7 Hrs
Source:
الاقتصادية
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Source: الاقتصادية
7 Hrsالاقتصادية
Source: الاقتصادية
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The Saudi Cabinet has approved new rules for the financial oversight of endowments managed by government entities. The rules fully separate each endowment’s accounts from the budgets of those entities and establish an independent financial estate for each endowment. They require separate accounting records in line with approved standards, the appointment of an external auditor and the issuance of annual reports. They also regulate investment, contracting and conflicts of interest, and protect endowment assets. The measures aim to strengthen transparency and oversight, at a time when endowment assets in Saudi Arabia exceed 500 billion riyals.
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