Dubai’s Endowment and Minors’ Trust Foundation (Awqaf Dubai) has launched a AED73 million endowment shopping center project in Hind City with Voco Investments.
The center is scheduled for completion within two years, and its proceeds will support mosque affairs across Dubai, the Government of Dubai Media Office said on Tuesday.
Construction costs are estimated at AED50 million and the land is valued at AED23 million.
The center will be built on a 90,400-square-foot plot. It will have two floors with 40 retail outlets.
The project is expected to generate annual rental income of about AED8.4 million, according to Ali Mohammed Al Mutawa, secretary general of Awqaf Dubai. Total estimated returns to Awqaf Dubai over the investment period are AED68 million, he said.
Al Mutawa said the project brought together asset development, financial returns and community benefit.
Awqaf Dubai manages endowment assets in the emirate and directs their returns to designated charitable and community purposes.
