Amaf opens Dh8M endowment project in Al Bada’a

dubai — The Awqaf and Minors Affairs Foundation (Amaf) has inaugurated the first endowment residential and commercial project in Al Bada’a area of Dubai. The Dh8 million project is expected to generate Dh1.5 million annually.

The project is part of the Year of Zayed and was funded by an endowment from Khalaf Ahmad Al Habtoor, chairman of Al Habtoor Group. Proceeds from the project will be allocated to the Amaf’s general charity mandate.

In December 2016, the Amaf and Al Habtoor signed an endowment investment contract to launch the project that seeks to enhance the living standards of the underprivileged and assist them in meeting their basic needs.

Tayeb Al Rais, secretary-general of the Amaf, said: “The residential part of the building will provide housing to people who

The residential part of the building will provide housing to people who cannot afford to pay rent.” Tayeb Al Rais, secretary-general, Amaf

cannot afford to pay rent. Meanwhile, we will lease out the commercial part to three retail outlets to generate revenues for the Amaf ’s general charity mandate.

The project supports the local community through helping families in need and utilising endowment investment for charity purposes.

“Endowment projects are very important since they empower society, support economic growth, create job opportunities, and improve people’s lives. Today, partnerships among public and private sector entities in the UAE represent a true model of cooperation and social solidarity. Throughout the Year of Zayed and beyond, we aim to strengthen this model to ensure we maximise its potential to achieve greater public good.”

Al Habtoor said: “In collaboration with the Amaf, we intend to utilise all available resources to develop the endowment concept that is one of the pillars of Muslim societies and plays a crucial role in fighting poverty.”