Saudi Arabia’s National Development Fund has signed a SR12 billion ($3.2 billion) agreement with global financial firm Northern Trust to strengthen financial sustainability and expand the Kingdom’s global investment reach. The memorandum of understanding was concluded during the Saudi-US Investment Forum.
Under the deal, Northern Trust will serve as custodian of the fund’s assets and manage a global passive equity portfolio. The agreement aims to enhance asset-management efficiency, diversify investments, and support the fund’s long-term development objectives.
Both parties will also establish a joint working group to develop an implementation plan and explore innovative investment products that further improve the fund’s financial performance and support national development goals.
