Saudi Endowment Investment Funds’ Assets Hit Record High of SAR1 Billion.

Riyadh: The net assets of licensed endowment (waqf) investment funds in Saudi Arabia have reached a new record exceeding SAR1 billion in 2024, substantially surpassing the SAR half-billion mark from the previous year. According to Saudi Press Agency, this achievement coincides with the introduction of five new funds, bringing the total number to 34 endowment funds. The assets have increased by 29.3%, with an average asset size increase of 13.9%. The General Authority for Awqaf granted licenses for these five funds in 2024, aligning with the guidelines set forth by the authority. This has resulted in a total of 27 public and seven private endowment investment funds. Through its strategy, the authority aims to enhance the endowment sector's sustainability by refining the licensing process for endowment investment products. It is committed to streamlining procedures that encourage individuals and endowment entities to broaden their activities across various sectors. owment funds are equipped with precise mech anisms to drive sustainable development by implementing best practices in this field. They engage in developmental projects that cater to societal needs and efficiently manage endowed resources to address social and developmental requirements. Furthermore, these funds offer programs designed to yield optimal developmental returns, fostering connectivity between endowment projects and initiatives undertaken by relevant authorities and charitable organizations.