Dubai: Real estate developers to help support medical treatments, education for those in need

The endowment scheme will also support the release of indigent prisoners

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Published: Tue 25 Apr 2023, 11:48 AM

Last updated: Tue 25 Apr 2023, 9:37 PM

A new scheme in Dubai encourages real estate developers to allocate one unit from their real estate projects as a sustainable endowment to support charitable causes, meet the needs of society, and promote education.

The scheme includes supporting those unable to complete their studies, providing medical treatment to indigent patients, supporting orphans, people of determination, and others in need.

ORO24 Real Estate Development LLC has made the first contribution to this scheme by granting a unit in each of its projects to support education for those unable to complete their studies, widows, and orphans. The endowment will also support the release of indigent prisoners.

Atif Rahman, founder, and chairman of ORO24 Real Estate Developments, stated that his vision behind ORO24 was to create a corporate entity that brings positive changes to society through its business platform, adding that ORO24 has remained committed to this vision through various CSR activities in different avenues. He expressed his gratitude to RERA, Dubai Land Department, and Dubai Endowment for their support in making real estate endowments more sustainable through the scheme.

“We are grateful and honoured to be the first real estate developer to contribute to this endowment scheme. ORO24 will grant a fully paid real estate unit in each project that it launches. The endowment would enable Dubai Endowment to access ongoing returns from the unit, to support a good cause,"

"This is in line with the core values of the UAE, which have always placed humanitarian efforts at the forefront. We are an organisation born in the UAE and feel proud to follow the tradition of this great nation. Through such efforts, we will continue to make the world a better place to live,” added Rahman.

The initiative has been launched under the patronage of the Dubai Land Department (DLD), represented by the Real Estate Regulatory Agency (RERA), aims to support the sustainability of humanitarian work, serve the community, and meet its needs.

Ali Al Mutawa, secretary general of Dubai Endowment, praised the DLD’s participation in this initiative and emphasised the significance of cooperation and sharing experiences between community institutions to promote the principle of social solidarity.

Al Mutawa highlighted that this step significantly boosts the endowments in Dubai, allowing developers to participate in endowment activities, including supporting the Foundation’s charitable expenditures. Expressing gratitude to ORO24, he said: “We look forward to real estate developers’ participation in humanitarian initiatives and allocate their first units to this noble project so that they may begin their investments with a sustainable charitable activity that benefits society,”

Engineer Marwan bin Ghalita, the executive CEO of RERA, praised the collaboration with Dubai Endowment and emphasised RERA’s commitment to supporting humanitarian initiatives in Dubai and facilitating procedures for companies willing to donate to the endowment. He pointed out that this initiative aims to promote the concept of endowment and its contributions, which positively impact the happiness of society in Dubai and beyond the borders of the UAE.

Bin Ghalita said that several developers had already pledged properties to the initiative and that the process of accepting applications to join the initiative was still ongoing. He also highlighted the importance of the tenth principle of real estate business ethics, which emphasises community service and calls on real estate companies to be active members of society and contribute to community initiatives. Bin Ghalita urged more developers to participate in this charitable initiative, whose proceeds will be used to meet society's health, education, and charity needs.

Zainab Al Tamimi, director of the Mohammed bin Rashid Global Centre for Awqaf and Endowment, said: “We are keen to launch innovative endowment projects with the participation of community institutions to enhance endowment and charity in Dubai.” She highlighted that all institutions and segments of society have the opportunity to contribute to endowment activities.

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