The Awqaf and Minors Affairs Foundation (AMAF) of Dubai has announced the launch of four new endowment projects worth AED56.2 million.
This will be in addition to the Foundation’s plans for another six projects worth AED16.3 million, WAM reported.
The new endowment projects vary between residential villas and residential complexes for workers in various areas of the emirate of Dubai.
The profits from the endowment projects will be utilised to fund the costs of education, health and care for women, children and people of determination, as well as charity institutions.
Ali Al Mutawa, secretary-general of AMAF, said the Foundation would start implementing the new projects from the fourth quarter of 2022 to the half of 2023.
He said the Foundation was currently conducting economic feasibility studies to carry out new endowments varying between commercial stores and real estate units.
He also affirmed the Foundation’s keenness to restore old buildings in Dubai, in line with the emirate’s sustainable development plans.
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