Dubai [UAE], December 10 (ANI/WAM): In alignment with Dubai's strategy to enhance and diversify endowment streams across various investment sectors for sustainable humanitarian initiatives, the Dubai Endowments and Minors' Trust Foundation (AWQAF Dubai) has entered into a partnership agreement with Parkin PJSC.
This collaboration aims to launch joint investment projects, opening new avenues for endowment growth, and supporting Dubai's economic agenda.
Under the agreement, AWQAF Dubai will fund the development and construction of multi-storey parking facilities, while Parkin will oversee project implementation, operation, and management, providing smart parking and general parking services.
Ali Al Mutawa, Secretary-General of AWQAF Dubai, emphasised that the project seeks to expand and diversify endowment investments across vital sectors, contributing to Dubai's ambitious strategic plans.
He stated, "Through our partnership with Parkin, we aim to develop impactful projects that enhance endowment assets, generating returns that support Dubai's economic and social development."
Al Mutawa further noted that the collaboration reflects a strategic partnership, reinforcing social responsibility for both parties, reflecting shared values of cooperation, and providing opportunities for sharing expertise.
Mohamed Abdulla Al Ali, CEO of Parkin, commented: "As the leading provider of paid public parking facilities and services in the emirate of Dubai, we are pleased to partner with AWQAF to develop and operate new parking facilities in Dubai. Through this partnership, we will provide smart sustainable parking solutions that diversify endowment investments, enhancing returns, while at the same time supporting societal and economic development. We remain committed to leveraging our expertise and technology to further explore promising partnership opportunities in this growing sector."
With nearly three decades of experience, Parkin manages a large network of technologically advanced parking facilities across Dubai, offering a seamless customer experience. The partnership underscores the company's dedication to shaping the future of parking in Dubai and contributing to the continued growth of the emirate.
Currently, AWQAF Dubai is undertaking 21 endowment real estate projects valued at over AED202 million. These projects, in various stages of execution, include shopping malls, residential buildings, villas, retail spaces, and mosques, aligning with its objectives of expanding investments and enhancing the role of endowments in achieving Dubai's social agenda goals. (ANI/WAM)
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