During his reviewing of the project in Asharqia Chamber
AlDehaim: nonprofit system of companies that supports the Kingdom Vision 2030 in raising the contribution of the nonprofit sector in the local gross reached up from 1% to 5%
The Legal Adviser in the Ministry of Trade and Industry, Abdul-Aziz bin Saud Dehaim, has stressed that the ministry aims from the new system of nonprofit companies, to raise the contribution of non profit sector in local gross of 1% to 5%, indicating that the third sector awaits a promising future, and it under the kingdom vision 2030.
Dehaim said, (the project tries to provide a modern, nontraditional treatments to the cases of nonprofit sector, derived from the extracts of successful experiences around the world, in line with the legal foundations of the country).
Dehaim pointed that what is being hoped by the project system, is to support the public sector in achieving sustainable development goals, and the development of the regular work of nonprofit environment in line with our aspirations of economic and Vision 2030, as well as providing means of financing stablity the nonprofit work and encouraging the capital owners to demand and support it and also contribute to increase the national return and enhance ther economic movement and improving the work methods and its efficiency and providing employment opportunities.
Al Dehaim, was a guest in the first meeting of the Awkaaf dewanya, held by Asharqia Chamber and represented by the Social Responsibility Center, recently, in collaboration with the Afaaq Awkaaf company and sponsored by Hamad Al Hussaini Charity, and has witnessed a big crowd of businessmen and interested professionals in the third sector.
Dehaim pointed that nonprofit companies according to the system project differs from its commercial equivalent in the basic function, performed by each of them; as the commercial aims to maximize profit for its shareholders and owners, while nonprofit companies seek to maximize profit to support humanitarian, cultural, educational activities etc.
He added that the ministry method during the preparation of the system project, was to single out a special system for nonprofit companies resolving the most prominent issues and concepts related to nonprofit companies, and the referral to the companies system in the rest of the provisions and procedures to prevent the repetition and thereby facilitating understanding and application of it.
Dehaim pointed that nonprofit entities and Awqaf in the Kingdom is a tributary of the main tributaries of the development and improvement, and performs a vital and active role in enhancing charity work.
Dehaim pointed that Awqaf, in particular, is one of the most important pillars of the the nonprofit work and charity in the Kingdom, so the team took into consideration during the project preparation,how far the Awqaf could take the advantage of the founding of of nonprofit companies, so that allows them to practice their business in accordance with the text of the endowment owner and the provisions of the legal Waqf, that ensures the practicing of all its terms and the granting the necessary protection, while ensuring sufficient flexibility to compete with private sector companies, and over this the exception was mentioned from Waqf systems to achieve the ideal benefit from the establishment of for nonprofit Waqf companies.
Dehaim has listened to the suggestions and questions of the presence, regarding many of the new system items and materials, especially those related to Waqf and its ability to establish nonprofit companies with its unique privacy, and also the inquiry about the aspects of exchange and spending, as well as donations, expressing the readiness of the ministry to receive the suggestions and answering all inquiries, concluding by saying: the project system is still in the process of discussion, and suggestions, urging everyone to enter the website of the Ministry to look on the project system and giving opinions, observations, visualizations and suggestions about it.
At the end of the meeting, the vice chairman of Asharqia Chamber, Mr. Mohammed Al Faraj and Dr. Ayed Al Qahtani, Chairman of the Committee of Religious Endowments in Asharqia Chamber have presented a memorial shield to the legal adviser of the Ministry of Commerce and Industry, Abdul Aziz bin Saud Al Dehaim.
