By Staff writer
Dubai’s Ruler announces new Dubai Awqaf and Endowment District, pledges money for philanthropic causes
A major initiative, which will include $1.3bn in pledged assets, has been launched by the UAE’s Vice President and Prime Minister, and Ruler of Dubai, Sheikh Mohammed Bin Rashid Al Maktoum.
The Mohammed Bin Rashid Global Centre for Endowment Consultancy was announced on Tuesday in Dubai, and will focus on a variety of philanthropic causes, as well as the development of knowledge, culture and future research across the Arab world.
The initiative is based on the awqaf concept of sustainable charitable endowment, Sheikh Mohammed said on Twitter.
The private sector is being encouraged to take part in the initiative.
Also announced was a new Dubai Awqaf and Endowment District, which will be built on land donated by Sheikh Mohammed.
“The initiative creates an investment district whose assets and revenues will be devoted to charity, creating long-lasting endowments,” Sheikh Mohammed said on Twitter.
“I have dedicated AED5 billion of assets to this effort in the hope others will join and develop charitable endowments in the district.
“Additionally the new Mohammed Bin Rashid Global Centre for Endowment Consultancy will provide free consultation on Awqaf and endowments.”