Karama to get new Dh140m residential space

Dubai - The 90 apartments planned, will include 20 three-bedroom flats and 70 two-bedroom flats.

Beit Al Khair Society (BAKS), in a bid to generate more revenues for the benefit of low-income people, is to develop a major endowed property in Dubai against Dh140 million.

The construction work of the promising project, to start in two months, is to be completed after 1.5 years, according to Abdul Rahman Al Sharid, Board of Directors Member, Treasurer and the In-charge of Awqaf file - BAKS.

"The 'Karama Endowment', to be built on a total area of 3,723 square meters in Al Karama area opposite BurJman centre, consists of five floors, a ground floor, two basements, along with 90 flats and 11 showrooms."

The promising investment is in line with the invitation of Hi Highness Shaikh Mohammed Bin Rashid Al Maktoum, Vice- President and Prime Minister of the UAE and Ruler of Dubai, to revive the Islamic Waqf, he added.

"The new endowment, to cost Dh82 million, will replace two old buildings earlier endowed by the late Emirati philanthropist Mohammed Khalifa Al Fahad in 2001, based on approval from the heirs of the endower."

Al Sharid explained that the design of the project was made by one of the most reputed consultants. "The 90 apartments planned, will include 20 three-bedroom flats and 70 two-bedroom flats."

The building, strategically located in a densely populated and busy business area, is also to include 11 showrooms, he elaborated. "The expected annual returns of the project are to hit Dh13 million."

The Dh15 million annual revenues of the Beit Al Khair's 23 endowed properties represent only five to six percent of the Dh260 million total proceeds the Society collects every year, disclosed Abdeen Taher Al Awadhi, director general - BAKS. "The new waqf will be an added value to our sustainable charity projects."

Saeed Al Mazrouie, Deputy Manager of the society, said they were dedicated to supporting only local indigent people, be they Emiratis or expatriates. "Beit Al Khair spent Dh240 million on 43,000 low-income families last year."

The Society, the top in charity work in the UAE and Dubai in particular, spares no effort to help most needy people as per extensive researches done by staff experts, he underlined. "Up to 5,500 families receive fixed monthly allowances."

Recently, Beit Al Khair Society has developed an endowed property on a total area of 900 square meters in Diba Al Fujairah, Al Sharid stated. "The building comprises seven floors of residential units and eight showrooms."

The Society also started developing another endowed property at Al Warqa-2 on the Shaikh Mohammed Bin Zayed Road behind Enoc Filling station, he said. "The six-floor building comprises 34 flats."

The building is being developed on a plot of land granted by H.H. Shaikh Mohammed Bin Rashid Al Maktoum, Vice- President and Prime Minister of the UAE and Ruler of Dubai, he pointed out.

Beit Al Khair is to develop another endowed property in Liwara area of Ajman by early 2017. "This project will be built on two plots of land granted by H.H. Shaikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman."

A ten-floor building will be constructed on each of the two plots of land which are 1,096 and 1,079 square meters in area, Al Sharid explained. "Both buildings will comprise 60 flats and eight showrooms."

Philanthropists here are urged to participate in these promising endowed properties, he affirmed. "Endowment coupons of Dh100 each will be available with Beit Al Khair Society staff agents for whoever wants to chip in."
ahmedshaaban@khaleejtimes.com

• Dubai