Hotel In the first half of 2024, AWQAF records Now
In the first half of 2024, the Endowments and Minors’ Trust Foundation (AWQAF Dubai) properties saw their greatest occupancy rate to date 99.6%. Considering that the Foundation added 1,887 new apartments to its portfolio over the previous five years the results are even more remarkable.
The overall value of new and renewed contracts for the Foundation’s properties at the end of the first half (H1) of 2024 was AED 162.6 million, a 12.5% increase over the same time in 2023 when it was roughly AED 144.5 million.
In the first half of this year, there were 5,863 properties under the Foundation’s complete jurisdiction, including assets in its real estate portfolio (endowment properties, properties owned by minors, and properties owned by AWQAF Dubai). In 2024, this portfolio saw a rise of 1,028 units.
The Honorable The Secretary-General of AWQAF Dubai, Ali Mohammed Al Mutawa, emphasized the Foundation’s desire to use every opportunity in order to accomplish the admirable objectives of Dubai’s leadership and raise the emirate’s profile internationally as a supporter of endowment programs.
According to him, AWQAF Dubai is eager to carry out endowment projects in order to stimulate investment and innovation in this field and present an outstanding endowment model that demonstrates Dubai’s steadfast support for humanitarian endeavors.
According to Al Mutawa, AWQAF Dubai functions in line with the emirate’s plan to expand services and improve endowment assets in this field.
- This allows it to effectively contribute to the growth of numerous societal sectors, which in turn fosters a positive impact on society and raises standard of living overall.
- notable expansion
Despite the continuous rise in the number of real estate units falling under AWQAF Dubai’s jurisdiction in recent years, His Excellency said, the organization’s real estate portfolio is witnessing notable growth in terms of new and renewed contracts.
- He made the point that AWQAF Dubai works hard to manage its properties in accordance with global best practices in order to maximize profits from its assets and use them to empower and promote particular social groups as specified by endowers.
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