Sheikh Mohammed sets up new global endowment consultancy centre

Sheikh Mohammed Bin Rashid, Vice President and Ruler of Dubai, has set up a new global endowment consultancy centre to support social and charitable goals throughout the Arab World.

The Mohammed Bin Rashid Global Centre for Endowment Consultancy has pledged a knowledge endowment of Dh2.5bn, plus an innovation endowment of Dh1bn that will be controlled through Dubai’s Museum of the Future, and a cultural endowment supporting Emirati writers and literature has been established from the proceeds of sales of Sheikh Mohammed’s Flashes of Wisdom book.

A new Dubai Awqaf and Endowment District will also be established that will house funds for education, autism, school fees, medical treatment, agriculture, children’s cancer, the arab language, medicines and youth.

An Endowment Mark has also been launched that will be awarded to public and private bodies that make a substantial contribution through community initiatives. The first nine initiatives have also been announced, covering a range of causes from autism awareness through to a youth marriage fund.

Organisations taking part include Dubai Electricity & Water Authority (Dewa), du, Wasl Properties and Dubai Roads and Transport Authority.

Dewa has pledged to set aside a portion of its new connection fees to an endowment fund that will help young Emirati couples to pay for weddings, while the RTA will soon launch a series of endowment taxis whose sales will be used to promote public transport awareness. du has pledged a portion of its subscription fees to provide medicines to the needy, Wasl Properties has set up a school maintenance fund and the Mohammed Bin Rashid School for Communications has created a scholarships fund.

The endowment consultancy has also created a “social need data service” covering the Arab World, which will be an interactive system to provide up-to-date information on areas that have the most pressing social needs based on data provided by international organisations.

Moreover, executive director Hamad Al Hammady added that a new real estate enterprise will be set up to advise on socio-economic developments across the Arab World.

In a video link shown just prior to the announcement, Sheikh Mohammed said: “Our happiness is not in collecting money but in investing it for developing our country and helping the needy.”

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