The Khalaf Ahmad Al Habtoor Foundation (KAHF) has signed an agreement with the Awqaf and Minors Affairs Foundation (AMAF) to fund a charity endowment to build a commercial and residential building in Al Bada in Dubai. The KAHF will fund the lion share of the construction, investing a total of eight million dirhams into the project. The remainder will be funded by the AMAF.
Construction of the three storey building is expected in two years. Once finalized, the residential units, a total of 21 apartments, and commercial units will be available for rent with the profit from the proceeds being split between the KAHF and the AMAF to be used for other charitable initiatives. The total land area of the plot is 5,433 sq ft.
Present at the signing ceremony was Abdul Salam Al Marzooqi, General Manager, KAHF and Tayyeb Abdel Rahman Al Rayes, Secretary General, Awqak and Minors Affairs Foundation.
Abdul Salam Al Marzooqi said, “The Khalaf Ahmad Al Habtoor Foundation is proud to support the AMAF. Khalaf Al Habtoor, Founder of the KAHF and Chairman of the Al Habtoor Group, has long supported good causes in the UAE and the world.”
Awqak and Minors Affairs Foundation is a Dubai government department responsible for the legal supervision over the Awqaf, its care and investment, as well as the wellbeing of minors. It manages, and invests money through an Islamic perspective in full Sharia compliance.