Now Reading
Emaar Foundation, Awqaf Launch Dhs25m Residential Project

Emaar Foundation, Awqaf Launch Dhs25m Residential Project

Rental returns from the eight-storey tower in Al Warqa will be allocated to the Al Noor centre in Dubai.

Emaar Foundation, the CSR arm of Dubai developer Emaar Properties, and the Awqaf & Minors Affairs Foundation (AMAF) have jointly launched a Dhs25 million residential project to support the Al Noor Centre for Children With Special Needs in Dubai.

Emaar Foundation and AMAF will develop and manage a new eight-storey residential project in Al Warqa as part of the Beit Al Noor Endowment.

The project will feature 42 apartments to be rented out, with the recurring annual income, estimated at Dhs2 million, allocated towards undertaking Al Noor Centre’s year-round training programmes, a statement said.

Emaar Foundation will undertake all aspects of project development, while AMAF will work closely on assuring its completion including support on tendering and the financial management of the Endowment. AMAF will also manage the building and collect the rental income.

“As a non-profit organisation, which heavily subsidises school fees, our biggest on-going challenge is to raise sufficient funds every year to cover our operating costs and to invest in innovative training facilities to help our students undertake productive careers and live life with dignity,” stated Khalid Al Halyan, chairman of the Al Noor Centre for Children With Special Needs.

Mohammad Al Redha, board member of Al Noor Centre, added: “Beit Al Noor Endowment will help address our financial challenges and generate recurring incomes.”

Designed and clad with natural stone, Beit Al Noor Endowment, a mid-rise development, will feature a rooftop landscaped deck, adult and children’s swimming pools, health club, two levels of basement parking, and retail F&B outlets on the ground level.

Mohamed Alabbar, chairman of Emaar Properties said: “Beit Al Noor Endowment sets a new model in supporting the community through a long-term and sustainable initiative led by public private partnerships.”

© 2020 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top