Leading UAE developer Eagle Hills has signed a MoU with the Endowments and Minors’ Funds Authority (Awqaf Abu Dhabi) to develop a commercial project valued at AED1 billion ($272.2 million), in support of the 'Mother of the Nation Endowment for Orphans.'
A key initiative, it is aimed at creating a sustainable endowment (waqf) fund to ensure a stable and dignified life for orphans in the UAE and strengthen social cohesion and resilience.
The project’s returns will be allocated to support the “Mother of the Nation Endowment for Orphans” campaign, launched by the Authority under the patronage of HH Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, with the aim of establishing a sustainable endowment funding source to support orphans across the country.
Under the MoU, Eagle Hills will develop and deliver the project to generate sustainable endowment returns, which will be directed towards supporting orphans in key areas including education, healthcare, and dignified living.
This will help ensure the continuity of the campaign’s humanitarian impact and reinforce the role of endowments as an effective development tool, it stated.
Mohamed Alabbar, Chairman of Eagle Hills, said: "We believe in the importance of supporting national initiatives that invest in people and create lasting impact within society."
"This agreement reflects our commitment to developing high-quality projects that generate sustainable endowment returns, contributing to empowering orphans and providing them with better opportunities in education and life, in line with the UAE’s vision for sustainable development and social cohesion," he stated.
On the strategic deal, Abdul Hamid Mohammed Saeed, Chairman of Awqaf Abu Dhabi, said: "This agreement marks an important milestone in advancing the endowment ecosystem in the Emirate of Abu Dhabi by leveraging high-impact partnerships to deliver endowment projects with sustainable economic and social value."
"The ‘Mother of the Nation City’ project reflects our commitment to maximising returns from endowment assets and directing them towards supporting the most vulnerable groups, particularly orphans, in a way that ensures resource sustainability and enhances quality of life," he added.-TradeArabia News Service
