Dubai’s Endowment and Minors’ Trust Foundation (Awqaf Dubai) has proudly announced the establishment of the city’s first family endowment (Waqf Dhurri) directed towards family businesses, representing a significant advancement in the sustainability of family-owned enterprises within the UAE.
This initiative aligns with Dubai’s aspiration to cultivate a dynamic and sustainable economic landscape that can withstand global fluctuations while safeguarding family businesses for future generations.
His Excellency Prof. Abdulsalam AlMadani, Chairman of INDEX Holding, has officially registered the INDEX Holding group as the emirate's landmark family business endowment. This innovative approach symbolizes a contemporary institutional interpretation of the traditional endowment concept (Waqf).
The new framework prioritizes the preservation of family assets, business viability, and amplifying the economic and social contributions of family-owned businesses.
As part of the establishment, a family endowment has been activated for both the endower and his family. This includes the naming of the Abdulsalam AlMadani Global Education Center (AGEC) along with its existing and future intellectual and industrial property rights, plus the Abdulsalam AlMadani Humanitarian Care and Charity Foundation (DIHAD Sustainable Organisation) as charitable endowments.
The official deed states that Prof. AlMadani will oversee the endowment during his lifetime, with subsequent governance continuing via the family endowment system’s regulations, covering supervisor appointments, return distributions, and endowment sustainability.
The endowment will be overseen by the Endowment and Minors’ Trust Foundation according to Dubai Law No. 17 of 2022, ensuring thorough governance, transparency, and longevity.
His Excellency Ali Al Mutawa highlighted that the family endowment registration marks a pivotal achievement in Dubai’s institutional endowment framework. He emphasized that family endowments play a crucial role in preserving businesses through generations while boosting the stability and growth of national enterprises.
Al Mutawa further stated that this model offers a structured method for managing family assets by merging financial viability with social responsibility. He reaffirmed Awqaf Dubai’s dedication to innovating endowment solutions that conform to global best standards, further positioning Dubai as a leader in this domain.
Prof. AlMadani expressed that this endeavor reimagines the function of family businesses in the national economic fabric by establishing a safety net for company values while equipping businesses for sustained growth and upcoming challenges.
He noted that Dubai is now recognized as a premier model for family asset stewardship, combining governance principles with social accountability, thereby fostering an environment where family enterprises can thrive while contributing to the economy and charitable initiatives.
As per Awqaf Dubai’s data, the registered family endowments in the emirate are projected to reach roughly AED 4.8 billion by the end of 2025, spanning over 251 family endowments, indicative of the rising trend towards this model and its vital role in securing and nurturing family wealth.
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