Riyadh: Minister of Environment, Water and Agriculture Abdulrahman Alfadley launched the Namaa Endowment Fund today, a strategic initiative aimed at enhancing the sustainability of the Kingdom's environmental system. The fund is designed to support economic and social development goals, address community and development needs, boost the non-profit sector's contribution to GDP, and promote sustainability in environmental, water, and agricultural sectors.
According to Saudi Press Agency, Alfadley stated that the Namaa Endowment Fund signifies a new institutional endowment model and represents a strategic advancement towards national economic and social development objectives. It aligns with the goals of Saudi Vision 2030 by enhancing the non-profit sector's role in the national economy.
Alfadley highlighted collaboration with partners such as the General Authority for Awqaf, the Capital Market Authority, and SNB Capital to support the fund. He called on private companies, business leaders, and community members to contribute via an authorized online platform and robust financial management system, encouraging public involvement to support the sustainability of the environment, water, and agriculture sectors.
The fund aims to enhance the developmental impact of its endowment assets and finance charitable initiatives within the ministry's framework. These initiatives, represented by entities like the Reef National Foundation, the Vegetation Cover Development Foundation, and the Sekaya Charitable Foundation, will focus on water provision, water resource conservation, afforestation, biodiversity protection, expanding vegetation cover, supporting the circular economy, promoting environmental sustainability, advancing agriculture and irrigation, and reducing food waste.
Furthermore, Emad Al-Kharashi, Governor of the General Authority for Awqaf, announced a SAR100 million contribution from the authority to establish a sustainable endowment model. He emphasized that the Namaa Endowment Fund merges traditional endowment values with modern investment tools to achieve sustainability and growth, ensuring the preservation of the environment and natural resources. He underscored the importance of environment, water, and agriculture as essential life pillars, foundational to food security and development continuity.