Dubai_ Massader News
- His Highness adopts the concept of “The Innovative Endowment Journey in Dubai”, making it the first world’s city that integrates its population’s life with Waqf;
- AED 12 billion estimated value of innovative endowment assets in one year
- AED 1 billion annual value of community services provided by innovative endowment;
- 80 innovative endowment initiatives for community service
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai emphasized that endowment is a developmental tool for communities and an effective means for promoting response to various community needs.
His Highness said, “What we are doing through endowment will be reflected on all developmental aspects. We want to get out of the traditional framework and to make endowment as a tool that supports culture, medical and scientific research, technology, environment, awareness campaigns and other fields, they all serve to achieve the good for humanity”
His Highness added, “Throughout Islamic history, the tradition of endowments helped construct libraries, translation houses and educational institutions as well as medical facilities to help communities keep abreast of scientific development and progress. Similarly, endowments in the West laid the foundations for the most prestigious of universities and provided for the development of the best hospitals and supported medical and scientific research.”
Hi Highness added, “We want to restore the developmental role of endowments as there are no limits when it comes to the development of communities.”
His Highness praised the results achieved by Mohammed bin Rashid Global Centre for Endowment Consultancy (MBRGCEC) in its first year and urged it to continue to attract institutions and individuals by launching innovative endowments for the service of community.
In terms of the endowment allocation, the knowledge and innovation sector received 38 per cent to fund training, consultancy, research, knowledge programmes, innovation and culture. The education sector received 29 per cent to fund university seats, tuition fees for schools and quality education programmes. The social sector received 21 percent to fund healthcare, needy families, awareness campaigns and marriage. The remaining 12 per cent endowments were distributed over childrens’ welfare, youth enterprises, environmental programmes and medical research (such as cancer and diabetes research).
Furthermore, His Highness has adopted the concept of ‘The Innovative Endowment Journey in Dubai,’ making it the first world’s city to integrate the concept of innovative endowments with the day-to-day activities of the residents.
For example, a Dubai resident can start his/her day by taking an Endowment taxi in the morning; the fare contributes to social campaigns. He/she can also listen to one of the two Endowment radio stations, which promote young entrepreneurs by offering free advertising for their new ventures.
By paying fees to hospitals that feature Endowment rooms, Dubai’s residents can contribute to the treatments for future patients.
Moreover, he/she can also contribute to an endowment for cancer research by participating in auctions organized by one of the institutions that adopt the innovative endowment concept.
Other ways include contributing to childrens’ welfare through transaction fees paid at any of the endowment centres, support reading for orphans’ through choosing to sit on an Endowment table at designated cafes in Dubai and supporting autistic children by buying newspapers that support endowment advertising.
Meanwhile, Dubai sports enthusiasts will help support health campaigns when they buy tickets to watch a match at the first Endowment sports stadium in the world.
These are some of the many creative endowment ideas, which are being implemented by Mohammed bin Rashid Global Centre for Endowment Consultancy in order to transform Dubai into a global and innovative model of communities blossoming through the ‘Innovative Endowment Journey in Dubai.’