Ajman Ruler grants six towers worth Dhs350 million for charitable endowment

Under the vision of His Highness Sheikh Humaid Bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, to enhance "Waqf" (endowments) and promote sustainable philanthropy, a new endowment grant has been introduced to the Humaid Bin Rashid Al Nuaimi Charity Foundation.

This endowment, valued at Dhs350 million for construction, significantly enriches the Foundation’s real estate holdings, aiding the growth of its resources and ensuring the continuation of its charitable and community programmes, while enhancing its ability to assist beneficiaries throughout the emirate.

The towers are situated in Ajman’s Al Jurf 2 area, within the Central Sector, and occupy a plot of 7,326 square meters. They offer a leasable space exceeding 78,000 square meters.

This comprehensive project includes six towers, each comprising a ground floor, five levels of parking, and 15 additional floors, plus a rooftop level. There are a total of 1,075 units across the development, consisting of 1,050 residential apartments and 25 commercial outlets.

In terms of distribution, the residential units include 420 studios, 268 one-bedroom apartments, and 362 two-bedroom apartments. The towers are equipped with 24 elevators and 12 staircases.

This grant demonstrates the Ruler of Ajman's commitment to supporting endowment initiatives and developing income-generating assets. These assets help maintain the endowment's principal and ensure ongoing benefits, which in turn strengthens the role of endowment and charitable institutions in community service.

The Humaid Bin Rashid Al Nuaimi Charity Foundation emphasised that acquiring these six towers represents a strategic expansion of its real estate portfolio. This acquisition aids in asset diversification and resource enhancement, improving its capability to maintain charitable programmes and extend its reach to more beneficiaries.

The Foundation noted that this new endowment supports a model of enduring philanthropy through productive assets that grow in value and generate benefits across generations. It also solidifies the role of endowments as an essential part of charitable work and community advancement in Ajman.

The Foundation expressed deep gratitude to His Highness Sheikh Humaid Bin Rashid Al Nuaimi for his generous contribution, recognising his steadfast support for charitable and endowment projects and acknowledging the new endowment as a sustainable resource benefiting both the community and future generations.