Reviving Dormant Properties
Saudi Arabia’s General Authority for Endowments announced a major new financial incentive. They set rewards of up to SR10 million for reporting unknown endowments. This measure falls under new regulations aimed at identifying and reviving dormant assets. The government wants to recover properties whose status or benefits were lost. The financial reward is capped at five percent of the endowment's total value. The overall ceiling for any single payout remains firmly at SR10 million. The new regulations establish strict procedures for identifying and resolving these complex cases. The authority ensures the process respects the original intentions set by the donors.
Defining Unknown Endowments
An unknown endowment involves properties lacking a designated trustee entirely. It also includes cases where a possessor deliberately conceals the asset's existence. Sometimes trustees remain genuinely unaware of the asset’s location or their legal trusteeship. A dormant endowment describes properties where principal revenues have ceased for two years. The public can report these cases directly through the authority’s designated channels. The reports must concern cases not already known to the government authorities. Informants must support their claims with valid, verifiable documentary evidence. Furthermore, there must be no pending lawsuits concerning the specific endowment property.
Evaluating The Evidence
The Committee for Unknown Endowments determines the final reward for eligible reporters. They consider the strength of the evidence and the effort involved in resolution. Endowment administrators and individuals who encroached upon the property are strictly ineligible. If multiple people report the same asset, priority goes to the first reporter. However, the committee can reward subsequent reporters who contribute materially to the resolution. This initiative aligns with broader efforts to improve financial transparency under Vision 2030. Stay informed about the economic regulations shaping the Middle East today. Read our comprehensive regional business analysis on The WAU.
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