Dubai's endowment assets cross $3 billion in 2024: Sheikh Hamdan

Dubai's total endowment assets have grown to AED 11.1 billion (approximately $3 billion USD) in 2024, a 9% increase compared to last year. This announcement was made by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Ruler of Dubai, UAE Minister of Defence, and Chairman of the Executive Council of Dubai, highlighting Dubai's significant achievements in philanthropy.

His Highness Sheikh Hamdan stated, "Dubai's strategy to expand endowment assets has led to an increase in the total number of endowments to 1,043 and the number of donors to 578." He emphasized that Dubai will continue to strengthen its leadership in the endowment sector and expand community-based service endowments, thereby promoting social well-being.

Sheikh Hamdan made the remarks during a meeting with a delegation from the Dubai Endowment and Minors Trust Foundation (AWQAF Dubai) and several prominent donors. The meeting was also attended by His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai.

Sheikh Hamdan also specifically highlighted the increasingly important role of women in endowment initiatives. In 2024, women's endowment assets reached AED 1.3 billion, an astonishing 99.96% increase compared to the previous year. He noted, "This reflects the profound awareness among Emirati women of social responsibility and collective efforts to drive positive change in society."

A report on Dubai's endowment assets for 2024 showed that the total assets reached AED 11.1578 billion. The endowment funds are distributed across various key categories, including 882 charitable endowments worth AED 6.9 billion, 113 family endowments worth AED 3.1 billion, and 48 joint endowments totaling AED 1.1 billion.

The report emphasized that real estate is the largest component of endowment assets, valued at AED 10 billion, covering 921 endowments, including land, apartments, villas, shops, and buildings. Meanwhile, financial assets, including stocks and business licenses, totaled AED 1.1 billion, distributed across 122 endowments.

Total male donations amounted to AED 6.2 billion, covering 689 endowments, while total female donations reached AED 1.3 billion, covering 207 endowments, further solidifying the active role of women in supporting the sector. In terms of management, 679 endowments worth AED 3.7 billion are managed by AWQAF Dubai, while 364 endowments worth AED 7.4 billion are overseen by third parties.

Sheikh Hamdan praised AWQAF Dubai for its efforts in expanding the scale of endowments and strengthening its role in advancing comprehensive community development. He also presented awards to several donors in recognition of their contributions to endowment projects that support community initiatives, promote development programs, and improve the quality of life for low-income groups.

Sheikh Hamdan added, "The growth of endowment assets highlights Dubai's commitment to integrating a culture of giving into the pillars of sustainable development." He also stated, "Dubai continues to set a pioneering example in generosity, promoting social solidarity, and empowering individuals and institutions to contribute to key sectors."

During the meeting, Sheikh Hamdan emphasized the role of AWQAF Dubai in shaping the future of endowment through advanced smart services and data-driven planning. He noted, "Endowment is a key pillar supporting education, healthcare, and social welfare, reflecting a vision rooted in sustainability and innovation. AWQAF Dubai's adoption of global best practices strengthens Dubai's leadership in the endowment sector, ensuring a lasting impact on society."

Sheikh Hamdan also commended the contributions of citizens, residents, and institutions to endowment initiatives, particularly in the fields of education, healthcare, and scientific research. He pointed out that AWQAF Dubai's innovative endowment strategies enable organizations of all sizes to participate in community-centered initiatives.

His Excellency Essa Al Ghurair, Chairman of the Board of Directors of AWQAF Dubai, stated that the data highlights the success achieved in efforts to promote the concept of endowment in society. He said, "The increase in endowment assets underscores the growing confidence in our approach, where we prioritize innovation and sustainability to ensure a long-term impact on future generations."

He added, "We are committed to strengthening the role of endowment in supporting various community sectors, contributing to comprehensive development, and promoting social solidarity."