Dubai PR Network, Online Press Release from Dubai and Middle East
Property & Real Estate(Real Estate & Retail)
Filter PR by
Awqaf and Minors Affairs Foundation Inaugurates Khalaf Ahmad Al Habtoor's Endowment Project Worth AED8 Million
Awqaf and Minors Affairs Foundation Inaugurates Khalaf Ahmad Al Habtoor's Endowment Project Worth AED8 Million

Dubai-UAE: 21 January, 2018 –   Marking the commencement of ‘Year of Zayed’, Awqaf and Minors Affairs Foundation (AMAF) today inaugurated the first endowment residential and commercial project in Al Bada’a area of Dubai, funded by an endowment from Khalaf Ahmad Al Habtoor, Chairman of Al Habtoor Group. Proceeds from the project will be allocated to AMAF’s general charity mandate. 

His Excellency Tayeb Al-Rais, Secretary General of AMAF, Khalaf Ahmad Al Habtoor, Omar Juma Kalandar, Director of AMAF’s Endowment Development Department, and several officials from the Foundation attended the ceremony. 

In December 2016, AMAF and Khalaf Ahmad Al Habtoor signed an endowment investment contract to launch the project that seeks to enhance the living standards of the underprivileged and assist them in meeting their basic needs. 

His Excellency Tayeb Al-Rais said: “The residential part of the building will provide housing to people who cannot afford to pay rent. Meanwhile, we will lease out the commercial part to three retail outlets to generate revenues for AMAF’s general charity mandate. The project supports the local community through helping families in need and utilizing endowment investment for charity purposes.” 

He added: “Endowment projects are very important since they empower society, support economic growth, create job opportunities, and improve people’s lives. Today, partnership among public and private sector entities in the UAE represents a true model of cooperation and social solidarity. Throughout the Year of Zayed and beyond, we aim to strengthen this model to ensure we maximize its potential to achieve greater public good.” 

For his part, Khalaf Ahmad Al Habtoor said: “In collaboration with AMAF, we intend to utilize all available resources to develop the endowment concept that is one of the pillars of Muslim societies and plays a crucial role in fighting poverty.” 

At a total cost of AED8 million, the new project is expected to generate AED1.5 million annually. The building consists of a ground floor and three upper floors with a total floor area of 25,309 square feet and a land area of 5,433 square feet. The commercial section spans 1,086 square feet, while the residential section comprises 21 one-bedroom apartments.


Posted by : Dubai PR Network Editorial Team
Viewed 10992 times
PR Category : Real Estate & Retail
Posted on : Sunday, January 21, 2018  11:44:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of
Previous Story : Al Qattara Investments reveals expansion plans for Al Ain
Next Story : Property Remains Preffered 2018 Investment Asset for UAE Res...
Email this article Print this article

Share this article with your friends and followers
Back to Section Home

Related Stories

Most Viewed Press Release posted in the last 7 days
Bhima Jewellers Wows Women on International Women's Day [15305-Views]
Foreo Declares 2018 the Year of Confidence [14176-Views]
Built for the Way We Communicate Today: Samsung Galaxy S9 and S9+ Launches in the UAE [10968-Views]
The Ultimate Mother's Day Beauty and Wellness Gifts [8955-Views]
Filorga Launches Lift Range [8821-Views]
The Sheet Mask Trend [7881-Views]
Rise and Shine with Sophie's [7222-Views]
Top Perfume Picks for Mother's Day @ [7204-Views]
SMCCU opens its doors for SIKKA Art Fair [6954-Views]
Mother's Day Offer from Blush N Curls Salon [6680-Views]
It's Mother's Day! [6673-Views]
Max launches its Inaugural Abaya Collection [6539-Views]
Al-Futtaim Honda launches 10th generation Honda Accord [6405-Views]
Nissan's e-POWER technology wins environmental award [6405-Views]
“The Night of Italian Design” at D3 Attracts Design Enthusiasts [6320-Views]
LULU Organic Food Activation [6252-Views]
The Global Sensation UFO Lands in Europe at Cosmoprof 2018 [6094-Views]
Iconic milkshake brand Keventers to open 30 outlets across the UAE in 2018 [5972-Views]
An Open Secret - The new Flying Regulator Open Gear provides deep insights [5612-Views]
Drink yourself to looking younger with Skinade [5527-Views]
UAE Jiu-jitsu Federation® Conducted the Official Weigh-ins of Abu Dhabi Grand Slam® in Lon... [5185-Views]
Reading Champions Declared at 10th Emirates Airline Festival of Literature [5142-Views]
Preps for the Fazza Championships for Shooting Saktoun Riffle begin on March 11 [5057-Views]
Discover the MISA Cho Gong Jin Oriental and Herbal Skincare Range from Missha [5057-Views]
A Meet & Greet with the Pakistani Cricket Sensation Umar Akmal [5051-Views]
RSS Facebook Twitter LinkedDin
Top Sections
Top Stories