The words and phrases listed below - wherever they appear in this regulation - shall have the meanings specified next to each of them:
The Fund: National Development Fund.
The Regulation: Regulation of the Fund.
The Council: Board of Directors of the Fund.
The President: President of the Council.
The Governor: Governor of the Fund.

1- The fund enjoys legal personality and financial and administrative independence, and is organizationally linked to the President of the Council of Ministers.
2- The main headquarters of the fund shall be in the city of Riyadh, and it may - by a decision of the Council - establish branches as needed.

The following are organizationally linked to the Fund: Real Estate Development Fund, Saudi Fund for Development, Saudi Industrial Development Fund, Agricultural Development Fund, Social Development Bank, Human Resources Development Fund, and any other development fund or bank that is attached by a decree from the Prime Minister based on the Fund's proposal, hereinafter referred to as "the development funds and banks."

The Fund aims to enhance the performance of development funds and banks to achieve the desired goals of their establishment and to align with what serves the priorities of development and economic needs in light of the objectives and foundations of the Kingdom's Vision. To achieve this, it has the broadest powers, specifically including the following:
1- General oversight in terms of organization, supervision, and execution of development funds and banks.
2- Taking necessary measures to achieve integration and coordination among development funds and banks to contribute to achieving their objectives.
3- Taking necessary measures to enhance the efficiency of development financing and lending and to strengthen their sustainability in development funds and banks.
4- Reviewing the competencies, strategies, regulations, and structures of development funds and banks, their executive plans, and the financing and lending mechanisms in place in those funds and banks, and updating them to meet the requirements of development priorities, without prejudice to the competencies of regulatory authorities, and reporting on what is necessary to complete procedures in this regard.
5- Participating in representing the Kingdom in organizations, bodies, forums, and regional and international conferences related to the Fund's competencies.

The fund shall have a Board of Directors chaired by the Deputy Prime Minister, with the membership of the Governor and no fewer than seven members, whose appointment shall be issued by an order from the Prime Minister. The term of their membership shall be three (3) years, renewable once.
The Chairman of the Council may delegate any member he sees fit to preside over the Council in his absence.

The Council is the authority responsible for outlining the public policy of the Fund, within the limits of the regulations and related laws, and it undertakes all tasks and powers that ensure the achievement of the Fund's objectives. To this end, it has the authority to make any decisions, procedures, measures, and others that it deems necessary, specifically including the following:

• 1- Approving the strategies related to the Fund's activities, and the plans and programs necessary for their implementation, and raising any matters that require completing procedures in this regard.

• 2- Supervising the implementation of the Fund and the developmental funds and banks of the tasks assigned to them.

• 3- Approving the organizational structure of the Fund.

• 4- Approving the administrative and financial regulations that the Fund operates under, as well as other internal and technical regulations and procedures necessary for managing its affairs.

• 5- Establishing the mechanisms and standards necessary for monitoring and overseeing the performance of the developmental funds and banks.

• 6- Approving updates to the competencies, strategies, regulations, structures of the developmental funds and banks, their executive plans, and the financing and lending mechanisms in place, and raising any matters that require completing procedures in this regard.

• 7- Approving the draft budget of the Fund, its final accounts, the auditor's report, and the annual report; in preparation for submitting them according to the applicable legal procedures.

• 8- Reviewing periodic reports on the progress of work in the Fund and making necessary decisions regarding them.

• 9- Proposing draft laws related to the competencies of the Fund and suggesting amendments to those in effect.

• 10- Reviewing the annual reports and final accounts of the developmental funds and banks, in preparation for submitting them according to the applicable legal procedures.

• 11- Accepting gifts, donations, grants, bequests, and endowments in accordance with the governing provisions.

• 12- Appointing an external auditor and an internal financial controller.

• 13- Approving the conclusion of agreements, protocols, and contracts, according to the applicable legal procedures.

• To achieve these competencies, the Council may form permanent or temporary committees from its members or others, assigning them tasks it deems appropriate, specifying in the decision to form each committee its chairperson, members, and competencies, and allowing them to seek assistance from whom they see fit to perform the tasks assigned to them.

The Council may also delegate some of its competencies to any of its members, the governor, or the Fund's employees as required by the workflow within it.

1- The meetings of the Council are held at the headquarters of the Fund, and may, when necessary, be held at another location.
2- The Council meets at the invitation of its President, provided that its meetings are not less than two meetings during the year. A meeting of the Council is considered valid only in the presence of at least the majority of its members, including the President or his representative. Decisions are made with the approval of at least the majority of those present, and in the event of a tie, the side with which the President of the meeting voted is favored. The President of the Council has the right to invite anyone he deems appropriate to attend the sessions of the Council to provide information, opinions, or clarifications without having the right to vote.

The fund shall have a Governor appointed by Royal Decree, who shall be the executive officer of the fund, and shall take whatever measures he deems necessary to achieve the fund's objectives and tasks. His responsibilities shall be concentrated within the limits of the statute and what the Council decides, and he shall assume the following competencies:
1- Proposing strategies related to the fund's activities, and the necessary plans and programs for their implementation, and submitting them to the Council.
2- Supervising the workflow in the fund through the approved regulations, plans, and programs.
3- Proposing the organizational structure of the fund and submitting it to the Council.
4- Proposing the administrative and financial regulations governing the fund, as well as other internal and technical regulations and procedures necessary to manage the fund's affairs and operations; in preparation for submission to the Council.
5- Monitoring the performance of development funds and banks according to the mechanisms and standards approved by the Council.
6- Taking necessary measures to prepare draft updates of the competencies, strategies, regulations, organizational structures, executive plans, and financing and lending mechanisms applicable to those development funds and banks, and presenting them to the Council.
7- Supervising the preparation of the fund's budget draft, final account, and annual report; in preparation for submission to the Council.
8- Supervising the preparation of periodic reports on the fund's workflow and presenting them to the Council.
9- Signing agreements and protocols after the Council's approval and in accordance with the applicable statutory procedures.
10- Representing the fund before government agencies, other related institutions, and other entities inside and outside the Kingdom, as well as before the judiciary, and he may delegate others to do so.
11- Disbursing from the fund's budget and taking all financial procedures in accordance with the approved laws and regulations, and within the powers delegated to him by the Council.
12- Contracting to execute works, services, and others, according to the powers delegated to him by the Council.
13- Issuing the necessary decisions to implement the provisions contained in the statute and the regulations issued pursuant thereto, according to the powers vested in him.
14- Appointing the fund's employees in accordance with the regulations governing that, and supervising them.
15- Any other competency assigned to him by the Council.
The Governor may delegate some of his competencies to whomever he deems appropriate among the fund's employees.

• 1- The resources of the fund consist of the following sources:

  • A- The appropriations allocated to it in the public budget of the state.

  • B- What the council accepts in terms of gifts, donations, grants, bequests, and endowments.

  • C- Any other resource approved by the council, provided it does not violate the regulations and instructions.

• 2- The funds of the fund shall be deposited in an account with the Saudi Central Bank, and expenditures from these funds shall be made according to the approved budget of the fund.

1- The fund shall have an independent annual budget, prepared and issued in accordance with the arrangements for issuing the state's general budget.
2- The financial year of the fund is the same as the financial year of the state; however, the first financial year of the fund shall commence from the date of the enforcement of the regulation and shall end at the conclusion of the following financial year of the state.