The AED46 million building endowment is a long-term model designed to generate sustainable revenues
The 60-apartment building is built on a land granted by the Government of Dubai and will be owned by Al Jalila Foundation
8% rental revenue will go towards medical education and pioneering research in the UAE
Al Jalila Foundation, a global philanthropic organisation dedicated to transforming lives through medical education and research, announced today that it is developing a AED46 million endowment that seeks to generate revenue to fund the medical education and research programmes of Dubai Academic Health Corporation (DAHC). The seven-floor residential building, ‘Oud Metha Residential Building Endowment’, is projected to yield an 8% return to advance pioneering research to transform lives.
Dr. Amer Al Zarooni, CEO of Al Jalila Foundation, said: “In our efforts to support DAHC’s giving mission, we are continuously seeking innovative financial models to support our projects and programmes. Since its inception in 2013, Al Jalila Foundation has launched four building endowments, including the UAE’s first medical research endowment. Our latest endowment will generate sustainable income, while giving donors the opportunity to contribute towards impactful medical education and research programmes, aligning with our vision to advance health for humanity.”
Scheduled to commence construction in 2023 on a land granted by the Government of Dubai, the prestigious ‘Oud Metha Residential Building Endowment’ is set to reach completion by the end of 2024. Designed by Arif & Bintoak Consulting Architects and Engineers, it will consist of 60 apartments ranging from studios to one, two and three-bedroom apartments. The residential building will also house a state-of-the-art gym and a children’s play area.
The AED46 million value of the endowment has been divided into 46,000 shares each valued at AED1,000. Sharafi Holding has already taken the lead in contributing AED1 million towards the endowment with the purchase of 1,000 shares, setting an inspiring example for other prospective donors to follow.
In efforts to amplify donor outreach across diverse multi-channel platforms, Al Jalila Foundation now offers shares for purchase online providing a seamless and convenient way for individuals to contribute to the Endowment Fund and drive positive change.
Dr. Amer added: “The new online share purchasing feature embodies simplicity, accessibility, and security, enabling benefactors from anywhere, at any time, to participate in driving positive change.”
For more information or to purchase shares please visit https://www.aljalilafoundation.ae/get-involved/endowment-waqf/.
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