Dubai: Dubai Endowments and Minors Trust Foundation (Awqaf Dubai) has signed long-term investment agreements with several real estate developers to build new endowment projects worth Dh200 million. All proceeds from these developments will go towards supporting Dubai’s mosques and improving their financial sustainability.
The new endowed project is located in Al Aweel and Wadi Al Amardi districts and includes an integrated commercial complex. Under the agreement, both companies will manage the investment for 20 years. These projects are expected to generate an annual return of 10%, supporting the financial sustainability of the waqf and maximizing its impact on the local community.
Ali Al Mutawa, Secretary General of Awqaf Dubai, emphasized that the signing of these agreements is part of Awqaf’s strategy to strengthen Dubai’s real estate endowment system and provide sustainable financial resources to support mosques in the emirate. He added that Awqaf Dubai is keen to work with developers who adhere to best investment practices and contribute to stable and sustainable profits that ensure the continued funding of endowment projects and related humanitarian and community services.
Al Mutawa said that through this strategic cooperation, Awqaf Dubai aims to expand its real estate endowment base in Dubai and strengthen its partnership with the private sector. This integration of donations and investments ensures the sustainability of financial resources and meets the long-term needs of both the mosque and the wider community.
He said the move is part of Awqaf’s continued efforts to develop real estate endowments in Dubai and launch qualitative projects that create innovative endowment models. By combining investment and community development, these initiatives help foster a culture of giving through quality investments that create meaningful economic and social impact.
