The Endowment and Minors’ Trust Foundation in Dubai (Awqaf Dubai) has launched an AED73 million endowment shopping centre in Hind City, with proceeds set to support mosque affairs across the emirate.
The project is being developed with Voco Investments and is scheduled for completion within two years. The centre will stand on a 90,400-square-foot plot and will have two floors housing 40 retail outlets. Construction costs are estimated at AED50 million, while the land is valued at AED23 million.
Ali Mohammed Al Mutawa, Secretary-General of Awqaf Dubai, said the project reflects the Foundation’s commitment to developing endowment investments that deliver sustainable returns while maximising the value of its assets for the community. He said directing proceeds to mosque affairs reinforces the long-standing role of endowments in supporting mosques and meeting their needs.
He added that the project brings together asset development, financial returns and community benefit, in line with the Foundation’s vision of a sustainable endowment investment framework.
The centre is expected to generate annual rental income of about AED8.4 million, with total estimated returns to Awqaf Dubai reaching AED68 million over the investment period.
The project forms part of the Foundation’s wider efforts to develop its endowment assets and strengthen their financial resources, ensuring proceeds go towards their designated purposes.
News Source: Emirates News Agency
