AWQAF Dubai shares with minor beneficiaries AED 30.4 million in profits from investments made on their behalf
Oct 20, 2024
Dubai [UAE], October 20 (ANI/WAM): The Endowments and Minors' Trust Foundation in Dubai (AWQAF Dubai) has announced the distribution of AED 30.4 million in profits from investments made on behalf of minors and those under guardianship for the year 2024.
The gesture aligns with AWQAF Dubai's core mission of managing and investing funds allocated for minors.
The profits were distributed among 2,263 minors and other beneficiaries in similar situations, reflecting an increase of 13 per cent in disbursements compared to the previous year, adding up to AED 3.4 million. In 2023, the total profits distributed among minor beneficiaries amounted to approximately AED 26.7 million.
Ali Mohammed Al Mutawa, Secretary-General of AWQAF Dubai, emphasised the Foundation's unwavering commitment to its mission of safeguarding, managing, and investing funds earmarked for minors in line with the directives of Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.
Al Mutawa highlighted that AWQAF Dubai has consistently achieved significant annual growth in returns on investments envisaged to benefit minors, which include real estate assets, commercial ventures, and financial stock portfolios.
He further noted that the profit growth reflects AWQAF Dubai's dedicated efforts to protect minors' funds while adhering to Sharia principles, ensuring that the capital is not exposed to unnecessary risks. AWQAF Dubai strategically invests in a range of public joint-stock companies, including Parkin, Salik, DEWA, and other low-risk government entities.
Al Mutawa added that AWQAF Dubai is keen to expand its investment portfolio and explore new opportunities in relation to managing and developing projects intended for minors.
Such initiatives aim to maximise financial returns, reduce expenses, and ensure that minors' funds are optimally managed. AWQAF Dubai remains committed to ensuring that investment returns are effectively delivered to beneficiaries in collaboration with relevant authorities, he added.
According to the financial reports, the total value of assets managed by AWQAF Dubai on behalf of minors and those under guardianship reached AED1.015 billion by the end of 2023. These assets include bank deposits, real estate portfolios, commodity portfolios, and real estate investments. (ANI/WAM)
