World Economic Forum (WEF), as reported by the Saudi Press Agency.

Established in 2017, the NDF acts as an umbrella for 12 development funds and banks within Saudi Arabia. It plays a crucial role in enhancing operational efficiency, promoting synergies, increasing contributions to the economy and society, and ensuring consistent provision of finance and development loans across various sectors.

The collaboration with the WEF is a strategic maneuver aimed at enhancing the NDF’s global stature in the development finance domain. This alliance will facilitate cooperation with leading financial institutions to effectively address sectoral challenges.

The WEF’s extensive network includes esteemed institutions such as the Islamic Development Bank, the African Development Bank, the World Bank Group, the China Development Bank, the Development Bank of Japan, and the Export-Import Bank of China. This network will grant the NDF access to best practices, policy development strategies, and opportunities to amplify its economic influence.

Engaging with the WEF will enable the NDF to participate in a comprehensive schedule of conferences, seminars, and workshops throughout the year. This engagement will augment the NDF’s exposure to cutting-edge information, research, and insights across various economic, business, and social spheres.

The agreement, signed by the NDF’s Chief of Staff Khalid bin Ibrahim Shareef and the WEF’s Head of Global Partner Development and Regional Business Strategy Alexandre Raffoul, underscores Saudi Arabia’s commitment to leading global economic trends and technological advancements in the finance and economic sectors.