13 Hrs
Source:
الاقتصادية
Source: الاقتصادية
13 Hrsالاقتصادية
Source: الاقتصادية
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The Saudi Council of Ministers has approved new financial oversight rules for endowments managed by government entities. The rules fully separate their accounts from those of the entities and establish an independent financial liability for each endowment. They require separate accounting records in line with approved standards, the appointment of an external auditor and the submission of annual reports. They also regulate investment, contracts and conflicts of interest, and protect endowment assets. The rules aim to strengthen transparency and oversight efficiency, as endowment assets in Saudi Arabia exceed 500 billion riyals.
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