GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Real Estate

 
  Share

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 : GoDubai Editorial Team
Viewed 14640 times
Posted on : Sunday, January 21, 2018  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Dubai Industrial Park Announces AED135 Million Investment in Expanding Infrastructure
Next Story : ADSB to Collaborate on Sustainment and Supply Chain Services with Rolls-Royce
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
NARS Erdem SS19 Beauty Report
Diana Arno Expands Online Shopping to Middle East
Introducing Home Fragrance at Robinsons, Dubai Festival City
Defying Age With Skin Republic's Gold and Platinum Face Masks
Introducing VK Beauty Lounge & Bar
The Future Is Here
Roberto Cavalli's Exclusive Duo of Fragrances
Lacoste.12.12 Collection
Bring a Touch of Sophistication to Your Home with The Exclusive SmegXDolce&Gabba...
FOREO To Attend TFWA: the World's Largest Travel Retail Show
Trevor Sorbie Range Relaunches in the UAE
Dubai Parks and Resorts Celebrates Saudi National Day
Carl F. Bucherer Celebrates Debut of Its Online Boutique on Jd.Com Launch of Lim...
Honor Set to Go Beyond Limits With the Launch of Honor 8x
GROHE Smart Home: The App-Controlled Water Security System
O Boticário Opens in Dubai its First Amphora Store outside Brazil Come Join...
Pamper yourself at Perfumery & Co this month, at The Dubai Mall
The Mummies of Dubai Give Their Kids a Preppy Style Makeover
Huawei Deepens Cooperation with Duisburg to Transform Germany's Industrial Hear...
Ministry of Human Resources and Emiratisation, Huawei and Honor launch ICT Compe...
Le Meridien Dubai Hotel & Conference Centre's Restaurant Promotions- October
Hyperloop Transportation Technologies, Partners, and Government Stakeholders Mov...
Al-Futtaim ACE launches its stylish new Outdoor collection
William Collection by Hugo Boss
du Wins Smart Cities Award at the Telecoms World Middle East 2018
New GUESS Handbags for FW18
Honda voted “Preferred Sedan Car Brand of the Year” for the fourth year in a row
Tips & Toes Hits the Big 3-5!
Al-Futtaim Toyota swoops another win at the Filipino Times Awards
Dubai Design Week continues to grow, cementing Dubai as the design capital of t...
Eberhard & Co. Scafograf 100 For Elegant Lady
Mousses Etoiles to reveal the latest luxury designs of commercial-use outdoor fu...
Tata Communications launches a specialised cyber security lab at Shanmugha Arts,...
Consonni Wraps Up La Vuelta a Espana With a Seventh Place Finish for UAE Team Em...
Abu Dhabi wins bid to host 2022 ITU Grand Final in world first
Akamai Unveils Solutions at IBC 2018 Designed to Mitigate the Challenges and Cos...
Cadillac XT4 Delivers Dynamic Driving Experience
du Opens New Business Centre in DIFC for Enterprise Customers
WWE® Crown Jewel Set for November 2 in Saudi Arabia
Volunteers from the UAE join hands with the community in Tasset Peulh village in...
New Homologations for Pirelli Tyres
Sharjah's Recognition as ‘Accessible City for Physically Disabled' Hailed as His...
The Ferrari Monza SP1 and SP2 unveiled – the first models in a new concept of li...
The Dubai Business Women Council meets with the UN Assistant Secretary-General t...
Dubai Festival City Mall Celebrates KSA National Day with Special Imagine Show
2018 FW in style at Zippy
Registration for the 5th edition of Camel Trek is now open
Fidu Properties unveils second office in Dubai; eyes expansion in UAE
Huawei becomes one of the first multi-national technology companies to register ...
New Headmaster for Repton School, Abu Dhabi School's Rose Campus (FS1 to Year 1...