DUBAI, 21st January, 2018 (WAM) — Awqaf and Minors Affairs Foundation, AMAF, today inaugurated the first endowment residential and commercial project in Al Bada’a area of Dubai, funded by an endowment from Khalaf Ahmad Al Habtoor, Chairman of Al Habtoor Group, on the occasion of the ‘Year of Zayed’. Proceeds from the project will be allocated to AMAF’s general charity mandate.
Tayeb Al-Rais, Secretary-General of AMAF, Khalaf Ahmad Al Habtoor, Omar Juma Kalandar, Director of AMAF’s Endowment Development Department, and several officials from the foundation attended the ceremony.
In December 2016, AMAF and Khalaf Ahmad 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.
Mr. Al-Rais said, “The residential part of the building will provide housing to people who cannot afford to pay rent. Meanwhile, we will lease out the commercial part to three retail outlets to generate revenues for AMAF’s general charity mandate. The project supports the local community through helping families in need and utilizing endowment investment for charity purposes.”
He added, “Endowment projects are very important since they empower society, support economic growth, create job opportunities, and improve people’s lives. Today, partnership among public and private sector entities in the UAE represents a true model of cooperation and social solidarity. Throughout the Year of Zayed and beyond, we aim to strengthen this model to ensure we maximize its potential to achieve greater public good.”
Mr. Al Habtoor said, “In collaboration with 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.”
At a total cost of AED8 million, the new project is expected to generate AED1.5 million annually. The building consists of a ground floor and three upper floors with a total floor area of 25,309 square feet and a land area of 5,433 square feet. The commercial section spans 1,086 square feet, while the residential section comprises 21 one-bedroom apartments.