Awqaf Authority approves 14 endowment funds, 8 launch SAR 365 mln investments

Logo of The General Authority for Awqaf

The General Authority for Awqaf (GAA) approved 14 endowment funds to date, Al Eqtisadiah newspaper reported. 

Only eight out of the 14 funds have launched SAR 365 million investments, the authority said. 

The eight funds were licensed and offered by the Capital Market Authority (CMA), the GAA said, noting that its approval is the first step before the CMA license. 

Regarding the latest developments for the study of exempting the Awqaf sector from idle land fees, workers fees and taxes, the authority said that work is still underway to prepare an integrated study in cooperation with the relevant authorities, to provide all details on what contributes to the development of the Awqaf sector.