Awqaf launches AED9 million endowment project
Awqaf and Minors Affairs Foundation, AMAF, today inaugurated an endowment project consisting of five residential villas in Dubai’s Al Garhood area.
Spanning 19,600 sq ft, the AED9 million project took 1.5 years to build and is expected to generate AED750,000 in annual revenues, which will finance the construction and operation of an airport mosque under the Islamic affairs mandate, as part of the Salaty (My Prayer) campaign.
The event drew the participation of Issa Al Ghurair, Chairman of AMAF, Ali Al Mutawa, Secretary General of AMAF, Dr Hamad Al Shaibani, General Manager of the Islamic Affairs and Charitable Activities Department, among others.
Speaking at the inauguration, Issa Al Ghurair, said, "AMAF is committed to launching endowment initiatives that benefit those who need it the most. The Foundation’s efforts align with the Letter of the New Season by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and Article Nine of his Fifty-Year Charter that seeks to achieve an annual growth in philanthropy in parallel with economic growth."
For his part, Ali Al Mutawa said, "In line with our ‘Endowment for All’ principle, we encourage entities and individuals to contribute to our initiatives with the aim of promoting the culture of giving in the UAE."
The Foundation aims to enable all segments of society to support charity initiatives, increase endowment assets in Dubai, and identify new endowment mechanisms.
AMAF currently manages a property portfolio that comprises 4,207 residential units – including villas and apartments – and commercial outlets.
The Foundation provides endowment residential options to employees of local and federal government entities, elderly citizens, and people of determination under favourable terms, such as a ten percent discount on the rent of vacant units and one month of free rental. AMAF also offers a 20 percent discount on the rent of vacant commercial units to members of Dubai SME, an organisation that supports small and medium-sized enterprises.
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