25 April 2023, Dubai Media Office
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 Endowments and Minors’ Trust Foundation (Dubai Endowment), represented by the Mohammed bin Rashid Global Centre for Awqaf and Endowment, has launched the first endowment scheme for real estate developers. 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 who are unable to complete their studies, widows, and orphans. The endowment will also support the release of indigent prisoners.
His Excellency Ali Al Mutawa, Secretary General of Dubai Endowment, 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 serves as a significant boost to the endowments in Dubai, as it allows developers to take part in endowment activities, including supporting the Foundation’s charitable expenditures. He also expressed gratitude to ORO24, one of the first companies to contribute to the endowment: “We look forward to real estate developers’ participation in humanitarian initiatives and allocate their first units to this noble project so that they may begin their investments with a sustainable charitable activity that benefits society.”
His Excellency Eng. Marwan bin Ghalita, Executive CEO of RERA, 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 have a positive impact on 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 the needs of society in the areas of health, education, and charity.
Zainab Al Tamimi, Director of the Mohammed bin Rashid Global Centre for Awqaf and Endowment, 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.
Atif Rahman, Founder and Chairman of ORO24 Real Estate Developments, stated that his vision behind ORO24 from the beginning was to create a corporate entity that brings positive changes to society through its business platform, adding that ORO24 has remained committed to this vision through various CSR activities in different avenues. He expressed his gratitude to RERA, Dubai Land Department, and Dubai Endowment for their support in making real estate endowments more sustainable through the scheme.
“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.
“This is in line with the core values of the UAE, which have always placed humanitarian efforts at the forefront. We are an organisation born in the UAE and feel proud to follow the tradition of this great nation. Through such efforts, we will continue to make the world a better place to live.”