NRI appointed as director board member of Nawadco

Business Saturday 10/December/2016 14:35 PM
By: Times News Service
NRI appointed as director board member of Nawadco

Muscat: Prominent non-resident Indian (NRI) businessman Adeeb Ahamed, has been appointed as the Director Board Member of National Waqf Development Corporation (Nawadco), a central public sector enterprise under Ministry of Minority Affairs, Government of India.
National Waqf Development Corporation is an important institution for the development of Waqf properties and for the community welfare in India and will play an important role in providing financial resources for setting up of schools, colleges, hospitals and other institutions of higher education for the poor.
India has the largest number of Waqf properties in the world which is estimated of more than 5 lakh registered Auqaf and the current annual income from these properties is about Rs163 crores ($23.50 million).
According to goverment, such properties, if properly developed, it would be capable of generating an income of Rs12,000 crore per annum (approx. $2 billion) which can be utilised for the community development and contribute to the nations development in general.
Nawadco will facilitate and mobilise financial resources for the development of Waqf properties for community development purposes in a joint venture with the state / union territory waqf boards and the mutawallis.
Adeed Ahamed, an Indian entrepreneur who is based in the UAE is a multifaceted professional, philanthropist is the chief executive officer of Lulu Financial Group and managing director of Twenty14 Holdings (hospitality) and managing director of Tablez Retail Pvt. Ltd.