The General Authority for Awqaf signed 23 agreements and memorandums of understanding with various government entities, endowment organizations, and related sectors during the first half of 2024, amounting to over 4 billion riyals. The aim is to develop the endowment sector, enhance its financial resources, and deepen collaboration and partnerships with its components.
Among the key agreements are a contract with Umm Al-Qura Company worth 2.5 billion riyals, aimed at enriching and improving the experience of pilgrims and visitors to the holy capital, and a memorandum of understanding with Al-Othaim and Sons Foundation worth 1 billion riyals, aimed at diversifying endowment investment products and achieving financial sustainability. Additionally, a partnership agreement with the General Authority for the Care of the Two Holy Mosques and the Mut'ab bin Abdulaziz Al Saud Foundation, worth 100 million riyals, is intended to support and develop the water supply system at the holy sites.
These memorandums and agreements reflect the Authority's commitment to activating developmental partnerships to enhance the capabilities of endowment entities and their projects, supporting community needs across various fields, and achieving sustainable economic and social development. This is aimed at directing funds to high-impact programs and maximizing the conditions set by donors.
It is worth noting that the General Authority for Awqaf works to enhance the endowment sector, govern and preserve it, develop it, and raise awareness through innovative endowment products and services for beneficiaries. The goal is to lead in sustainable development both locally and globally, in line with the conditions of donors, implementing best practices, and establishing systems and regulations that elevate and develop endowment work, enabling it to maximize its impact on economic and social development and social solidarity.
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