Royal Order appoints governor for National Development Fund

The Saudi Cabinet approved amendments to the regulations of the National Development Fund (NDF), originally issued under Cabinet resolution No. 132 dated Nov. 21, 2017.

Article 8 was amended to replace the phrase “The fund shall have a governor appointed and dismissed by a Cabinet resolution, and the resolution of appointment shall determine his remuneration and other financial benefits” with the new wording:

“The fund shall have a governor appointed by Royal Order.”

Article 11 was amended to read as follows: “The fund’s employees – except for the governor – shall be subject to the Labor Law and the Social Insurance Law.”

Secondly, the current NDF governor shall continue to serve under the terms of his existing contract and exercise the duties and powers specified in Article 8 of the regulations until a new governor is appointed in accordance with that article, without prejudice to the powers of the fund’s board of directors to terminate the contract as per relevant legal provisions.