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MENAFN - Arab News - 26/12/2012

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(MENAFN - Arab News) Experts estimate the cost of expropriated endowments in Makkah for government development projects in the last three years at SR 60 billion, of which SR 5 billion is delayed because of related procedures.

Abdulaziz Al-Khudairi, deputy governor of Makkah Province, met Saturday with the custodians of endowments whose compensation payments have been delayed and agreed to convene a workshop to discuss the issue, obstructions and solutions in two weeks.

As a result of the delay, custodians have not bought other endowments yet to replace the expropriated ones. "The continuing increase in the prices of real estate in Makkah due to the low supply (and high demand) makes it important to expedite the procedures, because the delay affects the purchasing power of disbursed compensation," said Nawwaf Aal Ghalib, chairman of the endowments committee at the Makkah Chamber of Commerce and Industry (MCCI), during the meeting with the official.

Talal bin Abdulwahab Mirza, head of the MCCI, said endowments are important resources, and the chamber wants Makkah to become a model in this field. "The importance of developmental and economic endowments (Awqaf), and the need to organize and develop its work compelled the chamber to establish the endowment committee, which is composed of a group of specialists."

Aal Ghalib said that some endowments' title deeds are very old and lack information, which caused the delay in disbursing their compensations.

He said the committee aimed at mainstreaming the culture of endowments and reviving successful models in this regard, as well as innovating new ideas of endowments that involve development and communication with concerned parties to transfer successful institutional experiences in endowment work.

 






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