RIYADH: An updated package of rules relating to Saudi family funds was on Friday launched by the National Center for Non-Profit Sector.
In a statement, officials said the new regulations would help to “facilitate procedures and achieve important gains.”
Under the rules, families will now be allowed to set up more than one fund, and center-approved donations from non-family members will also be permitted.
In addition, a previous requirement for the presence of a supervisor in financial transactions has been abolished.
Ahmed Al-Suwailem, the center’s CEO, said: “The updates reflect the important role that family funds play in strengthening ties of kinship, and spreading the spirit of harmony and solidarity among members of the same family.
“The updates come within the framework of the efforts of the NCNPS to enable sustainable financial targets, and to ensure the governance of procedures in the activities of family funds,” he added.
Nasser Al-Gharbi, chairman of the Economic Families Association’s board of directors, said: “These funds contribute to strengthening the role of the non-profit sector — the third sector — and enhance the collective work, and contribute to the social responsibility, of these family funds.”
New rules unveiled on Saudi family funds
https://arab.news/rp2ww
New rules unveiled on Saudi family funds
- The new regulations would help to “facilitate procedures and achieve important gains”
- A previous requirement for the presence of a supervisor in financial transactions has been abolished
Citrus festival highlights AlUla’s heritage, economy
- The rise in visitor numbers reflects the festival’s prominence as a major agricultural and community event. It runs until Jan. 16
ALULA: The AlUla Citrus Festival has seen a remarkable turnout of residents and visitors as it has coincided with the mid-year school break, the Saudi Press Agency reported.
The festival is being held at the farmers’ market in the cultural oasis, amid an environment that blends stunning natural beauty with the governorate's rich agricultural heritage.
The rise in visitor numbers reflects the festival’s prominence as a major agricultural and community event. It runs until Jan. 16.
It allows visitors to explore local products and purchase citrus fruits directly from farmers, highlighting the deep connection between the people, their land, and agricultural legacy.
The festival showcases a diverse selection of AlUla’s finest citrus fruits, alongside platforms for local producers, the SPA added.
The event also features interactive family-friendly activities and live cooking demonstrations.
It contributes to revitalizing agricultural economic activity and reinforces agricultural seasons as a pillar of sustainable development in the governorate.
The AlUla Citrus Festival is a key social and economic event and gives local farmers a vital platform to showcase and sell their produce, supporting the agricultural economy of a governorate home to nearly 5,000 productive farms.
