Dubai's Premier Family Business Waqf Initiative Launched

Dubai has made a significant advancement by registering its inaugural family endowment (Waqf Dhurri) dedicated to family businesses through the Endowment and Minors’ Trust Foundation (Awqaf Dubai). This groundbreaking step is aimed at bolstering the sustainability and longevity of family-owned enterprises within the UAE.

The initiative aligns with Dubai’s ambition to foster a modern, sustainable economic framework that adapts to global shifts while safeguarding the future of family businesses.

Under the leadership of His Excellency Prof. Abdulsalam AlMadani, the INDEX Holding group has been officially registered as Dubai's pioneering family business endowment. This innovative program mirrors a contemporary institutional perspective on the traditional Waqf concept, aiming to enhance family asset protection and ensure business endurance.

A dedicated family endowment has been established for both the endower and family members. This includes the Abdulsalam AlMadani Global Education Center (AGEC) and the Abdulsalam AlMadani Humanitarian Care and Charity Foundation (DIHAD Sustainable Organisation), which have been appointed as charitable endowments under the program.

According to the governing deed, Prof. AlMadani is set to oversee the endowment during his lifetime, followed by adherence to established family endowment regulations concerning management and distribution of proceeds, thereby ensuring ongoing sustainability.

The endowment will operate under the oversight of the Endowment and Minors’ Trust Foundation in accordance with Dubai Law No. 17 of 2022, fostering proper governance, transparency, and lasting viability.

His Excellency Ali Al Mutawa emphasized that this registration marks a vital milestone in enhancing Dubai’s institutional endowment framework. He pointed out that family endowments play a crucial role in preserving generational businesses, bolstering national economic stability and growth.

Furthermore, Al Mutawa affirmed that this model strikes a balance between financial sustainability and social impact, reinforcing Awqaf Dubai’s commitment to innovating endowment solutions adhering to international standards and fortifying Dubai’s leadership in this field.

Prof. AlMadani remarked that this initiative reimagines the significance of family businesses within the national economy by instituting a secure system that safeguards corporate values while positioning these businesses for future growth and challenges.

He added that Dubai has emerged as a leading model in managing family assets, intertwining governance with social responsibility to cultivate an environment where family enterprises can persistently contribute to economic and humanitarian efforts.

Awqaf Dubai states that the aggregate value of registered family endowments in the emirate will reach approximately AED 4.8 billion by the conclusion of 2025, distributed among 251 family endowments, highlighting the increasing acceptance of this model as vital for preserving and advancing family wealth.