University Endowment Project Complements the 2020 National Transformation Program
His Excellency the Rector, Dr. Fallah Al-Solamy, affirmed that the endowment project sponsored by His Royal Highness Prince Faisal bin Khalid bin Abdulaziz will launch next Wednesday. Rector Al-Solamy indicated that it is in accord with the National Transformation Program 2020 in a bid to increase alternate and sustainable financial sources.
In his speech, the President of the Scientific Endowment Project in King Abdulaziz University, Dr. Esmail Al-Kawthar, quoted the Custodian of the Two Holy Mosques, HRM King Salman bin Abdulaziz Al-Saud -- May Allah protect him -- in the launching ceremony of King Saud University's endowment projects. He confirmed the importance of the project while stressing the direct connection between the scientific status of a university and the amount of endowment the university owns. He then commented that this contributes to the recruitment of the best faculty members, students, institutions, laboratories, and research output.
On the role of university leadership orientation towards the endowment project, Al-Kawthar said: "By spreading awareness in the university community on what the project is, we will increase the amount of participation. We must show how it serves developmental goals. In doing so, naturally, we will encourage different sectors to get involved as well as encouraging university members to support the contribution of recruiting financial supporters to invest. The role of endowments is an inalienable charitable act of Islam and the Prophet -- Peace be Upon Him. It provides sustainable financial resources, decreases dependency on others, and helps those investing to gain the reward of Allah."
Al-Kawthar displayed endowment models in American universities, among them was Harvard University which boasts an investment portfolio that jumped from 25 billion dollars to 36 billion dollars over the last decade. He also displayed models from British universities, specifically from Cambridge University. Arab university models were also highlighted, and of which, Al-Azhar University led. He concluded his segment with a review of the history of endowment projects in Saudi universities which started by King Abdulaziz University in the year 1425 AH followed by 11 universities.
The University Endowment Secretary General, Dr. Omar Al Mushait, explained the endowment project stages and his ambition that the University would become among the top 10 endowment based Saudi universities by 2030. Of utmost importance is the development of educational benchmarks, supporting scientific research, knowledge-based economy transformation, and sustainable development by promoting competitiveness, partnership, and social responsibility.