Sheikh Mohammed launches Dhs 5bn humanitarian initiative

The initiative will focus on sectors such as knowledge, innovation and education

A new major humanitarian initiative called Global Endowment Vision of Dubai was launched on Tuesday by the Vice President and Prime Minister of the United Arab Emirates and ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum.

The initiative includes assets worth Dhs 5bn aimed towards the development of knowledge and future research and other social causes across the Arab region.

As part of the initiative, Sheikh Mohammed unveiled the Mohammed bin Rashid Global Centre for Endowment Consultancy which will provide free consultation on Awqaf and endowments.

The consultancy has pledged Dhs 2.5bn towards a knowledge endowment, an innovation endowment of Dhs 1bn as well as an endowment mark for public and private companies who have made substantial contributions to the community.

Furthermore, all revenues from Sheilkh Mohammed's book Flashes of Wisdom will go towards a cultural endowment.

Sheikh Mohammed also launched the Dubai Awqaf and Endowment District on Tuesday, which will include funds for areas such as education, autism, agriculture, children’s cancer, the Arab language and youth among others.

"Today we launched a global initiative based on the Awqaf concept of sustainable charitable endowment," Sheikh Mohammed said on Twitter.

"I have dedicated Dhs5 billion of assets to this effort in the hope others will join and develop charitable endowments in the district.

"Awqaf endowments in the district are open to companies, institutions and individuals without geographic, religious or ethnic restrictions," he wrote.

He added: "We have opened the doors to endowments serving humanity with sustainable giving. We encourage our business leaders to join in our effort."