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21 April 2024

Hamdan bin Mohammed: Dubai further strengthens its leadership in the endowment sector, with assets reaching AED10.3 billion

By E247

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, said that under the guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the emirate has achieved remarkable success in expanding endowment assets and enhancing service endowments. Dubai witnessed an impressive 18% increase in endowment assets compared to the previous year, with total endowments reaching 948, His Highness noted. The assets represent a combined value of AED10.3 billion.

His Highness made these remarks during a reception hosted for the Endowments and Minors’ Trust Foundation in Dubai (Awqaf Dubai) team, led by His Excellency Essa Al Ghurair, Chairman of Awqaf Dubai. During the meeting, His Highness was briefed on key developments in the field of endowment work in Dubai. He also praised the Foundation for its efforts in supporting the objectives of the Dubai Social Agenda 33.

“Dubai has created a supportive environment for endowments to deliver benefits to various segments of the community and drive sustainable development. The growth in the number of endowment assets in Dubai reflects the community’s growing awareness of the importance of endowments and their positive impact on society,” he said.

Highlighting the importance of leveraging smart services to improve endowment management, he noted that Awqaf Dubai deploys comprehensive smart services to develop sustainable endowment projects and drive progress in the sector.

The Crown Prince of Dubai expressed his gratitude to citizens, residents and institutions for their inspiring initiatives in the field of endowments. He highlighted their positive contribution to addressing the diverse needs of society, including the significant impact of endowments in supporting education, scientific research, healthcare and research centres. Additionally, he noted the key role of these initiatives in supporting the requirements of mosques.

Commending the remarkable progress achieved by Dubai in spearheading innovative endowments, he said these projects have offered entrepreneurs the chance to fulfill their social responsibility.

At the end of 2023, Awqaf Dubai registered a total of 948 endowments, with the value of its endowment assets reaching AED10.3 billion. These endowments are associated with 532 registered contributors.

The 948 endowments include 857 real estate endowments and 91 financial endowments (financial assets, shares, licenses, and companies). A total of 798 endowments have been allocated to charitable purposes, 99 to family endowments, and 51 to joint endowments. Contributors to the endowments include 647 men and 169 women, while entities and institutions provided 132 endowments.

His Excellency Essa Al Ghurair, Chairman of Awqaf Dubai, highlighted the Foundation’s commitment to enhancing Dubai's comprehensive and sustainable development in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum. He also noted the Foundation’s efforts to ensuring the sustainability of endowments and their benefits through a robust governance framework.

His Excellency Ali Al Mutawa, Secretary General of Awqaf Dubai, expressed the Foundation's commitment to implementing Dubai’s endowments strategy and ensuring the sustainable growth of the sector. He highlighted the Foundation’s efforts to establish a digital infrastructure for endowments and promote the adoption of best practices within the sector. Awqaf Dubai continues to encourage individuals and institutions to participate in the growth and development of endowment initiatives, he noted.