Awqaf Dubai marks milestone as family business group INDEX Holding adopts endowment model, in a first for the emirate

The Endowment and Minors’ Trust Foundation in Dubai (Awqaf Dubai) has announced the registration of the first family endowment (Waqf Dhurri) for family businesses in Dubai. This milestone reflects the emirate’s vision for developing a sustainable economic ecosystem and enhancing the sustainability of family-owned businesses, recognising them as critical contributors to economic growth and long-term development.

The achievement aligns with Dubai’s vision to build an economic ecosystem designed to adapt to global economic trends by providing innovative tools that ensure the longevity of family businesses and bolster their role as partners in economic growth.

His Excellency Prof. Abdulsalam AlMadani, Chairman of INDEX Holding, registered the ‘INDEX Holding’ group of companies in the UAE and overseas as the first family endowment for family businesses in Dubai, in a first-of-its-kind initiative at the emirate level that reflects a qualitative shift in the concept of endowment (Waqf) from its traditional framework to a modern institutional model. Placing strong emphasis on the protection of assets, this model is also focused on ensuring their sustainability and maximising their economic and societal impact.

The initiative includes designating a family endowment for the endower and his family, alongside the designation of the Abdulsalam AlMadani Global Education Center (AGEC) and its associated assets, current and future intellectual and industrial property rights, and the Abdulsalam AlMadani Humanitarian Care and Charity Foundation (DIHAD Sustainable Organisation) as a charitable endowment.

According to the deed, the endower will manage the endowment during his lifetime. Subsequently, succession and management will follow the family endowment system’s regulations, governing the appointment of supervisors, the distribution of returns, and the endowment’s core terms while ensuring its sustainability and the fulfilment of its objectives.

The endowment remains under the supervision of Awqaf Dubai, in accordance with Law No. (17) of 2022, ensuring sound governance and sustainability, while also highlighting the advanced regulatory environment for institutional endowments in the emirate.

His Excellency Ali Al Mutawa, Secretary-General of Awqaf Dubai, underscored that registering the family endowment represents a milestone in the institutional endowment system. He noted that family endowments help preserve companies across generations, thereby supporting the stability and growth of national businesses.

Integrated framework
His Excellency Al Mutawa stated that the endowment model provides an integrated framework for family asset governance, balancing financial sustainability with social impact. It grants families and entrepreneurs flexible tools for seamless and sustainable wealth succession.

He added: “We are committed to innovating endowment solutions in line with international best practices, supporting Dubai’s leadership in endowments and maximising its contribution to comprehensive development.”

His Excellency AlMadani said: “This step redefines the role of family businesses in the national economy. We are building an integrated system that ensures the continuity of the values and vision upon which these companies were established, transforming them into an institutional model built for long-term growth.”

He added: “The real challenge is growing assets without losing their essence. Hence, this endowment serves as a framework to protect companies, ensuring they are future-ready and deeply committed to the national economy.”

He noted: “Dubai today presents an advanced model in family asset management, combining governance and social responsibility. It reflects a clear vision for family businesses to be an economic force and a deep-rooted humanitarian influence.”

The total value of family endowments registered with Awqaf Dubai reached approximately AED4.8 billion by the end of 2025. Distributed across 251 family endowments, this figure highlights the rising adoption of this model and its vital role in the sustainability of family assets.