Dubai's Endowment Assets Surge To AED 10.3 Billion Under Leadership Of Hamdan Bin Mohammed

H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, recently highlighted the significant achievements in the expansion of endowment assets under the leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. The emirate has seen an 18 percent increase in endowment assets over the previous year, with the total reaching 948, amounting to a combined value of AED10.3 billion. This announcement was made during a reception for the Endowments and Minors’ Trust Foundation in Dubai (Awqaf Dubai) team, led by Essa Al Ghurair, Chairman of Awqaf Dubai.

During the meeting, Sheikh Hamdan was briefed on the latest developments in endowment work within Dubai. He commended Awqaf Dubai for its role in supporting the objectives of the Dubai Social Agenda 33 (D33) and emphasized the importance of smart services in enhancing endowment management. The Crown Prince also expressed his appreciation for the community's growing awareness and contribution to endowments, which play a crucial role in supporting education, scientific research, healthcare, research centres, and mosques.

By the end of 2023, Awqaf Dubai registered a total of 948 endowments with a value reaching AED10.3 billion. These include 857 real estate endowments and 91 financial endowments. A significant portion of these endowments, 798 to be precise, have been allocated for charitable purposes. The contributors to these endowments comprise 647 men and 169 women, along with entities and institutions providing 132 endowments.

Essa Al Ghurair highlighted Awqaf Dubai's commitment to enhancing Dubai's comprehensive and sustainable development in alignment with His Highness Sheikh Mohammed bin Rashid Al Maktoum's vision. Ali Al Mutawa, Secretary-General of Awqaf Dubai, further elaborated on the Foundation's dedication to implementing Dubai’s endowments strategy and promoting sustainable growth within the sector through digital infrastructure and best practices.

The efforts by Awqaf Dubai to encourage participation in endowment initiatives reflect a broader commitment to fostering a supportive environment for sustainable development. The significant growth in endowment assets not only demonstrates the community's increasing recognition of their importance but also underscores the positive impact these contributions have on various societal needs.

With inputs from WAM