Saudi Study Proposes Initiatives to Develop Non-Profit Sector

A night view of Riyadh, Saudi Arabia. (AP)

A recent Saudi scientific study suggested four initiatives to develop the non-profit sector; such as improving its perceived image and adopting an independent endowment system.

Specialists proposed the formation of an independent body for the development of the sector; believing the it will contribute to development in Saudi Arabia and help achieve the goals of Vision 2030.

In a recent online seminar; the Riyadh Economic Forum (REF) discussed the study on the non-profit sector and its impact on development.

Current challenges

It confirmed that the current challenges relating to fluctuating oil prices and the coronavirus pandemic, as well as the lack of national competencies and absence of a global standard to measure the role and impact of the non-profit sector on development, reflected on the Saudi sector.

The seminar also stressed the need to change the perceived image of the sector and portray it as a charitable field that provides its services free of charge.

Head of the International Center for Researches and Studies (MEDAD), Khalid al-Serihi said Vision 2030 allocated large sums aimed at developing the non-profit sector to enable it achieve an estimated five percent of the GDP.

He called for an effective partnership between the sector and the relevant authorities. Besides, developing regulations and legislation to better implement the principle of governance and transparency.

Qualified cadres

He explained there is a need for educational programs to graduate qualified cadres needed for the development of the sector; noting that universities have an active role in this regard.

The sector’s revenues in 2018 also reached about $2.1bn, adding that the sector was growing under Vision 2030.

Serihi believes that experts and executives are urgently required for the development of the non-profit sector; adding that the study concluded there is a need for complete and detailed data on the sector. Along with effective initiatives in light of the scarcity of social development studies.