"Endowments" Signs Cooperation Memorandum to Launch Packages of Endowment Development Projects Worth Half a Billion Riyals with Samoo Community Company

The Governor of the General Authority for Endowments, Mr. Emad bin Saleh Al-Khuraishi, signed a memorandum of cooperation with the Chairman of the Board of Directors of Samoo Community Company, Dr. Ayed bin Farhan Al-Qahtani, to launch a set of endowment development initiatives and projects worth half a billion riyals. This is aimed at maximizing the conditions of the waqifs (endowers) and contributing to sustainable development.

The memorandum included studying the support of establishing and launching an endowment investment fund for relatives, supporting the implementation of endowment development projects according to development and community needs, as well as supporting the construction and operation of a mosque and a center for honoring the dead in Dammam, building a model for installment services for purchases, public service bills, and basic needs for the most needy, establishing and launching an "Endowment Marketing Company" to provide marketing and management services for endowment properties for the benefit of endowment entities.

This memorandum comes within the framework of the Authority's keenness to activate the role of development partnerships to develop the capabilities of endowment sector entities, development projects, and support community needs in various fields. It also aims to achieve sustainable economic and social development, contributing to increasing the contribution of endowments to the national product.

It is worth noting that the General Authority for Endowments works to enhance the endowment sector, its governance, and preservation, develop it, and raise awareness of it by launching innovative endowment products and services worth half a billion riyals for beneficiaries. This is to make it a leader in sustainable development locally and globally, in a way that fulfills the conditions of the waqifs, applies best practices, and establishes systems and regulations that will enhance, develop, and empower endowment work, maximizing its impact on economic and social development and social solidarity.