Latest news with #Endowment
Zawya
4 days ago
- Business
- Zawya
Awqaf Dubai Board authorises $9.7mln in direct benefits in 2025
The Board of Directors of the Endowment and Minors' Trust Foundation in Dubai (Awqaf Dubai) convened its tenth meeting of 2025, with Issa Al Ghurair, Chairman of the Board, presiding over the deliberations. Ali Al Mutawa, Secretary-General of Awqaf Dubai, and several other members of the Board were in attendance. The meeting evaluated various strategic initiatives and key projects undertaken by Awqaf Dubai, also reviewing the 2024 financial report detailing the performance of the various funds operated by the Minors' Trust. The Board also discussed Awqaf Dubai's management of its general portfolio, emphasising the optimisation of sustainable returns on investment while upholding the highest standards of transparency and accountability. The Board reviewed financial statements relating to investments made by the Minors' Trust until the close of 2024. Aggregating AED1.022 billion, the funds generated AED64 million in revenues against a total incurred expenditure of AED14 million, yielding a net distributable surplus of AED50 million. Following thorough deliberations, the Board approved a cash dividend of AED35.7 million for 2025, reflecting a 3.5 percent return on investment and a 16 percent increase over the previous year's allocation. Additionally, AED14.3 million was allocated to the reserve fund. The Board also assessed the progress achieved on significant investment initiatives, notably the Al Khawaneej Mall development, a flagship project designed to boost endowment returns while advancing Dubai's economic and social development objectives. The Board commended the headway made with respect to the project and underscored the importance of adhering to the time frames set out for its various phases. Issa Al Ghurair said that, guided by the emirate's visionary leadership, Awqaf Dubai continues to develop endowment projects that address community needs, foster social cohesion, and promote sustainable growth, reaffirming the commitment to aligning with Dubai's Vision 2030. He highlighted the significance of further enhancing Awqaf Dubai's investment mechanisms to ensure resource sustainability and strengthen its capacity to support those it serves. Ali Al Mutawa reaffirmed Awqaf Dubai's commitment to its time-tested strategy for expanding endowment assets and fund portfolios intended for the benefit of minors. This approach is designed to promote sustainable development and amplify positive societal impact. 'Our operations are guided by a clear vision anchored in the highest standards of governance and transparency. We remain steadfast in our pursuit of sustained financial and investment success for the benefit of minors, in alignment with the directives of our visionary leadership,' he stated. 'The decisions ratified during the meeting, particularly the authorisation for profit-sharing and maximising of returns, underscore Awqaf Dubai's commitment to its beneficiaries. These actions reflect our dedication to effectively managing and growing funds intended to support minors, thus safeguarding their rights while ensuring the long-term sustainability of resources,' he added.
Emirates 24/7
4 days ago
- Business
- Emirates 24/7
Awqaf Dubai Board authorises AED35.7 million in direct benefits in 2025, marking a 16% year-on-year increase
The Board of Directors of the Endowment and Minors' Trust Foundation in Dubai (Awqaf Dubai) convened its tenth meeting of 2025, with His Excellency Issa Al Ghurair, Chairman of the Board, presiding over the deliberations. His Excellency Ali Al Mutawa, Secretary-General of Awqaf Dubai, and several other members of the Board were in attendance. The meeting evaluated various strategic initiatives and key projects undertaken by Awqaf Dubai, also reviewing the 2024 financial report detailing the performance of the various funds operated by the Minors' Trust. The Board also discussed Awqaf Dubai's management of its general portfolio, emphasising the optimisation of sustainable returns on investment while upholding the highest standards of transparency and accountability. The Board reviewed financial statements relating to investments made by the Minors' Trust until the close of 2024. Aggregating AED1.022 billion, the funds generated AED64 million in revenues against a total incurred expenditure of AED14 million, yielding a net distributable surplus of AED50 million. Following thorough deliberations, the Board approved a cash dividend of AED35.7 million for 2025, reflecting a 3.5% return on investment and a 16% increase over the previous year's allocation. Additionally, AED14.3 million was allocated to the reserve fund. The Board also assessed the progress achieved on significant investment initiatives, notably the Al Khawaneej Mall development, a flagship project designed to boost endowment returns while advancing Dubai's economic and social development objectives. The Board commended the headway made with respect to the project and underscored the importance of adhering to the timeframes set out for its various phases. His Excellency Issa Al Ghurair said that, guided by the emirate's visionary leadership, Awqaf Dubai continues to develop endowment projects that address community needs, foster social cohesion, and promote sustainable growth, reaffirming the commitment to aligning with Dubai's Vision 2030. He highlighted the significance of further enhancing Awqaf Dubai's investment mechanisms to ensure resource sustainability and strengthen its capacity to support those it serves. Clear growth path His Excellency Ali Al Mutawa reaffirmed Awqaf Dubai's commitment to its time-tested strategy for expanding endowment assets and fund portfolios intended for the benefit of minors. This approach is designed to promote sustainable development and amplify positive societal impact. 'Our operations are guided by a clear vision anchored in the highest standards of governance and transparency. We remain steadfast in our pursuit of sustained financial and investment success for the benefit of minors, in alignment with the directives of our visionary leadership,' he stated. 'The decisions ratified during the meeting, particularly the authorisation for profit-sharing and maximising of returns, underscore Awqaf Dubai's commitment to its beneficiaries. These actions reflect our dedication to effectively managing and growing funds intended to support minors, thus safeguarding their rights while ensuring the long-term sustainability of resources,' he added.
Hans India
21-06-2025
- General
- Hans India
Welfare Fund turns a boon for archakas, temple staff in state
As many as 18 Archakas and temple employees got over Rs 32 lakh under gratuity and medical benefits, thanks to the Archaka and Employees Welfare Fund started by the Endowments Department recently. Some of the employees got a benefit ranging from Rs 1 lakh to over Rs 6.5 lakh. The Archakas hailed the Endowments Minister Konda Surekha, stating that she had fulfilled the desires of priests and employees who have been working in the Endowment Department over the years. A special fund was set up for the welfare of priests and employees who were providing services in all temples for a long time. Endowment Minister Konda Surekha, Endowment Director Venkata Rao and other officials handed over the Archaka and Employment Welfare Fund cheques. Gratuity and medical assistance were provided to 18 employees through the Archaka Welfare Fund Trust. Konda Surekha handed over the cheque of Rs 32 lakh to the employees. Copies of the order were given to them as a farewell. Later, the minister felicitated the retired employees. Surekha explained that her government was committed to the welfare of Archakas and employees. She said that about 13,700 Archakas and other employees working in temples up to the level of Assistant Commissioner under the Endowment Department would benefit through this welfare trust. She said that posthumous or retirement gratuity would be given to priests and other employees. She said that posthumous gratuity would be given to the 'Dhoopa Deepa Naivedyam' priests. She said that this fund would be used to pay ex-gratia paid posthumously and for the expenses of last rites. Under this fund, employees will be provided with medical reimbursement, marriage scheme, upanayana scheme, house construction, purchase and repair scheme, education scheme, financial assistance scheme for disabled employees who cannot perform their duties. 'We are indebted to Endowment Department Minister Surekhamma. Thank you Konda Surekha for resolving the issue which has been pending for years. The minister has helped us immensely. It is heartening to note that the posthumous or retirement gratuity scheme for regular priests and other employees has been increased from Rs 4 lakh lakh to Rs 8 lakh by the Welfare Board on May 28,' said an Archaka.
Hans India
12-06-2025
- Politics
- Hans India
Archakas across state elated over govt steps
Hyderabad: Temples Protection Movement convenor and Hereditary Archaka of Chilkur Balaji Temple CS Rangarajan appreciated the targeted initiatives of the Telangana Government with regards to welfare of Archakas and Temple Employees of rural temples which have been long pending for over 17 years. Rangarajan said that Archakas and Temple employees across Telangana were welcoming the initiatives of the government led by Chief Minister A Revanth Reddy towards Archaka welfare fund trust. Setting up of the full fledged Trust was long pending after the State Bifurcation in 2014. Even the Archaka and Temple Employees Welfare Trust of undivided AP was established in 1997 after the Supreme Court Judgement on Archakas with the same objectives had not been completely implemented. Rangarajan said that the Endowments Minister Konda Surekha has fulfilled a long-standing aspiration of Archakas (temple priests) and employees across Telangana by establishing a dedicated welfare fund. This initiative aims to provide crucial support to those who have diligently served in temples for extended periods. On Monday, Endowment Minister Konda Surekha, joined by Endowment Principal Secretary Shailaja Ramaiyar, Director Venkata Rao, and other officials, announced Archakas and Employees Welfare Fund. Konda Surekha explained that the government had made a significant decision benefiting these vital members of the temple community. She confirmed that approximately 13,700 priests and other staff working in temples up to the Assistant Commissioner level under the Endowments Department would receive assistance through this new welfare trust. The fund would provide posthumous or retirement gratuity to Archakas and other employees. Importantly, gratuity will now be paid posthumously to priests under the Dhoopa Deepa Naivedyam scheme. Furthermore, ex gratia payments upon death and funeral expenses would also be covered by this fund. Beyond these provisions, the fund will offer various forms of financial assistance, including medical reimbursement, support for marriage ceremonies, Upanayana Sanskaram, house construction, purchase and repair, education, and aid for disabled employees unable to perform their duties.
Hans India
10-06-2025
- Politics
- Hans India
Minister's welfare balm for Archakas across TG
Hyderabad: Endowment Minister Konda Surekha has fulfilled a long-standing aspiration of Archakas (temple priests) and employees across Telangana by establishing a dedicated welfare fund. This initiative aims to provide crucial support to those who have diligently served in temples for extended periods. On Monday, Endowment Minister Konda Surekha, joined by Endowment Principal Secretary Shailaja Ramaiyar, Director Venkata Rao, and other officials, unveiled the poster for the Archakas and Employees Welfare Fund. Konda Surekha explained that the government had made a significant decision benefiting these vital members of the temple community. She confirmed that approximately 13,700 priests and other staff working in temples up to the Assistant Commissioner level under the Endowments Department would receive assistance through this new welfare trust. The fund will provide posthumous or retirement gratuity to Archakas and other employees. Importantly, gratuity will now be paid posthumously to priests under the Dhoopa Deepa Naivedyam scheme. Furthermore, ex gratia payments upon death and funeral expenses will also be covered by this fund. Beyond these provisions, the fund will offer various forms of financial assistance, including medical reimbursement, support for marriage ceremonies, Upanayana Sanskaram, house construction, purchase and repair, education, and aid for disabled employees unable to perform their duties.
