The Awqaf Dubai have recently revealed details of twenty-one real estate endowment initiatives that are to cost more than AED 202 million ($ 55. 4 million). These initiatives launched by the Endowments and Minors’ Trust Foundation in AWQAF Dubai are in line with the advancement plans of Dubai to diversify endowment investments as well as achieving other objectives of the master plan of Dubai known as Dubai Plan 2033.
The projects include development aspects like mall, residential building, shops and mosques among others. :They lie at different points of the design/implementation life cycle and are situated at central locations within Dubai. The construction timelines for these projects are expected to take between one and two years with some of the projects expected to be delivered by 2024 end and many projects to be delivered by mid-2025.
All of these endowment projects are intended to have several uses in the form of educational, humanitarian, charitable, necessary, and religious purposes. The funds for the projects are source from endowment supporters and also from the reconstruction portfolio.
While briefing its members Mr Ali Al Mutawa, Secretary-General of AWQAF Dubai said that real estate projects were part of Dubai’s development plan for the future and all these projects were in compliance with the vision and directions provided by his highness Sheikh Mohammed bin Rashid Al Maktoum, UAE’s VP, PM, and Ruler of Dubai. The initiatives include endowment programmes whose goal is to promote community welfare, improve residents’ quality of life, and boost Dubai’s economy.
Al Mutawa also stressed seeing the AWQAF Dubai keen on the achievement of these projects’ timely delivery and the UAE’s consistent effort in introducing new endowment programs. The developments are remarkable for the integration of the feature of the modern green buildings and contemporary architectural designs which are in consonance with the vision and mission of the AWQAF Dubai – building a prosperous and sustainable future.
