iPhone | iPad
Android
Huawei
The 55-year-old sales manager has been living in the Emirates for two decades, and was inspired to participate after watching the previous winner
KT APPDOWNLOAD
UAE’s 1 Billion Meals: New board to invest assets, ensure highest returns to feed the hungry
Sheikh Mohammed announces body that will create ‘modern investment strategy’ to provide food safety net for millions around the world
Photo: Supplied
A board of trustees for the ‘1 Billion Meals Endowment’ initiative will manage and invest assets of the largest food aid endowment project to ensure the highest recurring returns and create a sustainable source of giving. It will create a “modern investment strategy” to ensure highest possible returns and will oversee and review investment policies to ensure compliance with approved processes.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, issued directives to form the board on Sunday. He posted on Twitter that creating the board is a “key step” to reaching the largest possible segment of underprivileged individuals and providing a food safety net for tens of millions of people around the world.
“The board of trustees will be tasked with growing and investing the endowed capital, creating plans to ensure a return on investment and informed spending towards sustainable food aid sites. The aim is to sustain the impact of this initiative for years to come, and to create a better future through ongoing initiatives,” he added.
Over 180,000 contributors helped exceed the target to establish the largest food aid endowment, raising over Dh1.075 billion during the holy month of Ramadan. As reported by Khaleej Times, the campaign will continue throughout the year, raising more funds to aid those in need around the world.
What the board will do
The board will be responsible for growing and investing the endowed capital in a way that ensures its sustainability, expands the scope of charity and extends its reach. It will endeavour to achieve the highest recurring return on investments of the endowment’s assets by focusing on feasible sectors in line with economic growth through a Sharia-compliant contemporary Islamic approach.
It will also be responsible for analysing cash requirements and cash flow. It will examine and analyse investment risks to minimise exposure by examining the feasibility of potential investments and opting for high-return diversified investments, while ensuring compatibility with relevant regulations.
The board will work closely with relevant authorities, private sector, international organisations and charities working to fight hunger around the world. It will be responsible for the establishment of sustainable food aid sites, as well as implementing feeding programmes in underprivileged communities around the world, based on data collected from relevant organisations.
It will create processes and formulate regulations in accordance with international best practices, opening the door for the contribution of individuals, institutions, businesses, businessmen and influential philanthropists in order to maximise contributions.
It may form specialised committees as needed to support its work and enhance the endowment’s impact and wider reach.
The board members
The 1 Billion Meals Endowment aims to mobilise local, regional and international efforts to implement sustainable programmes to fight and eradicate hunger within an institutional framework. The Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI) has collaborated with a specialised agency to prepare a comprehensive governance framework that ensures sustainability of the endowment.
The board of trustees will be chaired by Mohammad bin Abdullah Al Gergawi, secretary-general of the MBRGI. It will have eight members: Hesham Abdullah Al Qassim, vice-chairman and managing director of Emirates NBD and chairman of Emirates Islamic Bank; Dr Ahmad bin Abdulaziz Al Haddad, grand mufti and director of the Ifta Department of the Islamic Affairs and Charitable Activities Department in Dubai; Fadel Al Ali, chairman of Dubai Financial Services Authority; Saeed AlEter Al Dhanhani, assistant secretary-general of MBRGI; Ali Al Mutawa, secretary-general of Dubai's Endowments and Minors' Trust Foundation; Dr Mohammed Suhail Al Muhairi, CEO and managing director of Dar Al Ber Society; Ali Al Obaidli, division director, Engineering Office, Private Office of HH Sheikh Mohammed Bin Rashid Al Maktoum; and Dr Abdulrahman Al Sharif, managing director at Al Sharif Advocates & Legal Consultants.
ALSO READ:
More news from UAE
The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurance companies comply with the relevant laws
The most expensive hand-built car by Rolls-Royce is priced at Dh110 million
Finding an affordable holiday destination and a package can be a challenge
The National Centre of Meteorology said about a tropical depression centred in the south of the Arabian Sea at latitude 11.9 north and longitude 66.00
The meeting discussed ways to bolster partnerships between the UAE government and OpenAI
The NGO has empowered thousands of refugees to seize life-changing opportunities and migrate for work in various refugee hosting countries
DSW returns for the 13th year for a sporty and fun-filled summer edition at the World Trade Centre that will last more than 100 days