FINANCIAL NEWS

Dubai’s Emaar Foundation, Awqaf launch USD6.8m residential project

23 Mar 2015

(MENAFN) Emaar Foundation and the Awqaf & Minors Affairs Foundation (AMAF) jointly launched a USD6.8 million residential project to support the Al Noor Centre for Children With Special Needs, Gulf Business reported.

The project will feature 42 apartments to be rented out, with the recurring annual income, estimated at USD544,440, allocated towards undertaking Al Noor Centre’s year-round training programs.

Emaar Foundation will undertake all aspects of project development, while AMAF will work closely on assuring its completion including support on tendering and the financial management of the Endowment.

“As a non-profit organization, which heavily subsidises school fees, our biggest on-going challenge is to raise sufficient funds every year to cover our operating costs and to invest in innovative training facilities,” the chairman of the Al Noor Centre said.

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