Saudi Arabia Establishes Energy Sub-Sector Fund to Support Non-Profit Associations
In a groundbreaking move, Saudi Arabia is paving the way for the establishment of an energy sub-sector fund that will benefit the not-for-profit sector. This initiative stems from a new agreement signed between the government and the Associations Support Fund, marking a significant milestone in the advancement of the energy industry.
Government Commits to Supporting Specialized Associations
The memorandum of understanding signed with the Ministry of Energy reflects the government’s commitment to supporting associations specializing in the energy field. This strategic partnership aims to provide targeted support to associations that play a vital role in advancing energy initiatives in the Kingdom.
Driving Progress Towards Carbon Neutrality
Saudi Arabia is making significant strides in developing its energy sector, aligning with its ambitious goal of achieving carbon neutrality by 2060. The establishment of the energy sub-sector fund is a key step towards realizing this vision and driving sustainable growth in the industry.
Fostering Collaboration and Empowerment
The newly established fund will focus on creating developmental sub-portfolios to support entities in the energy sector. It aims to empower non-profit associations specializing in various aspects of energy and build high-quality initiatives to enhance their role in the industry.
ASF: A Strategic Partner for Non-Profit Development
Established by the Ministry of Human Resources and Social Development, the Associations Support Fund (ASF) plays a crucial role in supporting the development of the non-profit sector. With a focus on sustainable and influential programs, ASF aims to create a distinguished business model for associations and provide them with the financial tools needed to achieve their vision.
Enhancing Cooperation in Water Irrigation Projects
In a recent development, ASF signed an agreement with the Sekaya Charitable Foundation to enhance cooperation in water irrigation projects in the Kingdom. This agreement aims to establish a sub-fund, the Water Associations Support Fund, to empower entities in the water irrigation sector and align with the objectives of Vision 2030.