In 2023, the total profit amounted to approximately 26.7 million dirhams, distributed among needy beneficiaries. High-ranking official Ali Mohammed Al Mutawwa, General Secretary of AWQAF Dubai, emphasized the unwavering commitment of the Fund to its mission of protection, management, and investment of funds allocated for the benefit of the needy, in accordance with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
Al Mutawwa noted that AWQAF Dubai has consistently achieved significant annual profit growth from investments, intended for the needy, including real estate, commercial enterprises, and financial portfolios. He also pointed out that the profit growth reflects AWQAF Dubai's dedicated efforts to safeguard funds for the needy in accordance with the principles of Sharia and ensuring the security of capital.
According to financial reports, the total asset value managed by AWQAF Dubai for the benefit of the needy, at the end of 2023, amounted to 1.015 trillion dirhams. Profits contributed to overall growth of 13%, i.e., 3.4 million dirhams compared to the previous year.
The fund of charitable foundations and funds for the needy in Dubai (AWQAF Dubai) announced the distribution of 30.4 million dirhams in profits from investments made for the benefit of the needy in 2024. This initiative aligns with AWQAF Dubai's core mission of managing and investing resources designated for the needy.
Profits were distributed among 2,263 needy and other beneficiaries, situated in similar circumstances, reflecting a 13% increase in expenditure compared to the previous year, which amounts to 3.4 million dirhams.
Ali Mohammed Al Mutawwa added that AWQAF Dubai aims to expand its investment portfolio and explore new opportunities in project management and development, intended for the needy. Such initiatives are aimed at maximizing financial income, reducing expenses, and ensuring optimal management of resources for the needy. Among these assets are bank deposits, real estate portfolios, commodity portfolios, and investments in real estate.
