Awqaf and Minors Affairs Foundation Highlights Importance of Investing Waqf Funds in Projects that Achieve Social Stability

His Excellency Tayeb Al-Rais Reviews Projects in Al Bida’a and Al Warqaa

Dubai, UAE, September 10, 2016:   His Excellency Tayeb Al-Rais, Secretary General of Awqaf and Minors Affairs Foundation (AMAF), last Monday led a tour of AMAF’s new residential and commercial waqf projects in Al Warqaa and Al Bida’a areas. He was accompanied by AMAF officials including Saeed Issaf AlSayeh, Director of Investment Department, Faisal Ali Hussain, Manager of Secretary General Office, and Zeyad Taha Zayed, Head of Engineering Services Section.

During his visit, Al-Rais stressed the importance of managing and investing waqf funds in projects that generate value to society, provide sustainable financial resources for segments that need care, and enhance the spirit of social solidarity. He also commended the support provided by various individuals and corporations for AMAF’s projects and initiatives. 

His Excellency Tayeb Al-Rais said: “These projects will host multi-size residential units to meet the dynamic requirements of their residents. Integrating aesthetic and environment-friendly architectural elements, the projects once completed, will feature a line-up of retail outlets and provide a full range of amenities for the ultimate convenience of the community.” 

Al-Rais toured Al Bida’a project that is funded by His Excellency Ahmed Ali Abdullah Al Ansari. The project comprises three residential and commercial buildings that are being developed with an investment of AED16.5 million. 

The development is anticipated to bring in annual revenues of AED1.85 million. The project comprises three residential and commercial buildings will include a total of 32 residential apartments (28 one-bedroom and four two-bedroom apartments), in addition to eight multi-purpose retail stores. A well-known local engineering consultancy has designed the buildings to optimize the efficient use of natural resources and incorporate green building standards. Spanning a construction area of over 47,341 sq ft and a land area of over 15,038 sq ft, the project enjoys a prime location between Al Wasl Street, Jumeirah, Satwa and Sheikh Zayed Road. 

His Excellency Tayeb Al-Rais also toured AMAF’s residential project in Al Warqaa which is being executed in line with the provisions of the will of the late Hamel Al Qubaisi. The project comprises two buildings, each consisting of 36 apartments (one-, two- and three-bedroom) across six-storeys. The project, which spans a construction area of 11,580 sq ft, is being developed with an investment of AED40 million. The project is expected to generate revenues of AED5 million annually. 

Revenues generated from these projects will be earmarked for the upkeep of the Family Village, the first endowment community orphanage in Dubai managed by AMAF that provides orphans with shelter, education, health and psychological attention in a stable family environment under the care of dedicated full-time care givers or ‘mothers’.