As part of the joint cooperation with the General Authority for Statistics, the General Authority for Endowments has activated a new economic activity under the name "Endowment Management" within the national classification of economic activities based on the International Standard Industrial Classification (ISIC 4) to enhance and empower the role of endowments, organize their affairs, integrate them into the economic and developmental system, and issue a unified national classification for endowment entities under a recognized and specialized activity in endowment management, representing the prestigious identity of endowments.
The activation of this new economic activity under the prestigious identity of endowments aims to expand the base of economic activities in the endowment sector, unify the classification of endowments among relevant government entities, enhance business facilitation for endowments with the public and private sectors, and monitor their economic and developmental impact. This is in line with the Kingdom's Vision 2030, updating and developing systems to meet the present and future needs, and improving the governance of the endowment sector.
It is worth mentioning that the General Authority for Endowments works on regulating and preserving the endowment sector, developing endowment services provided to beneficiaries, and working on the sector's development and sustainability. This is achieved by implementing best practices, proposing regulations and regulations that enhance and develop endowment work, maximize its impact, and enhance its role in economic, social, and social solidarity development, in accordance with the objectives of Islamic law and applicable regulations. This is to achieve the aspirations of the wise leadership in making the Kingdom a leader in the nonprofit sector.
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