Yousef Saleh A Alsudays, Aza Azlina Binti Md Kassim
Abstract:
The paper presents a framework that explores the impact of tourism prosperity on the development of endowment (waqf) organizations in Saudi Arabia. It uses stakeholder theory and institutional theory to address Vision 2030’s goals of economic diversification and cultural revitalization. The framework suggests that tourism prosperity can stimulate waqf revitalization through heritage integration, financial sustainability, and ethical development. Despite increased tourism investment, waqf institutions are often underutilized due to structural and administrative inertia. We design the model for empirical validation, providing actionable insights for policymakers, development planners, and Islamic finance stakeholders. By leveraging this model, stakeholders can better understand the interplay between tourism and waqf institutions, fostering a more integrated approach to development. Ultimately, this could lead to enhanced cultural preservation and economic benefits, aligning with the broader aspirations of Vision 2030.
[ FULL TEXT PDF 1-8] DOI: 10.30566/ijo-bs/2025.05.145