To ensure the non-governmental associations’ financial viability, Saudi Arabia has established an investing endowment fund for organizations providing services to Muslim pilgrims in the nation.
The fund was officially established on Wednesday in Riyadh by the Saudi Minister of Hajj and Umrah, Tawfiq Al Rabiah, and the Governor of the General Authority for Awqaf, Emad Alkharashi.
The Awqaf Authority has donated SR100 million to the fund, which also seeks to strengthen the role of these organizations in aiding pilgrims, diversify their sources of revenue in the non-profit sector, and support new endowment providers.
The fund will support these groups’ suggested activities and projects by sponsoring and funding them, as well as collaborating with and joining other qualified organizations.
Saudi Arabia wants to bring in up to 30 million Umrah pilgrims and tourists yearly by the year 2030, by the kingdom’s ambitious growth plan, formally known as Saudi Vision 2030.
Millions of Muslims travel to Saudi Arabia every year to undertake the Hajj and Umrah, or minor pilgrimage.
One of the five required acts of worship in Islam, the Hajj, is due this year in late June. The number of pilgrims from all over the world who can travel to Saudi Arabia for the upcoming Hajj season will not be restricted, reversing earlier restrictions brought on by the pandemic.
To stop the spread of COVID-19 over the previous two years, Saudi Arabia reduced the number of Muslims permitted to conduct the Hajj ceremonies.
Every year before the pandemic, over 2.5 million Muslims would perform the Hajj.