What are the New Rules on the Saudi Family Funds?

The National Center for Non-Profit Sector on Friday unveiled a revised set of rules for Saudi family funds.

Officials claimed in a statement that the new rules would "facilitate procedures and achieve important gains."

Families will now be able to create multiple funds, and center-approved donations from non-family members will also be allowed, according to the rules.

“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," said Ahmed Al-Suwailem, the center’s CEO.

“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 further added.

The chairman of the Economic Families Association’s board of directors, Nasser Al-Gharbi, 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 families funds.”