Asharqia Chamber and the Awqaf Authority sign a memorandum of cooperation to develop the endowment sector and activate the investment side therein
The Governor of the General Authority of Endowments, Imad bin Saleh Al-Kharashi, stressed the necessity of integration between the various sectors for the benefit of society, especially since the non-profit sector is highly dependent on him in the next stage to be one of the effective contributors to the local product, and that the authority through its strategy works to extend Bridges of communication with all the relevant authorities in order to achieve the development goals and the holding of bilateral partnerships whose fruits will be reflected in the sustainability, empowerment, and development of the endowment sector according to the Saudi Vision 2030.
On the sidelines of the meeting, the Chamber and the Authority signed a memorandum of cooperation aimed at enhancing joint cooperation in the field of developing and developing the non-profit sector and enhancing its contributions to economic and social development, especially in the field of endowments.
The memorandum, signed (Wednesday 25 / December / 2019), by the Chairman of the Eastern Chamber, Abdul Hakim bin Hamad Al-Ammar Al-Khaldi, and the Governor of the General Authority of Endowments, Imad bin Saleh Al-Kharashi, agreed to implement a number of initiatives aimed at developing the endowment sector and activating the investment side in it, and innovation Modern methods to increase the return on investment for endowments, enhance revenue for the endowment sector, raise the efficiency of the endowment effect, achieve the quality of services required for beneficiaries and stakeholders, increase opportunities for self-sufficiency of the arrested, and reduce the burden on the state.
In this regard, the Chairman of the Board of Directors of the Asharqia Chamber of Abdul-Hakim bin Hamad Al-Ammar Al-Khaldi said: "Our rational government has launched, in its future vision for the endowment sector, from several institutional and development pillars, its first goal is to improve the endowment sector and reformulate it better, within a strategic direction aimed at This sector, with its social and economic dimensions, will be one of the pillars of sustainable development in the country.
Al-Khalidi praised the role played by the General Authority of Endowments in reorganizing this pivotal sector and caring for it according to best practices and experiences, which contributed to creating a new endowment environment, which is bearing fruit by raising the sector's contribution to the national economy and achieving sustainable development.
For this part, Chairman of the Endowments Committee in the Asharqia Chamber, Dr. Ayed bin Farhan Al-Qahtani said: “It is in front of what the Waqf sector represents in a pivotal role in achieving our national options towards diversification and sustainable development. It aims to diversify its banks and reorient them towards development needs and priorities in order to be able to make the required economic and social impact.
He pointed out that the vision of 2030 was a major starting point in reformulating this influential sector and maximizing its capabilities and multiplying its positive effects on the economy and society. Awareness, and made several steps towards spreading awareness among the business sector of the importance of establishing and developing endowments, and endeavored to highlight the economic aspect of the endowment in achieving sustainable development, as it is one of the most important, greatest and most important fields of land in terms of remuneration and impact.
