The Governor of the General Authority of Awqaf, Mr. Emad Al-Kharashi, has signed a memorandum of understanding with the Chairman of the Board of Trustees of the Abdullah Bin Saleh Al-Othaim and Sons Charitable Foundation, Mr. Abdullah Bin Saleh Al-Othaim, to establish and launch the largest endowment investment portfolio worth one billion riyals to support societal needs in various fields and achieve sustainable economic development for non-profit organizations.
The memorandum of understanding includes the establishment and launch of the largest dedicated endowment investment portfolio for the foundation to achieve sustainable development support, in addition to the cooperation between the two parties in financing developmental and qualitative projects according to societal needs and priorities.
This memorandum comes within the framework of the Authority's keenness to activate partnerships that contribute to the development of the endowment sector, and to encourage diversification of its financial instruments and endowment investment products, in order to achieve financial sustainability for the sector, develop its resources, and enhance financial performance. It also reflects the Authority's belief in the importance of enhancing financial investment for civil societies and activating their role in development.
It is worth mentioning that the General Authority of Awqaf works to regulate and preserve the endowment sector, develop endowment services provided to beneficiaries, and work on the development and sustainability of the sector, in line with the conditions of the endowers through the application of best practices, proposing regulations and laws that enhance the endowment work, develop it, empower it, maximize its impact, and enhance its role in economic, social, and solidarity development, in accordance with the objectives of Islamic Sharia and relevant regulations, and to achieve the aspirations of the wise leadership in making the Kingdom a pioneer in the non-profit sector.
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