The Bausher Endowment Foundation, under the slogan ‘Waqf is better than ever’, launched its real estate portfolio, which aims to reach the value of its real estate assets to RO 9 million, during the foundation’s announcement ceremony last week, under the auspices of Abdulsalam bin Mohammed al Murshidi, Chairman of Oman Investment Authority (OIA).
Dr Mohammed bin Said al Maamari, Minister of Awqaf and Religious Affairs, and officials from the public and private sectors and representatives of civil society institutions were present.
The Bausher Endowment Foundation was established based on Ministerial Resolution No. 801/2022 and operates in accordance with the approved governance system. It is the first public endowment institution in Muscat Governorate that seeks to invest and manage endowment funds in accordance with the provisions and principles of legitimate and legal endowments and in a way that achieves benefits to individuals and society.
During the ceremony, the Bausher Endowment Foundation reviewed its investment plan to develop and invest in its current assets and launch a number of new real estate development projects in several locations and for different uses, the implementation of which will begin early next year.
A detailed presentation of the Foundation’s five-year strategic plan in several areas was also presented during the ceremony, through which the Foundation sought to achieve a set of strategic objectives, including renewing the investment development role to endow projects with developmental dimensions approved by the Board of Directors of the Foundation.
“Waqf institutions are a successful investment in developing society and enhancing the spirit of solidarity, cooperation and compassion in it, and the Bausher Endowment Foundation, which was launched today, will work to achieve this through its ambitious programmes that are diverse in their fields and the deserving groups that they meet,” Al Murshidi, Chairman of the OIA, said.
The Foundation also signed a number of agreements and memorandums of cooperation with the Nidaa Charitable Team and the Zakat Committee in Bausher in order to create partnership and integration in charitable work in the wilayat.
Malik bin Hilal al Yahmadi, Chairman of the Foundation, spoke during his speech about the importance of developing administrative and technical processes in endowment work because it benefits various groups of society and highlights solidarity.
“The Foundation is working to invest its assets and through several investment projects in various fields, including real estate development such as residential and commercial buildings and complexes, in addition to agricultural and tourism development such as green buildings and modern quality farms, the foundation seeks in its projects to raise its market assets to RO 9m during the next two years,” he said.
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