AMAF launches endowment projects worth AED56.2 million

The Awqaf and Minors Affairs Foundation (AMAF) in Dubai has announced the launch of four new endowment projects worth AED56.2 million in addition to plans for six further projects worth AED16.3 million.

The new endowment projects vary between residential villas and residential complexes for workers in various areas of the emirate of Dubai, and their profits will cover the costs of education, health and care for women, children and people of determination, as well as charity institutions.

Ali Al Mutawa, Secretary-General of the AMAF, highlighted the foundation’s keenness to launch endowment projects in Dubai, with the implementation of real estate and housing projects whose profits will support charity and sustainable development projects.

The foundation will start implementing the new projects from the fourth quarter of 2022 to the half of 2023, he said. It is currently conducting economic feasibility studies to carry out new endowments varying between commercial stores and real estate units.

He also affirmed the foundation’s keenness to restore old buildings in Dubai, in line with the emirate’s sustainable development plans.

News Source: Emirates News Agency