Oman-based Amana Waqf Funds Management Company has launched its first solar power project to transform mosques into environment-friendly buildings using clean energy and utilizing the surplus to generate more revenue to the Waqf establishment, said a report.
The initiative comes as a strategic approach meant to open inroads by supplying endowment projects with solar power. The next step is to proceed with other enterprises that generate social and environmental benefits, reported Oman News Agency.
Amana signed an agreement with one of the small and medium enterprises specialized in the field.
The initiative figures among the strategic choices undertaken by Amana Investments to found socioeconomic quality projects that generate employment opportunities for Omani youth, it stated.
CEO Engineer Yousef bin Ali Al Harthy pointed out that the initiative fits with Oman Vision 2040 and the global green buildings trend. The sultanate, with its year-round sunshine provides a great opportunity for sustainable solar projects, he added.
"Amana project revolutionizes the concept of investment and energy production," remarked Al Harthy.
"Besides transforming mosques into smart, green and self-funding buildings, the new project opens vistas for new types of Waqf generating revenue in a similar, but more sustainable manner than traditional Waqf projects," he added.