Dubai-based conglomerate Al Habtoor Group will donate 20 percent of its overall profits to a newly established foundation that will support a range of charitable activities, its chairman said.
The group, which was projected to report group earnings of US$191.8m last year, said the Khalaf Ahmed Al Habtoor Foundation will focus its efforts on “developing and improving human societies in need in the UAE” and “provide relief and assistance to communities around the world”.
“This will be 20 percent of overall profits from the group, in addition to our zakat fund", Khalaf Al Habtoor told Arabian Business at the official launch of the foundation.
“It will support many different activities including supporting the needy in the UAE, education initiatives and medical centres,” he added.
Al Habtoor Group, whose portfolio spans the hospitality, construction and automotive sectors, was recently valued at US$6.06bn by advisory firm Grant Thornton.
The valuation excluded four properties in Beirut, and one in Hungary, as well as the group’s shareholding in Habtoor Leighton Group and “several other investments in public shareholding companies”.
Al Habtoor has donated around AED126.7m (US$34.5m) to charitable causes over the last two years. Donations included AED18.5m for a football and track stadium at the American University of Cairo and AED19m for low cost housing project in Al Quoz, Dubai.
The Khalaf Ahmed Al Habtoor Foundation will support a range of charitable causes including education and scientific research and sports, as well as provide assistance and grants for researchers and scholars in different fields. Assisting UAE nationals will also be a key area.