DEVELOPING A LEGAL FRAMEWORK GOVERNING PUBLIC UNIVERSITY ENDOWMENTS IN SAUDI ARABIA: LESSONS FROM THE AMERICAN EXPERIENCE WITH UMIFA AND UPMIFA

Abstract

Saudi universities have recently started building and growing their endowments. Despite the increasing interest in university endowments, there is currently no specific legal framework that governs the area of university endowments in Saudi Arabia. The lack of a specific legal framework obstructs the advancement of university endowments. Therefore, this dissertation delineates the development and characteristics of the prevailing legal framework governing university endowments in the United States. The dissertation focuses on the development of the Uniform Management of Institutional Fund Act and the Uniform Prudent Management of Institutional Fund Act. The dissertation also uses in depth interviews with professional working in the field of university endowments in the United States. This description of the American case is useful for thinking about how to institute a legal framework in Saudi Arabia.