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
Saudi-Yemen program provides $81.2m to operate more than 70 power plants
- Grant will improve reliability of electrical power to critical facilities, including hospitals, medical centers, roads, schools, airports and ports
- Move follows last week’s announcement by the SDRPY of a larger aid package totaling $506 million to support Yemen
LONDON: A tripartite agreement was signed on Wednesday between the Saudi Development and Reconstruction Program for Yemen, the oil company Petromasila, and Yemen’s Ministry of Energy and Electricity to supply petroleum derivatives for the country’s power plants.
SDRPY is supporting the Yemeni government with an $81.2 million grant to purchase 339 million liters of diesel and mazut from Petromasila to operate more than 70 power plants across various Yemeni governorates.
The grant follows last week’s announcement by the SDRPY of a $506 million aid package to support Yemen’s education, health, government and infrastructure sectors.
The SDRPY highlighted that the grant will improve the reliability of electrical power to critical facilities, including hospitals, medical centers, roads, schools, airports and ports. Additionally, the funding will stimulate the Yemeni economy and support the Central Bank of Yemen by easing the pressure on foreign exchange reserves.
It reduces the Ministry of Finance’s fuel-related financial burden and supports the Ministry of Electricity and Energy in improving the efficiency of power plants in Yemen, the SDRPY said.
In 2018, the SDRPY provided $180 million, in addition to $422 million in 2021 and another $200 million in 2022, as grants to Yemen to purchase oil derivatives and operate vital sectors of the country.
