The Endowments and Minors’ Trust Foundation in Dubai (AWQAF) has announced the development of 21 endowment real estate projects valued at over Dh202 million. These projects include malls, residential buildings, shops, and mosques, which are currently at various stages of design and implementation.
The endowment real estate projects encompass a range of purposes, including educational and humanitarian buildings, general charitable contributions, and mosque endowments. These projects are funded via contributions and donations from endowment backers, in addition to the reconstruction portfolio.
AWQAF Dubai stated that construction timelines for the 21 endowment projects range from one to two years. The developments are strategically located in key areas of central Dubai. Plans are afoot to set up endowment malls in emerging residential neighbourhoods with the aim of enhancing community services and to meet needs of residents.
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The projects are in alignment with Dubai’s commitment to expand and diversify endowment investments, and to support the social and economic objectives of the Dubai Plan 2033.
Some of the 21 endowment projects in the pipeline are expected to be completed by the end of 2024, with the majority of them expected to be ready by mid-2025.