Properties of the Endowments and Minors’ Belief Basis (AWQAF Dubai) achieved their highest ever occupancy fee of 99.6% in the course of the first half of 2024. The numbers are much more spectacular on condition that the Basis added 1,887 new items to its portfolio over the previous 5 years.
By the tip of the primary half (H1) of 2024, the overall worth of recent and renewed contracts for the Basis’s properties amounted to AED 162.6 million, marking a 12.5% improve in comparison with the identical interval in 2023, when it was roughly AED 144.5 million.
The overall variety of properties below the Basis, together with these in its actual property portfolio (endowment properties, minors’ properties, and AWQAF Dubai’s properties) reached 5,863 in H1 of this 12 months. This portfolio elevated by 1,028 items in 2024.
His Excellency Ali Mohammed Al Mutawa, Secretary-Normal of AWQAF Dubai, emphasised the Basis’s keenness to harness all prospects to realize the noble objectives of Dubai’s management and improve the emirate’s standing globally as an advocate of endowment initiatives. AWQAF Dubai can also be eager to implement endowment tasks in order to drive funding and innovation on this sphere and showcase an distinctive endowment mannequin that displays Dubai’s unwavering help for humanitarian initiatives, he added.
Al Mutawa acknowledged that AWQAF Dubai operates in alignment with the emirate’s technique to boost endowment belongings and broaden providers on this space, enabling it to play an efficient position in selling progress throughout varied societal sectors, thus fostering a constructive impression on society, and bettering total high quality of life.
Vital progress
His Excellency added that AWQAF Dubai’s actual property portfolio is experiencing important progress by way of new and renewed contracts regardless of the regular improve within the variety of actual property items falling below its purview lately. He identified that AWQAF Dubai strives to handle its properties in line with worldwide finest practices to realize optimum returns from its belongings and use them to help and empower particular segments of society as desired by endowers.
AWQAF Dubai’s actual property portfolio was valued at about AED 289 million by the tip of 2023, with 4,835 items below its administration in that interval.
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