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Endowments Authority Sets Revival Rules
The General Authority of Endowments has issued a new regulation for revitalizing unknown and inactive endowments, aimed at organizing the process of reclaiming endowments and activating their developmental, economic, and social roles. The regulation has expanded to include inactive endowments and introduced various means for revival, such as investment, development, and financing. It also increased incentives for reporting, with the maximum reward now reaching ten million riyals while maintaining data confidentiality. The goal of the regulation is to improve the efficiency of utilizing endowment assets and to enhance community participation in preserving endowments. Currently, the value of unknown endowments, which the authority is working to clarify, exceeds one and a half billion riyals.
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