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Awqaf issues financial report for 2017

Foundation’s asset base up 7% to Dh2.8b with endowment investments recording highest profit at Dh93m, a 9% increase on year

Gulf News

Dubai: The Awqaf and Minors Affairs Foundation (AMAF) has issued its financial report for the fiscal year ending December 31, 2017, recording an 11 per cent increase in its profits from investments it manages to fund its charitable and humanitarian projects.

The report indicates that the total value of AMAF’s assets in 2017 exceeded Dh2.8 billion, an increase of seven per cent on previous year. Endowment assets accounted for the highest share — more than Dh1.4 billion, while assets to support the welfare of minors recorded the highest annual growth at 28 per cent.

As for the foundation’s revenues, they witnessed a total increase of two per cent in 2017. Endowments accounted for the highest share of revenues at Dh121 million, a surge of nine per cent compared to 2016, while revenues from assets to support minors’ welfare (Dh33 million) led in annual growth with 19 per cent.

The total investment profits in 2017 amounted to Dh140 million, 11 per cent up on 2016. Endowment investments recorded the highest profit at Dh93 million, a nine per cent increase over the previous year. Meanwhile, minors’ investments saw the highest profit growth at 33 per cent.

The foundation released the report in line with its commitment to transparency in its operational and financial activities and adherence to international standards of governance, following a review at the third board of directors’ meeting.

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