Al Jalila Foundation announces ‘Al Warqa’a Endowment’ residential development to fund local medical research
Al Jalila Foundation, the global philanthropic organisation dedicated to transforming lives through medical education and research, announced today that it is developing a AED 32 million endowment to generate revenue to fund biomedical research. The six-floor residential building, ‘Al Warqa’a Endowment’, aims to create a 12% return to support local research into some of the UAE’s most pressing health problems.
Dr Abdulkareem Al Olama, CEO of Al Jalila Foundation, commented:
“Since inception two years ago, Al Jalila Foundation has been continuously highlighting the critical need for local research to improve lives and looking for innovative financial models to support our vision to position the UAE at the forefront of global medical innovation. World-class medical care depends on vital medical research and requires significant financial support over the long-term. Al Warqa’a Endowment will provide Al Jalila Foundation with a sustainable income, whilst giving donors the opportunity to contribute to a national philanthropic project to support the advancement of health in the UAE.”
The building, which is named after the Al Warqa’a area in Dubai, will be built on land granted by the Government of Dubai with construction expected to start in December 2015, and a projected completion date of March 2017. Designed by Arif & Bintoak Consulting Architects and Engineers, it will consist of 60 one and two-bedroom apartments and will house a number of retail outlets and amenities on the ground floor.
The AED 32 million value of the development has been divided into 32,000 shares valued at AED 1,000 with the first 200 shares issued to an anonymous Emirati businessman and philanthropist. Al Jalila Foundation will own the building and expects to generate a rental yield of 12 percent per annum.