Dubai: The Endowment and Minors' Trust Foundation in Dubai, commonly known as Awqaf Dubai, has announced a groundbreaking initiative with the registration of the first family endowment (Waqf Dhurri) for family businesses in the region. This historic move marks a significant step forward in Dubai's mission to foster a sustainable economic ecosystem and enhance the longevity of family-owned enterprises, which are recognized as pivotal to economic growth and long-term development.
According to Emirates News Agency, this initiative is led by Prof. Abdulsalam AlMadani, Chairman of INDEX Holding, who has registered the 'INDEX Holding' group of companies as the inaugural family endowment for family businesses in Dubai. This pioneering effort signifies a transformative shift in the traditional concept of endowment (Waqf) to a modernized institutional model that prioritizes asset protection, sustainability, and maximizes economic and societal impacts.
The endowment's framework includes provisions for a family endowment benefiting the endower and his family, as well as the establishment of the Abdulsalam AlMadani Global Education Centre (AGEC) and its related assets, intellectual and industrial property rights, and the Abdulsalam AlMadani Humanitarian Care and Charity Foundation (DIHAD Sustainable Organisation) as charitable endowments.
As per the deed, Prof. AlMadani will manage the endowment during his lifetime, following which its management will adhere to the family endowment system's regulations. These regulations encompass the appointment of supervisors, distribution of returns, and core terms of the endowment, ensuring its sustainability and objective fulfillment.
The endowment will be overseen by Awqaf Dubai under Law No. (17) of 2022, which guarantees sound governance and sustainability while showcasing the emirate's sophisticated regulatory framework for institutional endowments.
Ali Al Mutawa, Secretary-General of Awqaf Dubai, emphasized that the registration of this family endowment is a landmark achievement in the institutional endowment system. He highlighted that family endowments are crucial for preserving businesses across generations, contributing to the stability and growth of national enterprises.
Al Mutawa further explained that the endowment model offers an integrated framework for governing family assets, balancing financial sustainability with social impact, and providing families and entrepreneurs with adaptable tools for smooth and enduring wealth succession. He reaffirmed Awqaf Dubai's commitment to pioneering endowment solutions aligned with global best practices, thus reinforcing Dubai's leadership in endowments and its contribution to comprehensive development.
Prof. AlMadani remarked, "This step redefines the role of family businesses in the national economy. We are building an integrated system that ensures the continuity of the values and vision upon which these companies were established, transforming them into an institutional model built for long-term growth."
He continued, "The real challenge is growing assets without losing their essence. Hence, this endowment serves as a framework to protect companies, ensuring they are future-ready and deeply committed to the national economy."
He also noted, "Dubai today presents an advanced model in family asset management, combining governance and social responsibility. It reflects a clear vision for family businesses to be an economic force and a deep-rooted humanitarian influence."
The total value of family endowments registered with Awqaf Dubai reached approximately AED4.8 billion by the end of 2025, spread across 251 family endowments, illustrating the increasing adoption of this model and its critical role in sustaining family assets.
