The Awqaf & Minors Foundation in Dubai launched an AED 8 Million the Khalaf Al Habtoor Residential and Commercial Waqf in Al Bada. The Waqf will be dedicated to finance Bank Alkhair managed by the Awqaf & Minors Affairs Foundation.
Khalaf Ahmad Al Habtoor, Founding Chairman, Al Habtoor Group joined His Excellency Tayeb AlRais, Secretary General of Awqaf & Minors Affairs Foundation and Omar Jomaa Kalander, Director of Waqf Development Department at an opening ceremony on 21 January 2018. In December 2016, the Awqaf & Minors Affairs Foundation signed an investment contract for the construction of the building that would contribute to improving the standard of living of the citizens and providing them with their basic needs.
His Excellency Al-Rais said, “The project is a residential and commercial building where the residential units will be leased to low-income families. The revenues of the commercial units will go to Alkhair Bank managed by the Awqaf Foundation.” He added, “This kind of projects is of great importance; it is not only intended to help the underprivileged and ensure a decent life for them, but it also contributes to empowering the economy and community as a whole.”
It is expected to generate around AED 1.5 million in revenues per year.
Khalaf Ahmad Al Habtoor expressed his delight at the launching of the project, “We recognize the importance of the cooperation between the public and private sectors for the establishment of such projects. We will strive, in cooperation with the Foundation, to use all available means, whether material or in kind, to develop and promote the Waqf.” He added, “The Awqaf is one of the characteristics of the social and economic structure of the Islamic society for its outstanding role in combatting poverty.”