The ruler of Dubai has pledged $1.3bn (£900m) in assets to a new endowment agency that will focus on a variety of causes, the latest philanthropic effort bearing his name.
Emirati officials announced the creation of the Mohammed bin Rashid Global Centre for Endowment Consultancy on Tuesday, during a flashy ceremony in the Ritz Carlton hotel in Dubai’s financial district.
They said it would focus on issues such as autism and education, though they did not offer specific details on funding for the centre.
Sheikh Mohammed bin Rashid al-Maktoum, Dubai’s hereditary leader, attended the announcement but did not speak. His Twitter account announced that he offered the $1.3bn in assets to the cause.
— HH Sheikh Mohammed (@HHShkMohd) March 22, 2016We have opened the doors to endowments serving humanity with sustainable giving. We encourage our business leaders to join in our effort.
Other tweets on his account described the initiative as being a form of awqaf, an Arabic term for a kind of religious Islamic foundation. During the presentation, officials said other Emirati companies had donated money, goods or their time to the effort, without offering specifics.
— HH Sheikh Mohammed (@HHShkMohd) March 22, 2016Awqaf endowments in the district are open to companies, institutions and individuals without geographic, religious or ethnic restrictions.
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