DUBAI: Dubai Holding is set to allocate Dh50 million ($13.6 million) in an endowment to fund future scientific and technical research and studies, contributing to Sheikh Mohammed Bin Rashid Al Maktoum’s initiative to revive ‘Al Waqf’ endowments.
Ahmad Bin Byat, vice chairman and managing director, reiterated the role of the initiative in strengthening the impact and sustainability of corporate citizenship. “This initiative provides companies with new channels for their humanitarian investment and the development of the societies in which they operate,” he said.
“His Highness’s initiative for endowment reflects positively on the national economy as it contributes to transforming the Emirate into a hub that will attract and develop billions of dirhams in endowments across a range of sectors.” Dubai Holding’s businesses are present in 24 countries and play an active role in social and development initiatives in these countries. The benefits from endowment will lift the UAE into being able to include countries of its operations.
Sheikh Mohammed bin Rashid Al Maktoum launched the largest global initiative for endowments, and the Mohammed bin Rashid Global Centre for Endowment Consultancy (MBRGCEC). The centre will provide free of charge consultation on Awqaf and endowments. He also has established Dh5 billion endowment for knowledge, science and future research.
Meanwhile, the Mohammed bin Rashid Global Centre for Endowment Consultancy (MBRGCEC) has presented Dubai Holding the ‘Dubai Awqaf and Endowment Sign’. The sign will allow entities from the private and public sectors to serve the community through Awaqf and endowments dedicated to address development needs.
