DUBAI (ALETIHAD)
In alignment with Dubai’s commitment to expand and diversify endowment investments, and to support the social and economic objectives of the Dubai Plan 2033, the Endowments and Minors’ Trust Foundation in Dubai (AWQAF Dubai) has announced the development of 21 endowment real estate projects valued at over Dh202 million.
These projects include malls, residential buildings, shops, and mosques, which are currently at various stages of design and implementation.
The endowment real estate projects encompass a range of purposes, including educational and humanitarian buildings, general charitable contributions, and mosque endowments.
These projects are funded via contributions and donations from endowment backers, in addition to the reconstruction portfolio.
AWQAF Dubai stated that construction timelines for the 21 endowment projects range from one to two years.
The developments are strategically located in key areas of central Dubai.
Plans are afoot to set up endowment malls in emerging residential neighbourhoods with the aim of enhancing community services and to meet needs of residents.
Secretary-General of AWQAF Dubai, His Excellency Ali Al Mutawa, emphasised that the end goals of various endowment projects are aligned with Dubai’s sustainable development plans and the Dubai Plan 2033.
All such efforts are in line with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
The initiatives are designed to foster community well-being and ensure high standards of living, as per His Highness Sheikh Mohammed bin Rashid’s directives for future sustainable development.
Al Mutawa highlighted AWQAF Dubai’s commitment to the timely completion of all projects undertaken and its ongoing efforts to introduce new endowment initiatives.
These projects aim to support Dubai’s sustainable development goals and maximise returns on endowment investments in line with donor objectives, he added.
Some of the 21 endowment projects in the pipeline are expected to be completed by the end of 2024, with the majority of them expected to be ready by mid-2025.
Al Mutawa highlighted that the ongoing projects are distinguishable by their modern elements that include green building features and contemporary architectural designs.
These developments aim to deliver the highest levels of luxury and construction quality.
They reflect AWQAF Dubai’s commitment to enhancing its performance and contributing to a more prosperous and sustainable future through the creation of innovative endowment properties, he added.