Awqaf Dubai launches AED73 million endowment shopping centre in Hind City

The Endowment and Minors’ Trust Foundation in Dubai (Awqaf Dubai) has launched an AED73 million endowment shopping centre project in Hind City, in collaboration with Voco Investments. Scheduled for completion within two years, the project will generate proceeds to support mosque affairs across Dubai.

The shopping centre will be developed on a 90,400-square-foot plot and will comprise two floors housing 40 retail outlets. The project aims to generate sustainable returns to support designated endowment purposes, with construction costs estimated at AED50 million and the land valued at AED23 million.

His Excellency Ali Mohammed Al Mutawa, Secretary General of Awqaf Dubai, said the project reflects the Foundation’s commitment to developing endowment investments that generate sustainable returns while maximising the value of its assets to serve the community. He emphasised that allocating the project’s proceeds to mosque affairs reinforces the longstanding role of endowments in supporting mosques and meeting their needs.

Al Mutawa added that the project brings together asset development, financial returns and community benefit, in line with Awqaf Dubai’s vision of establishing a sustainable endowment investment framework.

He noted that the centre is expected to generate annual rental income of approximately AED8.4 million, with total estimated returns to Awqaf Dubai reaching AED68 million over the investment period.

The project forms part of Awqaf Dubai’s ongoing efforts to develop its endowment assets and strengthen their financial resources through sustainable investments. It also contributes to ensuring that endowment proceeds are directed towards their designated purposes, further strengthening the role of endowments in community development and supporting mosque affairs.