Awqaf Dubai Achieves Record 99.6% Occupancy Rate in H1 2024

The Endowments and Minors’ Trust Foundation (Awqaf Dubai) has announced a record-breaking occupancy rate of 99.6% for its properties during the first half of 2024.

This achievement is particularly remarkable given that the Foundation has added 1,887 new units to its portfolio over the past five years.

By the end of H1 2024, the total value of new and renewed contracts for the Foundation's properties reached AED162.6 million, representing a 12.5% increase compared to AED144.5 million in the same period in 2023. The total number of properties managed by Awqaf Dubai, including endowment and minors’ properties, has grown to 5,863, with the portfolio expanding by 1,028 units this year.

Ali Mohammed Al Mutawa, Secretary-General of Awqaf Dubai, highlighted the Foundation’s commitment to fulfilling Dubai’s leadership vision by driving investment and innovation in the endowment sector.

Al Mutawa emphasized that Awqaf Dubai is dedicated to managing its real estate portfolio according to international best practices to ensure optimal returns, which are then used to support various societal segments as intended by endowers.

The Foundation's real estate portfolio was valued at AED289 million by the end of 2023, managing 4,835 units during that period. Despite the increase in property units, Awqaf Dubai continues to achieve significant growth, solidifying its role in enhancing Dubai's global standing as a leader in endowment initiatives.

News Source: Emirates News Agency