Dubai's Endowment Sector Achieves AED 10.3 Billion in Assets

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai, highlighted the significant success in expanding endowment assets and enhancing service endowments under the guidance of Sheikh Mohammed bin Rashid Al Maktoum. Dubai experienced an impressive 18 percent increase in endowment assets, totaling 948, with a combined value of AED10.3 billion.

During a reception for Awqaf Dubai, led by Essa Al Ghurair, Sheikh Hamdan praised the foundation for supporting the goals of the Dubai Social Agenda 33.

“Dubai has created a supportive environment for endowments to deliver benefits to various segments of the community and drive sustainable development. The growth in the number of endowment assets in Dubai reflects the community’s growing awareness of the importance of endowments and their positive impact on society,”

he said.

Highlighting the significance of utilizing smart services for effective endowment management, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum emphasized Awqaf Dubai's deployment of comprehensive smart services to enhance sustainable endowment projects. The Crown Prince expressed gratitude to citizens, residents, and institutions for their impactful initiatives in endowments, acknowledging their positive contributions to various societal needs, particularly in education, research, healthcare, and supporting mosques. As of the end of 2023, Awqaf Dubai registered 948 endowments, valued at AED10.3 billion, with contributions from 532 registered contributors, including real estate and financial endowments, family and joint endowments, and a diverse range of contributors.

Essa Al Ghurair, Chairman of Awqaf Dubai, highlighted the Foundation’s commitment to enhancing Dubai's comprehensive and sustainable development in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum. He also noted the Foundation’s efforts to ensure the sustainability of endowments and their benefits through a robust governance framework.

Ali Al Mutawa, Secretary-General of Awqaf Dubai, expressed the Foundation's commitment to implementing Dubai’s endowments strategy and ensuring the sustainable growth of the sector. He highlighted the Foundation’s efforts to establish a digital infrastructure for endowments and promote the adoption of best practices within the sector. Awqaf Dubai continues to encourage individuals and institutions to participate in the growth and development of endowment initiatives, he noted.

News Source: Emirates News Agency