The fund has a legal personality and administrative and financial independence. The board of directors set general objectives as a wide and continuous framework to develop the educational ability of the universities and diversify their financial resources in a way that benefit all their academic and practical programs in quantity and quality. The goals of the fund as stated by its board of directors are:
- Develop the higher education and increase the universities ability to perform its role that meets the requirements of development.
- Diversify the funding sources of universities and develop its mechanisms.
- increase the universities own resources and enabling universities to go forward in rationalizing and organizing the rewards.
- Invest funds efficiently and effectively to support the available financial resources of the universities.
- Benefit from the returns of the services provided by the universities and receive the contributions of the private sectors.