The Fund provides new alternatives to support the University's initiatives and its educational and research projects.
The Fund supports the professors and researchers through the scientific chairs and provides the necessary tools to the research centers.
On Sunday, 24th December 2017, His Royal Highness Prince Saud bin Nayef bin Abdul Aziz, Governor of the Eastern Province, chairs the meeting the BOD of KFUPM Research & Academic Programs Support Fund "KFUPM ENDOWMENT" at King Fahd University of Petroleum & Minerals.
His Royal Highness stressed the interest of the Government of the Custodian of the Two Holy Mosques to support the education and scientific research sector and to provide the financial sustainability to this sector, pointing that all universities should achieve the financial sustainability through the funding and endowments programs and engaging experienced persons from different sectors to ensure the optimal utilization of these assets, in order to enhance the march of universities and scientific research in the Kingdom. Moreover, he stressed the need to direct the support programs for qualitative research that contribute to the creation of new scientific and economic products with added value.
The meeting, which was attended by prominent academic and economic figures from the public, private, business and investment sectors, included a brief on the Fund achievements, reviewing the Board's previous resolutions, reviewing the financial statements 2015-2016, appointing the external auditor, operational budget and program for 2018-2019, contributions and services agreements, the University support to the Fund, restructuring of the sub-committees, reviewing the recommendations, and discussing the administrative appointments of the fund.
HE Dr. Khalid S. Al-Sultan, Rector of King Fahd University of Petroleum & Minerals said that the presidency of His Royal Highness Prince Saud bin Nayef bin Abdulaziz to the Board of Directors has given the Fund a driving force to achieve its objectives in supporting the innovation and creativity, to enrich the educational process and research and achieving quality in all elements. It is, also, a letter of appreciation to the University's mission and a natural extension of comprehensive care and permanent support surrounded by His Highness to KFUPM activities and its efforts in the process of national development.
Dr. Al Sultan explained that the Fund seeks to provide a permanent financial source that provides the University with its competitive ability and preserves the excellence of its educational and research programs by engaging those interested in supporting the University and through financial investment. In addition, it supports the University's educational and research mission through fundraising, management and investment in line with Islamic Law and the visions of donors.
"Although the university receives full government support, access to additional funding helps to increase educational, research and student activities in both quantity and quality, which may not be accomplished as quickly as required by the usual operating budget, For example, additional funding may be used to support the salaries of outstanding faculty members and attract more experienced faculty. KFUPM ENDOWMENT seek to finance 35% of the University's annual budget, if needed.
Dr. Mohammed Al-Zahrani pointed that the Fund directs its support to researchers, students, faculty members, academic departments and programs as well as research centers at the University.
He added: "We aim to support professors and researchers through scientific chairs and in various research activities and to provide the additional funding needed by the University to attract the best faculty members. We also aim to support the science colleges and research centers with their needs of modern research tools, encourage academic exchange programs and finance a series of programs that develop the educational experience of students. "