DUBAI — The ruler of Dubai is launching a new foundation to consolidate a range of charitable and human development initiatives that aims to support more than $270 million in projects annually.
The ruler unveiled the eponymous Mohammed Bin Rashid Al-Maktoum Global Initiatives project Sunday in a ballroom at the base of the Mideast commercial hub’s iconic Emirates Towers.
The project hopes to reach more than 130 million people in at least 116 countries in the coming years, though much of its work will target the Arab world. It has an annual operating budget of more than 1 billion dirhams ($272 million).
Its activities will focus on fighting poverty, spreading knowledge, community building, and entrepreneurship and innovation.
Commenting on the launch, Sheikh Mohammed said, “The Arab region is undergoing massive challenges. We will not turn our backs on our region, we will provide our support and bring hope for our youth.”
He added: “The world today is facing great challenges on all levels; in terrorism, wars and mass immigration and the only solution lies in human development which can be achieved by educating people and helping them build their future.”
“Today we are embarking on a new beginning. My invitation is open to all countries, international foundations and organisations to participate with us in bringing new hope for our region,” Sheikh Mohammed said.
The Initiatives will work on supporting and educating 20 million children and on the prevention and treatment of 30 million people from blindness and eye diseases until 2025. The foundation will also invest 2 billion dirhams establishing medical research centres and hospitals in the region.
The Initiatives include dedicating Dh500 million for research projects to address the need for concrete solutions to the water shortage issues of the region, a key challenge which will only intensify in decades to come. — Agencies
