Khaleej Times, Wednesday, Apr 26, 2023 | Shawwal 6, 1444
Dubai: Real estate developers to help support medical treatments, education for those in need
Emirates:
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.