The building will be constructed in two years at a cost of SR51 million.
In a statement on the occasion, Prince Faisal said the charity has embarked on a strategy to establish endowment buildings that would meet 50 percent of the organization’s annual expenditures.
“We have made a lot of progress in this project. We currently possess a number of endowment buildings including the first Ensan Tower located on King Fahd Road in Riyadh. We have rented this tower to Saudi Electricity Company,” the prince said.
Prince Sultan Endowment for the Care of Orphans in Al-Kharj is another building constructed by the charity, the chairman said, adding that it has been rented to Al-Kharj University.
“We are now in the process of completing two endowment projects in Al-Kharj and an Ensan village,” Prince Faisal said. “These solid assets will certainly strengthen the charity’s financial position,” he said and thanked philanthropists for their generous support to the organization and its endowment projects.
Prince Faisal said his organization welcomes the initiatives of philanthropists and businessmen in various cities to set up endowment towers for the benefit of orphans.
Esmat Eissa, a member of the resource development committee, said the new tower building in Zulfi would have seven floors. “We had conducted an economic feasibility study before awarding the contract,” he added.
