Dubai-UAE: 22 December, 2016: Awqaf and Minors Affairs Foundation (AMAF) in Dubai and the Khalaf Ahmed Al Habtour Foundation for Charity (KAHF) have lately signed an awqaf investment partnership contract to build a residential commercial building.
Revenues from the building will be allocated to the Umom Al Kheir Bank, run by AMAF. KAHF will provide full funding for the project, estimated at AED8 million.
His Excellency Tayeb Abdulrahman Al-Rais, Secretary General of AMAF, and Abdul Salam Mahmoud Al Marzouki, General Director of Khalaf Ahmed Al Habtour Foundation for Charity, signed the partnership contract in the presence of Khalaf Ahmad Al Habtoor, founder of KAHF and prominent UAE philanthropist, as well as senior representatives of both organizations.
Al-Rais said: “Transcending caring for underprivileged communities, waqf (endowment) has always served as a viable foundation for social and economic empowerment, and contributed to the development of human societies. Through charitable endowments, AMAF routinely seeks to fulfil people’s needs while enhancing their standard of living.”
Al Marzouki stressed the importance of collaboration with government organizations and private entities in the fields of social services, healthcare, education, and humanitarian work while supporting those in need.
He said: “Only through synergistic efforts can we succeed in establishing the UAE as a hub for charity and humanitarian work.”
Registered in AMAF’s name with the Umom Al Kheir Bank as a beneficiary, the four-storey building will be located in Dubai’s Al Bada area on a 5,433 square feet plot of land with an estimated value of AED5.5 million.