Wed 25-04-2018 11:46 AM
DUBAI, 25th April, 2018 (WAM) — Awqaf and Minors Affairs Foundation, AMAF, has officially inaugurated its Saif Al Ashram residential and commercial endowment project in Al Satwa area in Dubai. The returns will be dedicated to AMAF’s general charity mandate.
Speaking on the occasion, Ali Al Mutawa, AMAF Secretary-General, said, “Projects such as Saif Al Ashram are very significant given their enormous benefits to society. This development is intended to be a mixed-use residential and commercial building and all the residential units are to be leased out. The revenues from these units will be dedicated to general charity purposes and to help underprivileged and low-income segments improve their living conditions.”
Spread over a total area of 2,500 square feet and a built-up area of 5,304 square feet, the new project includes two villas, each comprising a ground floor and two upper floors.
Al Mutawa added, “Endowment projects are a key component of sustainable development given their potential to generate high socioeconomic returns. At AMAF, we remain committed in our efforts to introduce endowment projects that support the plans and programmes approved by our wise government. Through this priority, we aim to enhance the UAE’s leadership in all sectors, and contribute to boosting its stability, security and happiness.”
The inauguration ceremony was attended by a number of officials from the foundation.
WAM/Rola Alghoul/Rasha Abubaker