"Reef Real Estate" join "Stop real estate developers" With a contribution of 100 million dirhams
Dubai, 11 March / WAM / The Endowments and Minors’ Funds Management Foundation in Dubai recorded a new contribution to the “Real Estate Developers Endowment” initiative, which it launched through the Mohammed bin Rashid Global Center for Endowment and Endowment Consultations, in cooperation with the Dubai Land Department, where the contribution was made by Reef Luxury Real Estate Development Company, coinciding with the holy month of Ramadan, with the aim of enhancing the sustainability of humanitarian efforts and meeting the needs of society.
Reef Properties joined the initiative by providing 100 housing units as a charitable endowment within its new projects, with a total value of about 100 million dirhams, with an annual return ranging between 7 and 9 million dirhams, making this contribution the largest of its kind since the launch of the initiative.
The units are scheduled to be delivered within five years, with their proceeds being spent on charitable purposes, meeting the needs of society, empowering deserving groups, and supporting humanitarian work in the long term. The company has allocated real estate units as a sustainable charitable endowment in support of the initiative in several areas in Dubai. They will be handed over to “Dubai Endowments” to manage and invest them in accordance with the best endowment practices, and spend their proceeds on supporting its charitable projects in the fields of health and education, providing aid to the needy, orphans, and widows, and supporting owners. Concern, and supporting humanitarian cases, in a way that enhances the sustainability of charitable work and contributes to achieving a development impact that serves different segments of society.
His Excellency Ali Al Mutawa, Secretary General of the Endowment Foundation and Minors’ Fund Management in Dubai, said that the “Real Estate Developers Endowment” initiative embodies Dubai’s vision of establishing the endowment as a sustainable development tool, and strengthening the partnership with the real estate sector to launch quality projects with a sustainable impact. He explained that Al Reef Real Estate Company’s contribution, as the largest within the initiative since its launch, represents a strategic addition that reflects an advanced institutional awareness of the importance of responsible investment that combines economic return and societal return.
Al Mutawa praised Reef Real Estate Development Company for its distinguished contribution and joining the initiative, appreciating its role in supporting the process of charitable and humanitarian work in Dubai, and stressing the importance of integrating roles between endowment institutions and the private sector to enhance sustainability and achieve a renewed societal impact.
For her part, Zainab Juma Al Tamimi, Director of the Mohammed bin Rashid Global Center for Endowment and Endowment Consultation, appreciated Al Reef Real Estate Company’s joining the “Real Estate Developers” initiative, which enhances the expansion of the base of strategic partners, confirms the real estate sector’s confidence in the innovative endowment solutions provided by the Center, and contributes to building sustainable endowments that support development goals and raise the quality of life in society.
She added that this generous contribution reflects the real estate sector’s commitment to its societal role as an active partner in supporting sustainable endowment initiatives and establishing a development model based on integration between investment work and charitable work.
For his part, Samer Amber, CEO of Reef Luxury Real Estate Development Company, said that the company believes that real progress is measured by the size of the positive impact it makes in the communities in which we work, in addition to the development projects it accomplishes, adding that the contribution to the “Real Estate Developers Endowment” embodies the company’s commitment to the UAE’s approach and its wise leadership in establishing a culture of giving and institutional charitable work, and building long-term value that benefits society. He added that this step confirms the company’s institutional values and its keenness to employ development capabilities in the service of sustainable humanitarian initiatives.
Amber stressed that the contribution falls within the long-term approach adopted by “Reef Luxury Real Estate Development” for responsible growth, which strengthens its position as a real estate developer with a social mission, and contributes to supporting the social and economic fabric of the Emirate of Dubai and the UAE, through institutional partnerships that consolidate the role of the real estate sector as an active partner in sustainable community development.
It is noteworthy that the “Real Estate Developers Endowment” initiative was launched in 2023 with the aim of enabling real estate developers to allocate real estate assets or units as sustainable endowments, the proceeds of which will go back to supporting charitable and humanitarian projects in Dubai, within the framework of strengthening the partnership between the endowment sector and the real estate sector. Since its launch, the initiative has attracted dozens of real estate companies, which has contributed to expanding the base of development endowments in line with Dubai’s vision of consolidating the endowment culture and maximizing its societal impact.
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Twitter
