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25 February 2024

Sheikh Mohammed Foundation gets new decree, endowment

By Agencies




His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, in his capacity as Ruler of Dubai, has issued a decree establishing the Mohammed bin Rashid Al Maktoum Foundation with an endowment of Dh37 billion.


According to the decree, the Foundation, which was announced and launched in May last year, shall be managed by a five-member board of directors, a chairman and a deputy chairman.


The decree by the Ruler of Dubai appoints the five-members for three years.


Sheikh Mohammed’s decree authorises the foundation’s chairman of the board of directors to appoint the director of the executive body.


As per the new decree, the Mohammed bin Rashid Foundation shall be financed by Sheikh Mohammed’s endowment of Dh37bn, which was announced in a keynote speech at the World Economic Forum for the Middle East held in Jordan. The Mohammed Bin Rashid Al Maktoum Foundation aims to develop future leaders and create a knowledge-based society in the region through four key components of knowledge and education, culture, entrepreneurship and philanthropy.


The Foundation has already launched several programmes to encourage Arab intellectual output and motivate young Arab writers. It also aims to open doors for future generations of leaders of the region.


The Foundation will source and manage a wide range of initiatives including the establishment of high-quality research programmes and research centres and the provision of scholarships to students to attend leading universities, institutes and learning centres.


It will also support research in universities across the region.


In addition, the Foundation will provide leadership programmes for youth in government and  the private sector. (Wam)