Hind City:Dubai The Endowment and Minors' Trust Foundation in Dubai, known as Awqaf Dubai, has announced the launch of a new AED73 million endowment shopping centre project in Hind City, in partnership with Voco Investments. This project is expected to be completed within two years, with aims to support mosque affairs throughout Dubai through the proceeds generated.
According to Emirates News Agency, the shopping centre will be built on a 90,400-square-foot plot and will feature two floors with a total of 40 retail outlets. The construction costs are estimated at AED50 million, while the land has been valued at AED23 million.
Ali Mohammed Al Mutawa, Secretary-General of Awqaf Dubai, stated that the project aligns with the Foundation's commitment to developing endowment investments that provide sustainable returns and maximize asset value to benefit the community. He highlighted that dedicating the project's proceeds to mosque affairs continues the tradition of using endowments to support mosques and address their needs.
Al Mutawa further explained that the project integrates asset development, financial returns, and community benefits in line with Awqaf Dubai's vision of a sustainable endowment investment framework. The centre is projected to generate an annual rental income of approximately AED8.4 million, with total estimated returns of AED68 million over the course of the investment.
This initiative is part of Awqaf Dubai's broader efforts to enhance its endowment assets and financial resources through sustainable investments, ensuring that the proceeds from endowments are used for their intended purposes, thereby reinforcing their role in community development and mosque support.
