The ruler of Dubai pledged $1.3
billion in assets on Tuesday to a new endowment agency that will focus
on a variety of causes, the latest philanthropic effort bearing his
name.Emirati officials announced earlier in the day the creation
of the Mohammed bin Rashid Global Center for Endowment Consultancy
during a flashy ceremony in the Ritz Carlton hotel in Dubai's financial
district. They said it would focus on issues like autism and education,
though they did not offer specific details on funding for the center.Sheikh Mohammed bin Rashid Al Maktoum, Dubai's hereditary leader, attended the announcement, but did not speak at the event. His Twitter account announced later Tuesday that he offered the $1.3 billion in assets to the cause.
"We have opened the doors to endowments serving humanity with sustainable giving," his Twitter account said. "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 or
real estate holding that typically involves charities. During the
presentation, officials said other Emirati companies had donated money,
goods or their time to the effort, without offering specifics.
This
is just the latest philanthropic effort on behalf of the 66-year-old
Sheikh Mohammed, who also serves as vice president and prime minister of
the United Arab Emirates.
In
October 2015, officials announced the consolidation of a range of
existing charitable and human development initiatives with the aim to
support more than $270 million in projects annually. It's unclear
whether the project announced Tuesday will be a part of that effort,
known as the Mohammed bin Rashid Al Maktoum Global Initiatives.
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