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Deyaar inks property management contract with AMAF

Deyaar inks property management contract with AMAF
Deyaar
DEYAAR
-0.74% 0.81 -0.01

Dubai – MubasherDeyaar Development (Deyaar) on Monday announced that it has signed a property management contract with Awqaf and Minors Affairs Foundation (AMAF).

The new contract allows Deyaar to manage AMAF’s endowment properties and assets in line with the prevailing UAE regulations, according to a filing to the Dubai Financial Market (DFM).

The contract was signed by Khaled Rashid Al Thani, deputy secretary general of AMAF, and Ahmed Al Suwaidi, vice president of Property Management at Deyaar, in the presence of Saeed Al Qatami, CEO of Deyaar Development.

Under the deal, Deyaar is to manage AMAF’s large portfolio of endowment properties in line with Law No. 26 of 2007 regulating the relationship between landlords and tenants in Dubai.

“On behalf of AMAF, Deyaar is also the beneficiary of all entitlements from the tenants, including rent and any fines, insurance or other fees related to the leased property as per the applicable laws and regulations,” the statement highlighted.

Accordingly, Deyaar is required to submit a monthly statement to AMAF outlining the income and expenses for each property, in addition to occupancy rates, the number of vacant units and all other matters concerning the management of the real estate.

“AMAF is committed to providing best-in-class services and optimizing the management of its resources to step up its ability to attract endowers and promote the culture of endowment in the country,” Ali Al Mutawa, secretary general of AMAF, said.

He added that the foundation will continue to team up with public and private sector entities in a bid to support diverse segments of society and contribute to the National Agenda of the UAE Vision 2021.

“We aim to add value to the Foundation’s projects through our portfolio of specialized services. This partnership demonstrates our ambition to play an active role in creating a sustainable urban environment in close cooperation with government institutions in line with the goals of the UAE Vision 2021,” Al Qatami noted. 

By 10:27 am UAE time, Deyaar’s stock rose 1.35% at AED 0.38.