Two Saudi-based asset managers have agreed to launch investment funds focused on the awqaf or endowment sector.
The agreement between Future Investment Company and Jadwa Investment Company was signed at the kingdom’s General Authority of Awqaf.
The two open-ended funds will have an initial volume of US$13.3 million.
According to a statement, the two funds will serve as an investment tool for Saudi Arabia’s awqaf and non-profit organisations offering endowments.
The agreement is also in line with the Saudi government’s aim to use partnerships to stimulate the awqaf sector
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