His Excellency the Minister of Hajj and Umrah, Dr. Tawfiq Al-Rabiah, and the Governor of the General Authority for Endowments, Mr. Emad Al-Kharashi, launched today at the authority's headquarters in Riyadh, the endowment investment fund for associations serving the pilgrim. The launch was attended by His Excellency the Deputy Minister of Hajj and Umrah, Dr. Abdul Fattah Mashat, the CEO of the Pilgrim Experience Program, Engineer Mohammed Ismail, and the Chairman of the Board of Directors of the Council of Civil Associations in the Kingdom, Dr. Saadoun Al-Saadoun, along with several heads of civil associations specialized in serving the pilgrim.
The General Authority for Endowments contributed 100 million riyals to this fund in compliance with the conditions of the endowers. This fund aims to achieve financial sustainability for non-profit entities serving the pilgrim, enhance the developmental role of associations serving the pilgrim, raise awareness of the importance of the endowment sector in economic and social development, diversify income sources for non-profit entities, and attract new endowers to establish or participate in endowment investment funds. This contributes to the overall development of the endowment sector.
The fund will directly contribute to the sponsorship and financing of initiatives, programs, and projects provided by these associations to serve the pilgrim, seeking to coordinate and integrate with various relevant entities to contribute to the development of the endowment sector and enhance its societal role. It will also launch a package of projects aimed at improving the performance of these entities in various areas, in line with the aspirations of the Kingdom's vision to receive 30 million pilgrims and visitors annually by 2030.
It's worth mentioning that the General Authority for Endowments works on regulating, preserving, developing, and ensuring the sustainability of endowment services provided to beneficiaries. This is achieved by applying best practices and issuing regulations and laws that enhance the endowment work, in order to strengthen the authority's role in economic, social development, and social solidarity, in accordance with the principles of Islamic Sharia and the regulations, and to achieve the aspirations of the wise leadership in making the Kingdom a leader in the non-profit sector.