• The following words and phrases – wherever they appear in this regulation - have the meanings defined before each of them:

• The Institution: Prince Mohammed bin Salman Park Foundation.

• The Authority: Royal Commission for Riyadh City.

• The Regulation: Regulation of the Foundation.

• The Council: Board of Directors of the Foundation.

• The President: Chairman of the Council.

• The CEO: Chief Executive Officer of the Foundation.

• The Park: Prince Mohammed bin Salman Park.

• The Geographical Scope: The geographical boundaries within which the Foundation exercises its competencies in accordance with the provisions of the regulation, defined in area and limits on the accompanying map of the regulation.

An institution shall be established under the name of (Prince Mohammed bin Salman Park Foundation), which shall enjoy public legal personality and financial and administrative independence, and shall be organizationally linked to the President of the Council of Ministers, with its main headquarters located in the city of Riyadh.

• 1- The institution operates on non-profit commercial principles and standards, enabling it to fulfill its responsibilities and perform its tasks in organizing and developing its services; this is in accordance with the regulations approved by the Council.

• 2- The Authority supervises the institution – in accordance with the powers granted to it by law – by approving its visions and strategic plans, as well as the controls and planning standards established by the institution related to the park.

• The institution aims to enhance the competitiveness of the city of Riyadh and improve the quality of life by providing green spaces and vegetation for a better environment, and supporting the local economy by creating more job opportunities. To achieve this – without prejudice to what is stated in paragraph (2) of Article (3) of the law – it has all the necessary powers that enable it to exercise its authorities within the geographical scope, particularly the following:

• 1- General supervision of the park.

• 2- Establishing policies, plans, and executive programs necessary for carrying out its missions.

• 3- Proposing necessary urban regulations for the areas surrounding the park - as defined in the accompanying map of the law - in coordination with the Riyadh Municipality; in preparation for completing what is necessary for its approval according to legal procedures.

• 4- Designing, planning, implementing, managing, operating, developing, and maintaining the park and its associated facilities and services, and it may delegate any of these tasks to whomever it deems appropriate according to regulations set by the council.

• 5- Encouraging investment in the park.

• 6- Disposing of the real estate owned by it and investing it according to regulations set by the council.

• 7- Investing its movable property and the real estate allocated to it; according to regulations set by the council.

• 8- Establishing investment funds and similar entities or participating in them; in accordance with the applicable legal procedures.

•  9- Cooperating and exchanging expertise with local, regional, and international bodies and organizations related to the institution's activities.

The institution shall have a Board of Directors composed of a Chairman and at least (six) members with expertise and specialization - nominated by the Chairman of the Board of the Authority - appointed by a decree from the Council of Ministers. The term of membership in the Board shall be (three) years, renewable once.

• The Council is the governing authority responsible for managing the affairs of the institution, overseeing its administration, and conducting its matters. It makes all necessary decisions to achieve its objectives, and it has, in particular and without prejudice to what is stated in paragraph (2) of Article (3) of the Law, the following powers:

• 1- Approving the policies related to the institution's activities, and approving the necessary executive plans and programs for their implementation, as well as overseeing their execution.

• 2- Approving the procedures, rules, and standards related to the institution's work, activities, and projects.

• 3- Determining the types of licenses and permits required to conduct activities in the park, and establishing the necessary controls and conditions for each, in coordination with the relevant authorities.

• 4- Approving the organizational structure of the institution.

• 5- Approving the financial regulations and provisions with financial implications in the administrative regulations in agreement with the Ministry of Finance.

• 6- Approving the administrative regulations - governing the affairs of the institution's employees - and other internal regulations necessary for the operation of the institution, provided that the approval of the administrative regulations is in agreement with the Ministry of Human Resources and Social Development.

• 7- Determining the financial compensation for the services and works for which the Council deems it necessary to collect a financial fee.

• 8- Approving the draft budget of the institution, its final accounts, the auditor's report, and the annual report; in preparation for submitting what is required according to the applicable legal procedures.

• 9- Approving the establishment of investment funds and similar entities or participating in them; in accordance with the applicable legal procedures.

• 10- Approving the conclusion of agreements, protocols, and contracts, according to the applicable legal procedures.

•  11- Accepting gifts, grants, donations, bequests, and endowments, in accordance with the applicable legal procedures.

• 12- Appointing an internal financial auditor.

• The Council may form permanent or temporary committees from among its members or others, assigning them tasks it deems necessary. Each committee's formation decision specifies its chairperson, members, and competencies, and the committee may seek assistance from anyone it deems necessary to perform the tasks assigned to it. The Council may delegate some of its tasks to its chairperson, any of its members, or the CEO, as required by the operation of the institution.

• 1- The Council meetings are held at the institution's headquarters, and they may be held elsewhere with the approval of the Council President.

• 2- The Council meets at the invitation of its President once every (three) months, and whenever necessary as deemed by the Council President, or if requested by at least one-third of the members. The invitation must be sent in writing at least (seven) days prior to the meeting, and it must include the agenda.

• 3- The Council meetings are valid with the presence of at least the majority of its members, including the Council President or a member designated by him.

• 4- The Council's decisions are made by a majority vote of its members, and in the event of a tie, the side that the meeting President voted with prevails. The Council may also issue its decisions by circulation, according to a regulation it establishes to organize that.

• 5- No member of the Council may abstain from voting, nor may they delegate another member to vote on their behalf in their absence.

• 6- The Council's discussions and decisions are recorded in minutes signed by the meeting President and the attending members. A member who objects to any decision may record their objection with justification in the minutes.

• 7- The Council may invite individuals to attend its meetings for assistance without granting them the right to vote.

• The institution shall have a Chief Executive Officer appointed and dismissed by a Decision from the Council based on a nomination from its Chairman. The Decision shall specify his salary and other financial benefits, and he shall be responsible for managing the affairs of the institution. His responsibilities are limited to what is stipulated in the regulations and the bylaws issued accordingly, and what is determined by the Council. In particular, he shall have the authority to carry out the following competencies:

• 1- Preparing policies related to the institution's activities, and preparing the necessary executive plans and programs for their implementation, submitting them to the Council, and following up on their implementation after approval.

• 2- Supervising the workflow in the institution through the approved regulations, plans, and programs.

• 3- Proposing the organizational structure of the institution.

• 4- Supervising the preparation of administrative and financial regulations, and other internal regulations necessary for its operations; in preparation for submitting them to the Council.

• 5- Supervising the preparation of procedures, rules, and standards related to the work of the institution, its activities, and its projects; in preparation for submitting them to the Council.

• 6- Appointing the institution's staff, in accordance with the regulations governing that, and supervising them.

• 7- Disbursing from the institution's budget and taking all financial actions in accordance with the regulations, within the limits of the powers delegated to him by the Council.

• 8- Signing agreements, protocols, and contracts, after obtaining the Council's approval, and in accordance with the applicable legal procedures.

• 9- Contracting for the execution of works, services, and others, within the limits of the powers delegated to him by the Council.

• 10- Supervising the preparation of the institution's annual report, its budget draft, and its final accounts; in preparation for presenting them to the Council.

• 11- Issuing the necessary Decisions to implement the provisions contained in the regulations and the bylaws issued accordingly, according to the powers granted to him.

• 12- Following up on the implementation of the Decisions issued by the Council.

• 13- Submitting periodic reports to the Council on the progress of work in the institution, its achievements, and its activities.

• 14- Representing the institution before the judiciary and at government agencies, institutions, and other relevant bodies, as well as other entities inside and outside the Kingdom. He may delegate others in this regard.

• 15- Any other competencies assigned to him by the Council.

• The Chief Executive Officer may delegate some of his competencies to whomever he sees fit among the institution's staff.

The employees of the institution are subject to the provisions of the Labor Law and the Social Insurance Law.

• 1- The resources of the institution consist of the following:

  • A- The allocation designated for it in the state’s general budget.

  • B- The financial compensation it receives in return for the services and works it provides.

  • C- What the Council accepts in terms of gifts, aids, grants, bequests, donations, and endowments.

  • D- The returns on its investments.

  • E- Any other resource approved by the Council, provided it does not conflict with the regulations and instructions.

• 2- All revenues of the institution shall be deposited in the current account of the Ministry of Finance at the Saudi Central Bank.

•  3- The institution shall open an account for itself at the Saudi Central Bank. It may also open other accounts at any of the banks licensed to operate in the Kingdom. Withdrawals from these accounts shall be made in accordance with the institution's budget.