Saudi Arabia Sets Rewards for Reporting Unknown Endowments

The General Authority for Endowments in Saudi Arabia has announced a new regulatory framework to incentivize the reporting of unknown endowments. The authority has set a reward ceiling at no more than five percent of the value of the endowment property, with a maximum reward of SR10 million. This initiative is part of broader regulations aimed at reviving unknown and dormant endowments, ensuring they fulfill the intentions of the original donors while contributing to their sustainability and development within the Kingdom.

The regulations define unknown endowments as those whose beneficiaries have been suspended due to various reasons, such as the absence of a trustee or lack of awareness about the endowment's location or status. Dormant endowments are those where principal revenues have ceased for two consecutive years or where benefits from the endowed asset have been suspended.

Interested parties can request investigations into unknown endowments or seek assistance in reviving dormant ones. Reports must be unknown to the authority, supported by valid documentation, and submitted through specified channels. The Committee for Unknown Endowments will determine rewards based on the validity of documents and the productive effort made in resolving the issue.

Economic expert Ahmed Al-Shehri noted that reports on dormant endowments will not be accepted during the first year, allowing administrators time to address their status. The regulations apply to various types of assets, including real estate and movable property, and also cover certain reports submitted before the regulations took effect.