Awqaf Dubai Sets New Record With 99.6% Property Occupancy Rate In Early 2024

Properties of the Endowments and Minors’ Trust Foundation (Awqaf Dubai) reached an unprecedented occupancy rate of 99.6 percent in the first half of 2024. This achievement is notable as the Foundation added 1,887 new units to its portfolio over the past five years.

The total number of properties managed by Awqaf Dubai, including endowment properties, minors’ properties, and Awqaf Dubai’s own properties, reached 5,863 by mid-2024. This represents an increase of 1,028 units within the year.

By the end of H1 2024, new and renewed contracts for these properties were valued at AED162.6 million. This marks a 12.5 percent rise from AED144.5 million during the same period in 2023.

Ali Mohammed Al Mutawa, Secretary-General of Awqaf Dubai, highlighted the Foundation’s dedication to achieving Dubai’s leadership goals and enhancing its global reputation in endowment initiatives. He stated that Awqaf Dubai aims to implement projects that drive investment and innovation in this sector.

Al Mutawa also mentioned that Awqaf Dubai aligns with the emirate’s strategy to enhance endowment assets and expand services. This approach helps promote growth across various societal sectors, fostering a positive societal impact and improving quality of life.

Despite a steady increase in real estate units under its management, Awqaf Dubai’s real estate portfolio continues to grow significantly in terms of new and renewed contracts. Al Mutawa noted that the Foundation strives to manage its properties according to international best practices to achieve optimal returns.

The value of Awqaf Dubai’s real estate portfolio was approximately AED289 million by the end of 2023, managing 4,835 units during that period.

Al Mutawa emphasised that these returns are used to support and empower specific societal segments as intended by endowers.

This remarkable performance underscores Awqaf Dubai's commitment to leveraging all possibilities to meet its noble objectives while showcasing an exceptional model for humanitarian initiatives supported by Dubai's leadership.

With inputs from WAM