RIYADH: Prince Faisal bin Salman, chairman of the executive committee of the Charitable Society for the Care of Orphans (Insan) in the Riyadh province, said the returns from Insan’s endowment project would meet 50 percent of the charity’s expenditures within the next 10 years.
Prince Faisal was speaking to reporters after signing an agreement with Fareed Zaidan, governor of the Electricity Regulating Authority (ERA), which has rented the charity’s Insan Tower located in Cairo Square along King Fahd Road in Riyadh.
“The returns from this endowment property will contribute to sponsoring 2,666 orphans annually,” Prince Faisal said.
He commended the support of Riyadh Gov. Prince Salman, chairman of Insan, and his deputy, Prince Sattam, to the charity.
He emphasized the significance of endowments to ensure the sustainability of charitable work. He said the tower was built in record time at a cost of SR52 million. The project was funded by donations from philanthropists.
The tower was built on a 2,255 sq. meter land area donated by Hamad and Ibrahim, sons of the late Mohammed bin Saeedan.
Insan, which has nine branches including five in Riyadh, currently supports some 30,000 orphans and widows in the province.
