DUBAI: The Endowment and Minors’ Trust Foundation in Dubai (Awqaf Dubai) has signed long-term investment contracts with several real estate development companies to construct new endowment projects valued at AED200 million. The proceeds from these developments will be fully dedicated to supporting Dubai’s mosques and enhancing their financial sustainability.
The new endowment projects are located in the Al Aweer and Wadi Al Amardi areas and include integrated commercial complexes. Under the contracts, the companies will manage the investments for a 20-year period. The projects are expected to generate an annual return of 10%, supporting the financial sustainability of the waqf and maximising its community impact.
Ali Al Mutawa, Secretary-General of Awqaf Dubai, underscored that signing these contracts forms part of Awqaf’s strategy to strengthen the real estate endowment system in Dubai and provide sustainable financial resources to support the emirate’s mosques. He added that Awqaf Dubai is keen to cooperate with developers who adhere to best investment practices, contributing to stable and sustainable returns that ensure the continued funding of endowment projects and related humanitarian and community services.
Al Mutawa said that through this strategic cooperation, Awqaf Dubai seeks to expand the base of real estate endowments in Dubai and strengthen partnerships with the private sector. This integration between endowment work and investment helps ensure the sustainability of financial resources and meets the long-term needs of both mosques and the wider community.
He noted that the move forms part of Awqaf’s ongoing efforts to develop real estate endowments in Dubai and launch qualitative projects that create innovative endowment models. By combining investment with community development, these initiatives help promote a culture of endowment through high-quality investments that generate meaningful economic and social impact.
