DUBAI — The Awqaf and Minors Affairs Foundation (AMAF) in Dubai announced the distribution of Dh30.4 million in profits from the investments of minors and those under guardianship. This marks a 13% increase from the Dh26.7 million distributed in the previous fiscal year, reflecting the foundation’s continued success in managing and growing funds on behalf of minors.
The distribution of profits benefitted 2,263 minors and individuals under guardianship, in line with AMAF’s commitment to safeguarding and investing their funds. The foundation’s Secretary-General, Ali Mohammed Al Mutawa, emphasized the organization’s dedication to following the directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. “Our primary role is to manage the funds of minors and ensure they are invested in the best possible way, while protecting their interests and promoting their financial well-being,” Al Mutawa said.
AMAF’s investments span a diverse portfolio, including real estate, commercial ventures, and financial shares. According to Al Mutawa, the foundation’s financial success in 2023 reflects its prudent investment strategy, which prioritizes the preservation of capital and adheres to Sharia principles. The foundation’s investments in public joint-stock companies, such as Parkin, Salik, Dubai Electricity and Water Authority (DEWA), and other major government entities, have contributed to the impressive returns.
Looking ahead, AMAF is committed to further expanding its investment horizons to increase financial returns for minors and reduce expenses. “We are constantly working to organize and develop projects for minors to ensure that investment returns are maximized and reach their rightful beneficiaries,” Al Mutawa said, noting that the foundation collaborates with relevant authorities to ensure optimal management of funds.
By the end of 2023, the total financial assets under AMAF’s management amounted to Dh1.015 billion. This includes bank deposits, real estate portfolios, commodity investments, and other assets, underscoring the foundation’s robust financial standing.
The foundation operates under the Law of Awqaf and Minors’ Funds Management Foundation in Dubai, No. (17) of 2022. This legislation outlines AMAF’s objectives, including supporting the UAE’s vision for development, promoting social solidarity, and enhancing the role of endowments in society. One of the foundation’s key goals is to encourage charitable individuals to engage in endowment activities, thereby fostering a culture of giving and contributing to the well-being and happiness of the UAE’s citizens.
AMAF’s continued focus on preserving and growing the assets of minors demonstrates its unwavering commitment to social responsibility and financial stewardship.
