The regulation of the Higher Education Fund for universities and colleges, approved by the Council of Ministers last week, grants the fund statutory powers related to post-secondary education, Okaz newspaper has learned. Its aims include diversifying and improving funding, growing institutions' own revenues and investing their money and assets to strengthen their financial sustainability and help them meet development needs.

According to the newspaper, the fund will draw up policies, plans, programmes and projects within its remit, manage the investments, funds and assets of higher education institutions in agreement with them, and run their facilities and invest the returns.

It may also invest in securities and own assets.