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Public News Awqaf and Minors Affairs Foundation (AMAF) in Dubai" Delegates a Specialized Company to Manage the Endowed Real Estates and Properties

News Date: November 05, 2020
Awqaf and Minors Affairs Foundation (AMAF) in Dubai" Delegates a Specialized Company to Manage the Endowed Real Estates and Properties

The Awqaf and Minors Affairs Foundation (AMAF) in Dubai concluded an e-contract with a specialized company in real estate management, thereby the company shall manage the real estate of the Foundation as well as the properties owned by the endowed, minors, and the like.

The contract concluded with "Harbor Real Estate Broker (HRE)" states that the company shall carry out the management of the real estate leasing works, and determine the lease values, marketing, advertising, maintenance, security, cleaning and all the activities that would yield the best profit for the Foundation.

H.E. Ali Al Mutawa, the Secretary General of the Awqaf and Minors Affairs Foundation (AMAF), indicated that the Foundation conclusion of a real estate management contract, came in close line with its keenness to apply the unrivaled proficient and qualified practices for managing its properties, along with, applying  the up-to-the-minute requirements of the real estate sector by seeking the services of an efficient entity that offers an assortment of integrated and high-quality services in real estate management.

He concluded that the contract, which shall be effective for two years, shall mandate the Company to lease and manage real estates with all the official and unofficial entities, the public, customers, as well as the service providers in a manner ensuring the accurate and adequate management and preservation of properties.

He noted that: This agreement is conforming entirely to the Foundation plans for offering the uppermost services and promoting  the optimal management of resources, which shall advance and boost  the Foundation capacity to attract endowers, as well as promoting the culture of (endowment for all).

H.E Ali Al Mutawa concluded that: Signing this contract came in line with the Law No. (9) of 2007 on Establishment the Awqaf and Minors Affairs Foundation (AMAF), which entitle it with the right to initiate  and launch prosperous economic projects by applying the up-to-the-minute methods and approached in fund investment and development, as well as establishing companies, buying them, participating therein, besides, carrying out business and economic activities, with the objective of investing and managing the funds and real estate of the endowments, minors and the like, it is noteworthy that, the Foundation acquires a significant number of assets and real estate belonging to it, the endowment, minors, and others in similar capacity.

In a related context, the Real estate Expert Muhannad Al Wadia, the CEO of Harbor Real Estate Broker (HRE) pointed out that: “It is our pleasure to gain the contract for the management of such critical real estate portfolio as the most recent feat in the group of institutional real estate portfolios manged by Harbor Real Estate in Dubai, with a value exceeding Dhs. 14.8 billion. To us, attaining this portfolio shall be of a significant prominence, due to the fact that it targets to build and promote the charitable activities by developing endowment effort to cover the requirements of minors and attending their affairs pursuant to the values and provisions of Islamic Sharia.

He outlined: "Managing the portfolio of the Endowments and Minors Affairs Foundation shall be deemed as a major responsibility  and treasurable trust as it imposes a legal and moral requirement to assist  the various social groups and support the needy. Thus, quite a major work team was assigned comprising numerous professionals and specialized engineers who shall dedicate themselves totally to managing and developing the portfolio and promoting its revenues and value professionally  and heedfully".

As per the contract, the real estate company shall undertake to receive all the dues and payables of the Foundation i.e. the annual lease, or any other fees concerned with the lease, or any payable or post-dated  cheques, receipts, insurances, or contracts from the lessees as per the global guidelines, laws, norms and the applicable laws in the Emirate of Dubai, and transfer them directly to the Foundation account.

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