First Arab Union for AWQAF Announced

Awqaf Minister Mohammed Gomaa announced on Tuesday 2052014 the establishment of the first Arab union for Awqaf under the umbrella of the Council of Arab Economic Unity of the Arab League.

The newly-announced union will be headquarter in Egypt.

The union aims at managing and investing funds of the Arab Awqaf authorities in development projects and creating joint companies in the different economic sectors.

The minister’s announcement came during the union’s constituent meeting that was held today with participation of Awqaf ministers from Mauritania, Palestine, Jordan, Kuwait and Yemen.

The move was an initiative by Egypt and was welcomed by all Arab countries, he added. Egypt is likely to be named as head of the union following consultations that will follow the meeting.

Source : Egypt State Information Service