Qatar Real Estate News
Real Estate constitute 60percent of Awqaf assets in Qatar
An economist at the General Directorate of Endowments, when speaking during a workshop on Management and Investment of Awqaf Money, mentioned that real estate constitutes nearly 60percent of Awqaf (endowments) assets in Qatar, while shares and capital in joint venture companies like Aqar Real Estate Development and Investment Company and Al-Jazeera Finance Company constitute the rest.
The Ministry of Awqaf and Islamic Affairs launched the four-day regional workshop, involving participation of GCC nations including Kuwait, Saudi Arabia, Oman and 13 other Islamic and Arab nations.
Addressing the participants, al-Dawsari said that the aim is to maintain, manage, and keep the buildings in working conditions. Awqaf gets nearly 60 to 70 real estate endowments in a year. The investment is largely in residential complexes.
He pointed out that Islamic Awqaf assets in the world constitute $105bn, with real estate constituting nearly 70 to 80 percent of it. Studies have so far revealed that the annual outcome of these does not exceed 3.5percent of it, and is considered weak.
Therefore, real solutions need to be worked out for better investment and development of Awqaf assets, he said.
According to him, Awqaf system is an ideal organization to achieve comprehensive security in the community. Awqaf usually receives targeted donations and endowments. Some donors use their donations for building Mosques. However, the biggest portion is allocated for common good. Majority of assets of Qatari Awqaf has been invested within Qatar, to lower investment risk in the country, he pointed out.
Posted on 27/9/2011