MAKKAH, 1 December 2002 — Prince Sultan Charitable Foundation has set up a real estate company to help the foundation develop its resources. The real estate company will run the endowments of the foundation and its investments according to the trade laws of the Kingdom.
This was disclosed by Prince Sultan, second deputy premier and minister of defense and aviation, who chaired a meeting of the board of trustees of the foundation here on Friday evening.
In a speech at the meeting, Prince Sultan expressed hope that the foundation would boost its activities for the good of Saudis as well as all Arab and Islamic countries.
Prince Sultan, who is also president of the foundation, said the foundation has set up a charitable fund to receive donations. “We will inform the donors of the way the foundation spends money and who it gives money to,” he added.
Asked how the foundation was responding to the call of Crown Prince Abdullah, deputy premier and commander of the National Guard, to help provide houses to the poor, Prince Sultan said the foundation was not into housing.
He said housing projects for the poor in several cities were only a first step toward meeting their needs. “We fully support the directives of the crown prince,” he added. (SPA)
