Al Habtoor Group will build a 3,720 sq-m residential building for charity in Ajman at a cost of AED9 million ($2.45 million).

 

Khalaf Ahmed Al Habtoor, founder and Chairman of the Al Habtoor Group, announced the signing of a joint endowment agreement in honour of Khalaf Al Habtoor’s parents, on a plot of land among the lands belonging to the Sheikh Rashid bin Humaid Al Nuaimi Endowment.

 

This endowment residential building seeks to provide residential units for rent and investment as a tribute to the memory of the late Ahmed Mohammed Al Habtoor and Noura Ahmed Al Otaiba, Khalaf Al Habtoor's parents and the driving force behind his success.

 

Common objective

Al Habtoor, said: "I am pleased with this cooperation with the Humaid bin Rashid Al Nuaimi Charitable Foundation, which expresses our common objective of creating a society based on solidarity and interdependence. It also represents our commitment to working together and in solidarity to promote humanitarian activities and achieve social sustainability. 

 

“Our interest in the charitable endowment stems from a sense of responsibility to our community and a desire to help achieve solidarity among all members of society while also spreading goodness and giving."

 

This project builds on the Al Habtoor Group's previous endowment projects in Dubai, including the Al Habtoor Charitable Endowment in the Al Quoz area, and the charitable Endowment in the name of Hamda bint Rashid Al Suwaidi in the Al Bidaa area, which were carried out in collaboration with the Endowments Foundation and the Management of Minors' Funds. 

 

The revenues from both are used for charity and charitable efforts, as well as for the care of Al-Farouq Omar Bin Al-Khattab Mosque and Centre, may God be pleased with him in Dubai.

 

The Humaid Bin Rashid Al Nuaimi Charitable Foundation applauded Khalaf Al Habtoor's effort to establish a new endowment within Sheikh Rashid bin Humaid Al Nuaimi's Endowment Complex, which will be added to the present endowments, which total five.

 

Doubling investment

Tariq Abdullah Mohammed Al Awadi, General Manager of the Humaid Bin Rashid Al Nuaimi Charitable Foundation, thanked Khalaf Al Habtoor for his ongoing support and initiative in ensuring the success of the Sheikh Rashid Bin Humaid Al Nuaimi Endowment Complex Project, which will allow the Humaid Bin Rashid Foundation to double its investment in the endowment. 

 

He added: "The Humaid bin Rashid Al Nuaimi Charitable Foundation's endowment complex project is running successfully, as decreed, after Khalaf Al Habtoor joined as a partner in its success, along with many other contributing charitable entities and institutions, such as the Beit Al Khair Society and the philanthropists Ghanem and Faraj bin Hamouda. This endowment complex by Sheikh Rashid bin Humaid Al Nuaimi provides an opportunity for philanthropists and compassionate individuals to create endowments and distribute the revenues to the needy in collaboration with our charity foundation."

 

Al-Awadi confirmed that several endowments have been completed on the land area of this endowment project, including a mosque and buildings, and that work is still under way to ensure the project's success through the endowments that will be built, as the endowment project consists of 15 plots of land designated for the construction of endowment structures. It has a total area of 25,243 square metres and is located in the Liwara 2 area in Ajman.--TradeArabia News Service