Properties of the Endowments and Minors’ Trust Foundation (AWQAF Dubai) achieved their highest-ever occupancy rate (99.6%) during the first six months of 2024 (H1 2024).
The total value of the new and renewed contracts for the Foundation’s properties amounted to AED 162.6m at the end of H1 2024.
The total value of new and renewed contracts for the Foundation’s properties amounted to AED 162.6m, marking a 12.5% increase compared to the same period in the previous year, when it was circa AED 144.5m.
The total number of properties under the Foundation, including those in its real estate portfolio (endowment properties, minors’ properties, and AWQAF Dubai’s properties) reached 5,863 in H1 2024. This portfolio saw an increase of 1,028 units.
AWQAF Dubai is also keen to implement endowment projects to drive investment and innovation, and showcase an exceptional endowment model that reflects Dubai’s support for a variety of humanitarian initiatives.
“AWQAF Dubai operates in alignment with the emirate’s strategy to enhance endowment assets and broaden services in this area, enabling it to play an effective role in promoting growth across various societal sectors, thus fostering a positive impact on society, and improving overall quality of life.
“AWQAF Dubai’s real estate portfolio is experiencing significant growth in terms of new and renewed contracts despite the steady increase in the number of real estate units falling under its purview in recent years.”
His Excellency Ali Mohammed Al Mutawa, Secretary-General, AWQAF Dubai
AWQAF Dubai’s real estate portfolio was valued at about AED 289m by the end of 2023, with 4,835 units under its management in that period.
AWQAF Dubai also supported low-income families with 3,000 Sand Cards in cooperation with Emirates Islamic.
The Foundation distributed 3,000 Sand cards worth AED 3m to beneficiaries including orphans, widows, senior citizens, people of determination and those with limited income.
The card includes a preloaded amount of AED 1,000, deposited by the Foundation into a dedicated account at Emirates Islamic. Additionally, the card offers discounts at Carrefour stores and Union Coop. Cardholders also can make retail purchases at various point-of-sale locations.
“We are delighted to collaborate with Awqaf Dubai on the Sand banking card aimed at financially supporting deserving members of the UAE community. Driven by core Shari’ah principles, ensuring the wellbeing and greater good of the individual and community has always been our key priority and as a responsible Islamic financial institution, we are committed to empowering and uplifting the communities we operate in through such meaningful partnerships and initiatives.”
Farid Al Mulla, Chief Executive Officer, Emirates Islamic
