Dubai: The Endowment and Minors’ Trust Foundation in Dubai (Awqaf Dubai) has launched an AED73 million endowment shopping centre project in Hind City in collaboration with Voco Investments. Scheduled for completion within two years, the project will generate proceeds to support mosque affairs across Dubai.
The shopping centre will be built on a 90,400-square-foot plot and will comprise two floors with 40 retail outlets. The project is designed to generate sustainable returns in support of designated endowment purposes. Construction costs are estimated at AED50 million, while the land is valued at AED23 million.
His Excellency Ali Mohammed Al Mutawa, Secretary General of Awqaf Dubai, said the project reflects the Foundation’s commitment to developing endowment investments that generate sustainable returns while maximising the value of its assets for the benefit of the community. He said allocating the project’s proceeds to mosque affairs reinforces the longstanding role of endowments in supporting mosques and meeting their needs.
Al Mutawa added that the project combines asset development, financial returns and community benefit, in line with Awqaf Dubai’s vision of establishing a sustainable endowment investment framework.
He noted that the centre is expected to generate annual rental income of approximately AED8.4 million, with total estimated returns to Awqaf Dubai reaching AED68 million over the investment period.
The project forms part of Awqaf Dubai’s ongoing efforts to develop its endowment assets and strengthen its financial resources through sustainable investments. It also helps ensure that endowment proceeds are directed towards their intended purposes, further enhancing the role of endowments in community development and support for mosque affairs.
Source: Emirates 24|7