Dubai records first family business waqf as Andex Holding endowment registers with AWQAF
Dubai records its first family business waqf as AWQAF registers Andex Holding endowment to protect family assets, strengthen governance and ensure continuity.
Dubai has officially recorded the first family business waqf in the emirate after AWQAF & Minors’ Estates in Dubai registered an endowment for Andex Holding, marking a new model for preserving family-owned companies. The family business waqf in Dubai is designed to protect assets, embed governance and enable orderly intergenerational transfer of ownership. Officials say the move reflects the emirate’s push to modernize institutional endowments and support the long-term stability of national firms.
Registration milestone and scope
AWQAF & Minors’ Estates in Dubai confirmed that Andex Holding was entered as the inaugural family business waqf under the institution’s registry. The registration covers the holding company’s domestic and international entities and establishes a legal framework for their continued operation under a waqf structure.
The endowment includes dedicated charitable and educational trusts linked to the founder, and explicitly incorporates present and future intellectual property and other corporate assets. AWQAF will supervise the waqf’s compliance and its alignment with the legal standards set by Dubai authorities.
Legal framework and oversight
The family business waqf operates under Law No. 17 of 2022, the statute that governs the work of AWQAF & Minors’ Estates in Dubai. That law provides the regulatory basis for institutional oversight, reporting requirements and governance standards for registered endowments.
Under the statute, the waqf will remain under the founder’s stewardship during his lifetime, then transition to management and oversight mechanisms prescribed by the family waqf charter. AWQAF’s supervisory role is intended to ensure adherence to governance best practices and legal safeguards.
Assets and structures included in the waqf
The registered endowment designates a series of named trusts, including a global education center and a humanitarian foundation affiliated with the founder’s philanthropic platform. The structure also assigns rights over existing and future intellectual property, real estate and shareholdings to the waqf corpus.
By consolidating commercial assets and charitable instruments, the model aims to balance financial sustainability with social impact. The waqf framework mandates rules for revenue distribution, reinvestment and the protection of the endowment’s principal to preserve long-term value.
Governance, succession and managerial mechanisms
The waqf charter specifies procedures for appointing a nazir (supervisor) and a waqf manager, along with criteria for distributing returns to beneficiaries and charitable causes. These governance mechanisms are intended to reduce family disputes and prevent fragmentation of ownership across generations.
Officials highlighted that the design provides legal certainty for succession planning while allowing flexibility for professional management. The combination of family oversight during the founder’s life and institutional governance thereafter is presented as a hybrid model for continuity and accountability.
Comments from officials and the founder
Ali Al Mutawa, Secretary-General of AWQAF & Minors’ Estates in Dubai, described the registration as a turning point for institutional endowments in the emirate. He said the family business waqf will help preserve national companies, strengthen corporate governance and amplify social returns from private wealth.
Professor Abdulsalam Al Madani, the founder whose group was registered as the first family business waqf, framed the move as a redefinition of how family firms contribute to the economy. He said the objective is not only to protect assets but also to sustain the values and strategic vision that underpin long-standing family enterprises.
Sector implications and recent growth figures
The establishment of a family business waqf in Dubai is expected to encourage other family enterprises to explore similar endowment solutions for wealth transition and philanthropic engagement. Policymakers and advisers see the approach as a tool to enhance resilience, promote professional governance and channel private capital into lasting public benefit.
AWQAF data show that the total value of registered family waqfs reached AED 4.8 billion by the end of 2025, spread across 251 family endowments. That growth indicates rising interest among Emirati families in institutional mechanisms that secure assets while expanding social impact.
The new model positions Dubai as a regional center for innovative endowment solutions that integrate commercial continuity with charitable objectives. Observers expect further uptake of family waqfs as firms seek stability amid evolving economic and regulatory landscapes.