The General Authority for Awqaf (GAA) reported that its expenditure on development portfolios surpassed SAR 2.5 billion by the end of 2024. This funding facilitated the execution of more than 250 initiatives in collaboration with over 200 partners. These projects aim to fulfil endowers’ stipulations, address societal needs across various sectors, and achieve sustainable economic and social development. The authority has aligned its efforts with high-impact programs supporting the objectives of Saudi Vision 2030 in partnership with government, private, and nonprofit sectors.
The GAA has organised endowers’ conditions into specific development portfolios, managed directly by the authority, encompassing a wide range of projects across Saudi Arabia. The portfolios include the Pilgrim Experience Portfolio, Mosque Portfolio, Environment and Water Portfolio, Housing Portfolio, Education Portfolio, Health Portfolio, and Vulnerable Populations Portfolio.
In the first half of 2024, the GAA signed 23 agreements and memorandums of understanding with various government entities, endowment organisations, and related sectors, amounting to over SAR 4 billion. These agreements aim to develop the endowment sector, enhance its financial resources, and deepen collaboration and partnerships within its components.
Additionally, the net assets of licensed endowment investment funds in Saudi Arabia reached a new record, exceeding SAR 1 billion in 2024, substantially surpassing the SAR 500 million mark from the previous year. The GAA granted licenses for five funds in 2024, aligning with its strategy to develop the endowment sector and enhance its role in economic and social development.
