Dubai Endowment, DLD launch innovative endowment initiative for real estate developers

Dubai Endowment, DLD launch innovative endowment initiative for real estate developers

DUBAI, 25th April, 2023 (WAM) -- The Endowments and Minors' Trust Foundation (Dubai Endowment), represented by the Mohammed bin Rashid Global Centre for Awqaf and Endowment, has announced the launch of the first endowment scheme for real estate developers.

The move is aligned with the endowment strategy advocated by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai.

The initiative has been launched under the patronage of the Dubai Land Department (DLD), represented by the Real Estate Regulatory Agency (RERA), and aims to support the sustainability of humanitarian work, serve the community and meet its needs.

The innovative scheme urges developers to allocate one unit from their real estate projects as a sustainable endowment to support charitable causes, meet the needs of society, and promote education.

The scheme includes supporting those who are unable to complete their studies, providing medical treatment to indigent patients, supporting orphans, people of determination, and others in need.

ORO24 Real Estate Development LLC has made the first contribution to this scheme by granting a unit in each of its projects to support education for those unable to complete their studies, widows, and orphans. The endowment will also support the release of indigent prisoners.

Secretary-General of Dubai Endowment Ali Al Mutawa praised the DLD's participation in this initiative and emphasised the significance of cooperation and sharing experiences between community institutions to promote the principle of social solidarity.

Al Mutawa highlighted that this step significantly boosts the endowments in Dubai, as it allows developers to participate in endowment activities, including supporting the Foundation's charitable expenditures.

He also expressed gratitude to ORO24 as one of the first companies to contribute to the endowment.

Executive CEO of RERA Marwan bin Ghalita praised the collaboration with Dubai Endowment and emphasised RERA's commitment to supporting humanitarian initiatives in Dubai and facilitating procedures for companies willing to donate to the endowment.

He pointed out that this initiative aims to promote the concept of endowment and its contributions, which positively impact the happiness of society in Dubai and beyond the borders of the UAE.

Bin Ghalita stated that several developers had already pledged properties to the initiative and that the process of accepting applications to join the initiative was still ongoing.

He also highlighted the importance of the tenth principle of real estate business ethics, which emphasises community service and calls on real estate companies to be active members of society and contribute to community initiatives.

Bin Ghalita urged more developers to participate in this charitable initiative, whose proceeds will be used to meet society's needs in health, education, and charity.

Director of the Mohammed bin Rashid Global Centre for Awqaf and Endowment, Zainab Al Tamimi, said, "We are keen to launch innovative endowment projects with the participation of community institutions to enhance endowment and charity in Dubai."

She highlighted that all institutions and segments of society have the opportunity to contribute to endowment activities.

Founder and Chairman of ORO24 Real Estate Developments Atif Rahman stated, "We are grateful and honoured to be the first real estate developer to contribute to this endowment scheme. ORO24 will grant a fully paid real estate unit in each project that it launches. The endowment would enable Dubai Endowment to access ongoing returns from the unit, which would be used to support programmes related to education, widows, orphans, and prisoner's release.