Dubai: Sheikh Mohammed announces launch of Dh4.7 billion endowment project

Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE, has announced the launch of an endowment project worth Dh4.7 billion under the Mohammed bin Rashid Al Maktoum Global Initiatives.

"It is a permanent humanitarian charitable endowment whose proceeds will go toward supporting health and education projects around the world," the Dubai Ruler said in a post on X.

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The endowment district will include a hospital with a capacity of 90,000 patients per year, a medical university, schools serving more than 5,000 students, residential buildings with 2,000 housing units, as well as a boulevard, charitable commercial shops, and more.

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"We extend our gratitude to all donors, supporters, and contributors — foremost among them Azizi Developments and others — and our appreciation to everyone who strives to do good and works to sustain goodness in the nation of generosity and giving," Sheikh Mohammed added in his post.

The announcement comes a day after Sheikh Mohammed launched the 'Volunteering and Community Engagement Ecosystem' to reinforce the impact of volunteering and support nonprofit organisations in their various forms, enhancing their contributions to sustainable development.

The initiative includes a comprehensive strategy to grow the country’s volunteer base to 600,000, with a fund worth Dh100 million.

• Dubai

Bahni Bandyopadhyay

bahni@khaleejtimes.com