Dubai’s Awqaf and Minor Affairs Foundation, in collaboration with the Dubai Charity Association, has inaugurated a charitable endowment aimed at supporting underprivileged families. This initiative reflects the joint efforts of both organizations to launch investment projects that will create new growth opportunities in the endowment sector, thereby supporting Dubai’s economic and social agenda.
The new endowment project comprises four villas located in Jumeirah 1, with a total investment of 9 million dirhams. The construction costs amounted to 5 million dirhams, while the land value is 4 million dirhams, with annual returns anticipated to be around 10% of the total project value. This initiative is part of the Dubai Awqaf and Dubai Charity Association’s efforts to boost charitable work and sustainable development within the emirate.
During the project’s inauguration, Ali Al-Mutawa, the Secretary-General of the Awqaf and Minor Affairs Foundation, stated that the project was realized through a strategic partnership agreement between the foundation and the association. Under this agreement, the Awqaf would construct the residential villas on land registered under the Sheikh Obaid Bin Jumaa Al Maktoum Endowment. The foundation will manage and invest the endowment, while the Dubai Charity Association will bear the construction costs, with the project taking 14 months to complete.
Al-Mutawa further emphasized that this endowment serves as a practical model for the integration of endowment and charitable institutions. The returns generated from renting out the residential villas will be utilized to support underprivileged families, alongside funding humanitarian, educational, and health initiatives carried out by the Dubai Charity Association.
He noted that this project significantly enhances the development endowment portfolio managed by the foundation and exemplifies a successful partnership with the Dubai Charity Association. It also commits to establishing modern and sustainable endowment projects that empower charitable organizations to continue their work and align with Dubai’s future vision of leading humanitarian efforts.
Ahmed Al-Suwaidi, the Executive Director of the Dubai Charity Association, expressed pride in this collaboration with the Dubai Awqaf, which has resulted in a housing charitable project aimed at improving the lives of underprivileged families and beneficiaries of their various programs.
He indicated that the association is dedicated to ensuring that its endowment contributions have a lasting impact on society and promote the financial sustainability of its charitable initiatives.
Al-Suwaidi added that this joint project epitomizes the new direction towards developing economically viable endowments and supporting sustainable institutional charitable work, thereby reinforcing Dubai’s role as a leading regional center for innovation in the humanitarian sector.