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Groff was appointed as Governor of the National Development Fund (NDF) in February, 2019. He is responsible for establishing this new government entity that aims to raise the level of performance of sectoral funds and development banks in Saudi Arabia.

In February, 2019, Groff became Governor of the National Development Fund (NDF). NDF was established to enhance economic diversification as well as to promote sustainable development financing in Saudi Arabia. NDF oversees different Saudi development funds and banks, supervises their performance and efficiency, and ensures that each entity contributes effectively to Saudi Vision 2030.

In 2018, Groff was identified by Richtopia as one of the top 100 leaders from multilateral organizations.

Groff was appointed as vice president of the Asian Development Bank (ADB) in September 2011. Previously, he served as Deputy Director for Development Cooperation at the Paris-based Organisation for Economic Co-operation and Development and as Deputy Vice-President for Operations at the Washington-based Millennium Challenge Corporation. He has also worked for the U.S. Agency for International Development, the U.S. Refugee Program and as a U.S. Peace Corps volunteer.

Groff was raised in Warren, Vermont, and graduated from Harwood Union High School He is a 1986 graduate of Yale University, and attended the Kennedy School at Harvard University, receiving a two-year Master in Public Administration in 1996. He received the Pearson–FT Non-Executive Director SRF BTEC Level 7 diploma in 2015 and is a PhD candidate in the Faculty of Social Sciences, Graduate School of Environmental Management at Erasmus University in the Netherlands.

Stephen P Groff (born February 15, 1964) is an economist and Governor of the National Development Fund of Saudi Arabia.

Groff is married has two children. His family has lived in Vermont for generations and their roots there can be traced back to the 18th century. His Great-grandfather was the photographer Edmund Homer Royce of St. Albans. His 3rd Great-grandfather was Vermont Congressman and Chief Justice Homer Elihu Royce and his 4th Great-uncle was Vermont Governor and Chief Justice Stephen Royce. His 5th Great-grandfather was Major Steven Royce who was a delegate to the convention that signed the 1774 Dorset Accords which led to an independent Vermont Republic and future statehood. Groff speaks Tagalog and French and is a triathlete.