A major philanthropic boost has been delivered to Dubai’s growing endowment sector after Reif Luxury Real Estate Development pledged 100 residential units worth about AED100 million to the Real Estate Developers’ Endowment initiative, marking the largest contribution to the programme since its launch.
The donation was made to the Endowment and Minors’ Trust Foundation in Dubai, widely known as Awqaf Dubai, during the Holy Month of Ramadan. The initiative was launched by the Mohammed bin Rashid Global Centre for Endowment Consultancy in partnership with the Dubai Land Department to encourage developers to dedicate real estate assets as charitable endowments.
Reif Properties has allocated the 100 units across projects in areas including Dubailand and Dubai Production City. The units are expected to be delivered within five years and are projected to generate annual returns between AED7 million and AED9 million.
Once completed, the properties will be managed and invested by Awqaf Dubai. The proceeds will fund charitable initiatives in health and education, while also supporting people in need, orphans, widows and people of determination.
Ali Al Mutawa, Secretary-General of Awqaf Dubai, said the contribution strengthens partnerships between the endowment sector and real estate developers, while positioning endowments as a sustainable development tool that delivers both economic and social returns.
Zainab Juma Al Tamimi, Director of the Mohammed bin Rashid Global Centre for Endowment Consultancy, said the participation of Reif Properties expands the initiative’s network of strategic partners and reflects the real estate sector’s confidence in innovative endowment models.
The Real Estate Developers’ Endowment initiative, launched in 2023, enables developers to dedicate real estate assets as long term charitable endowments, helping expand Dubai’s culture of waqf and support sustainable humanitarian programmes across the emirate.
News Source: Emirates News Agency
