The Higher Education Fund increases its profits by more than 200%. It finances university projects worth more than 152 million riyals during the year 2016
The Board of Directors of the University Higher Education Fund approved at its twenty-fourth meeting, chaired by His Excellency the Minister of Education, Chairman of the Fund’s Board of Directors, Dr. Ahmed bin Mohammed Al-Issa, On the final accounts report and the annual report of the Fund for the fiscal year 2016, During which the Fund increased its profits by more than two hundred percent compared to the previous fiscal year, The Council also approved financing five projects for four universities worth more than 26 million riyals, within the framework of the Fund’s role assigned to support vital university projects.
This was stated by His Excellency the Secretary-General of the Fund, Dr. Abdullah bin Abdul Rahman Al-Shuwaier, He pointed out that during the fiscal year 2016, the Fund carried out an internal administrative and investment restructuring through which it strengthened communication channels with its partners from higher education institutions that are members of the Fund. He added that during the past year and a half, the Fund has financed dozens of university projects with values exceeding 152 million riyals, which included various projects that benefited all Saudi public universities that are members of the Fund. This support comes in line with the Fund’s role in achieving the Kingdom’s Vision 2030 in diversifying sources of income for universities and enhancing the sustainability of those sources in supporting the requirements and needs of those universities. Supporting its scientific programs and creating the appropriate scientific environment therein.
His Excellency also explained that the Fund, since its establishment, has financed more than 500 university projects with a total value exceeding two billion riyals, which contributed to supporting university scientific programs and research centres, establishing new colleges and expanding existing colleges, which contributed to increasing the absorptive capacity of universities and creating an interactive and stimulating scientific and research environment.
On behalf of the Fund’s employees, His Excellency thanked His Excellency the Minister of Education, Chairman of Board of Directors, Your Excellencies, Council members, for their continued support of the Fund’s work in achieving its goals to keep pace with the aspirations of our wise government under the leadership of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz. And His faithful Crown Prince, His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, May God protect them. In achieving the ambitions of higher education institutions in the Kingdom.
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