JEDDAH: The General Authority of Islamic Affairs and Endowments (GAIAE) launched its first initiative, the Endowment Investment Funds project, on Sunday, to organize, maintain, and develop endowments and manage yields.
Through this project, GAIAE aims to contribute to achieving the financial sustainability of endowment and non-profit bodies and encourage the endowments sector to meet development needs.
Ahmed bin Sulaiman Al-Rajhi, chairman of GAIAE and minister of labor and social development, commended the launch of the first endowment investment funds project.
GAIAE aims to improve the endowments sector in Saudi Arabia, raise awareness of the importance of endowments, and direct banks to support development.
GAIAE Gov. Imad El-Kharashi said: “The project contributes to renewing endowments’ developmental role through a creative investment endowment product that plays a part in achieving the financial sustainability of non-profit and endowment bodies, according to a complete regulatory framework.
“It also empowers the non-profit sector and enhances its developmental contributions, creates community participation opportunities, and meets the community’s economic and social development needs through investing in the funds of the Endowment Fund and using the Fund’s returns to finance the projects and programs of non-profit bodies according to the endower’s requirement.
“In addition, these funds aim to improve investment, governance, transparency, and disclosure in the Department of Endowments.”
El-Kharashi said that the funds would help raise the non-profit sector’s contribution to the gross domestic product (GDP) and increase transparency in non-profit activities, based on the funds’ compliance with the requirements of the Investment Funds Regulations, issued by the Capital Market Authority.
These endowment investment funds have an unlimited duration and suspended and non-current units available to be traded by the public. Their returns are given to funds' beneficiaries according to the endower’s requirement that qualified non-profit bodies can benefit from them according to the controls and conditions set by GAIAE.
GAIAE published earlier on its website the draft instructions issued for the Funds and requested feedback from the public to work on improving these standards.
The instructions also listed the parties who will benefit from these funds, the requirements for obtaining licenses, and the mechanism of the management and structure.
GAIAE aims through its strategy— which includes more than 34 initiatives— to empower the endowments sector and improve its role in society in addition to strengthening its partnerships with various stakeholders in order to motivate the sector, address the challenges it faces, and simplify procedures.
GAIAE looks forward to being the main supporter in improving the endowments sector in Saudi Arabia and to an enhanced role in social and economic development, according to the purposes of the Islamic law and the Kingdom’s Vision 2030.
Saudi Islamic affairs body launches Endowment Investment Funds project
Saudi Islamic affairs body launches Endowment Investment Funds project
- The project contributes to renewing endowments’ developmental role through a creative investment endowment product that plays a part in achieving the financial sustainability of non-profit and endowment bodies
- These endowment investment funds have an unlimited duration and suspended and non-current units available to be traded by the public
Saudi ministries sign deal to achieve goals in fields of culture, human resources
- Move aligns with aims of Saudi Vision 2030
RIYADH: Saudi Arabia’s Minister of Culture Prince Badr bin Abdullah bin Farhan, and the Minister of Human Resources and Social Development Ahmed Al-Rajhi signed a cooperation agreement on Monday aimed at achieving their respective goals.
The agreement will also work to develop human capital in the culture and arts sectors.
It is hoped the partnership will lead to the development of local cultural identity; the growth in local economic interaction; an increase in job opportunities and social development; and the creation of a legislative and regulatory environment that encourages investment and innovation in the cultural sector.
It is expected this will lead to increased economic activity and new job opportunities, targets which form part of Saudi Vision 2030, the Saudi Press Agency reported.
The ministries will study ways to encourage and motivate the participation of the private sector in developing the culture and arts sectors as part of the agreement.
Inaugural Red Sea Fashion Week to highlight Saudi talent to a global audience, official says
- ‘Initiative is a vibrant testament to our dedication to cultivating local talent,’ says Fashion Commission’s CEO
RIYADH: The head of the Saudi Fashion Commission said on Monday that the inaugural Red Sea Fashion Week later this month will highlight the talent in the Kingdom to a global audience, the Saudi Press Agency reported.
Burak Cakmak, the CEO of the commission, said: “With Red Sea Fashion Week we set out to forge a distinctive and dynamic platform that not only highlights the vast creativity and skill within Saudi Arabia but also elevates our nation as a key player on the global fashion stage.
“This initiative is a vibrant testament to our dedication to cultivating local talent and integrating them into the international arena, resonating deeply with the Kingdom’s Vision 2030 goals of enriching our cultural fabric and broadening our economic horizons.”
The first edition of Red Sea Fashion Week, the latest initiative from the Saudi Fashion Commission to promote the Kingdom’s fashion industry, begins on May 16 at the new St. Regis Red Sea Resort. It runs until May 18.
A fashion show will be held on the first day, followed by two days of side events and further shows featuring a collection of luxury fashion, jewelry, ready-to-wear items, and resort wear collections from Saudi and international designers.
Saudi Arabia hosted its first fashion week in 2023 in Riyadh, and hosted a pop-up event in Milan last year on the sidelines of the city’s fashion week.
Saudi crown prince expresses condolences to UAE president after death of uncle
- Sheikh Mohamed thanked the crown prince and expressed his condolences over the death of Saudi poet Prince Badr bin Abdul Mohsen
RIYADH: Saudi Crown Prince Mohammed bin Salman expressed his condolences to the President of the UAE Sheikh Mohamed bin Zayed on Monday after the recent passing of his uncle Sheikh Tahnoon bin Mohammed Al-Nahyan.
During a phone call, the crown prince prayed that God forgive the deceased who was the representative of the Abu Dhabi Ruler in Al-Ain Region.
Sheikh Mohamed thanked the crown prince and expressed his condolences over the death of Saudi poet and national literary icon Prince Badr bin Abdul Mohsen.
Saudi justice minister opens International Conference on Judicial Training
- Experts from around world will attend 2-day event in Riyadh
RIYADH: The Saudi justice minister on Monday opened the International Conference on Judicial Training in Riyadh.
Walid Al-Samaani made the opening speech at the two-day event, which has attracted more than 600 experts and 45 speakers from around the world.
He highlighted the strides made by the Kingdom in the judiciary sector since the launch of its Vision 2030 initiative.
He also outlined the ministry’s commitment to improving the efficiency of the judiciary and “pivotal role of training, qualification and legal knowledge management in achieving justice.”
The Judicial Training Center was dedicated to improving the skills of the Kingdom’s judicial and legal personnel through collaborations with its partners and had been instrumental in qualifying judges and training lawyers, judicial assistants and notaries, the minister said.
Al-Samaani also commented on the transformation of the justice system, driven by Crown Prince Mohammed bin Salman, which has focused on fortifying legal principles, embedding values of transparency and ensuring legal certainty.
A key area for development was the digital transformation and integration of artificial intelligence, which the ministry was advancing to enhance judicial quality, he said.
Saudi Arabia, UK sign $5m deal to help fight malnutrition in Somalia
- Funds expected to benefit 101,000 children in high-risk areas
- Sides looking for further opportunities for collaboration, KSrelief chief says
RIYADH: Saudi aid agency KSrelief and the UK on Monday signed a $5 million cooperation agreement with UNICEF to help tackle malnutrition in Somalia.
The deal was signed by KSrelief General Supervisor Dr. Abdullah Al-Rabeeah and British Minister for Development and Africa Andrew Mitchell at the agency’s headquarters in Riyadh, the Saudi Press Agency reported.
KSrelief and the British Foreign, Commonwealth and Development Office will each contribute $2.5 million to UNICEF.
The funds will provide access to nutrition services, water and personal hygiene supplies in 15 high risk areas of Somalia, benefiting 101,000 children.
The deal is within the framework of joint humanitarian and relief projects between the Kingdom and the FCDO to alleviate the suffering of the Somali people.
The announcement was made as part of the second annual UK-Saudi Strategic Dialogue on Humanitarian Aid and International Development, which also discussed “providing more aid into Gaza and encouraging progress toward peace in Sudan,” the FCDO said in a statement.
The two countries have already committed $22 million in joint funding, delivering vital aid and providing famine relief and humanitarian support in Somalia and Sudan.
Other cooperation programs through KSrelief and the Saudi Fund for Development were expected to be delivered in Sudan, Yemen, Bangladesh and Ukraine, the FCDO said.
“We look forward to enhancing our technical experience and capacity building by building upon the strong foundation established during our previous dialogue, which presents an invaluable opportunity to solidify our future direction, explore new areas of cooperation and further demonstrate the transformative potential of our partnership,” Al-Rabeeah said.
“Officials from both sides are actively identifying promising opportunities for further collaboration. KSrelief sees immense potential to leverage our respective strengths in areas like health interventions, education infrastructure development and livelihood creation programs.”
Mitchell said: “The UK is working with Saudi Arabia and other partners to support those whose lives have been affected by conflict around the world.
“I am delighted to be in Riyadh to agree a way forward to scale up significantly joint funding which will go a long way to supporting those people and communities who need it most, building on today’s announcement in Somalia and looking to further support people in Yemen, Ukraine, Sudan, as well as the Rohingya refugees in Bangladesh.
“I also discussed the need to bring the conflict in Gaza to a sustainable end with my Saudi partners. The UK remains focused on achieving an immediate pause in the fighting, securing the release of hostages and ensuring aid reaches those who need it.”
In separate talks, Al-Rabeeah and Mitchell discussed matters of common interest related to relief and humanitarian affairs around the world, ways to enhance cooperation and topics included in the Second Strategic Dialogue for Development and Humanitarian Aid between the two countries.
The Saudi Fund for Development will also sign a deal with Mitchell during his visit to strengthen cooperation in line with the UN sustainable development goals.
