Mohammed bin Rashid Al Maktoum Global Initiatives, Sobha Realty signed a charitable grant agreement to establish an AED 400 million endowment university in Dubai, marking one of the UAE’s largest charity donations
UAE, [Dubai], 19th March 2024: In the presence of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Vice Chairman of the Board of Trustees of Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI), MBRGI and Sobha Realty signed a charitable grant agreement for the establishment of an endowment university in Dubai, as part of the Mothers’ Endowment campaign, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to honour mothers by establishing an AED 1 billion endowment fund supporting the education of millions around the world.
Under the agreement, Sobha Realty will construct and develop an AED 400 million university campus building in Dubai over4 years, marking one of the UAE’s largest charity donations. The project will be handed over to MBRGI who will cooperate with a prestigious international university that will run the endowment university.
With a capacity of 2,000 students, the Dubai-based endowment university aims to further diversify higher education options available in Dubai to domestic and international students in undergraduate and postgraduate programmes.
International standards
His Excellency Mohammad Al Gergawi, Secretary General of Mohammed bin Rashid Al Maktoum Global Initiatives, said the establishment of an endowment university according to the highest international standards in Dubai reflects the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum of prioritizing education as the core of human civilization, and the optimal path towards realizing aspirations of prosperity, stability and development.
“The Mothers’ Endowment campaign, which aims to honour mothers by establishing an endowment fund that supports the education of millions of people across underprivileged communities, reflects a deep understanding of the true meaning of charity and humanitarian work as means to drive progress and empower impoverished individuals by providing them with education and the hope that they can create a better future,” His Excellency Al Gergawi said.
“The charitable grant agreement signed with Sobha Realty is one step ahead towards achieving the main objective of the Mothers’ Endowment campaign, by allowing thousands of students from the UAE and the region to enroll and finish their higher education within a model educational environment,” he added.
PNC Menon, Founder and Chairman of Sobha Realty, said: “The charitable grant agreement signed with MBRGI is part of our collaboration to implement impactful projects that benefit vulnerable populations across many countries. This agreement is particularly important to Sobha Realty due to its association with Mohammed bin Rashid Al Maktoum Global Initiatives, as we are keen to support charity and humanitarian initiatives launched by the UAE to help millions around the world.”
“We are thrilled to be among contributors to the Mothers’ Endowment campaign, and the entity responsible for developing the upcoming campus building in Dubai. We strongly believe that investing in the endowment university will reap huge benefits in the future, both locally and regionally, positively impacting development efforts while solidifying Dubai’s status as a global destination, and an incubator of knowledge,” he added.
Major step
The endowment university, which aims to provide thousands of students with education opportunities, reflects how a culture of endowments has matured and evolved in the UAE.
It is worth pointing out that the world’s top three universities and institutes are endowment institutions. Harvard is a private, non-profit university with a US $50.7 billion endowment that ranks 1st. Stanford comes next and is also a private non-profit university with a US $36.5 billion endowment, while MIT, 3rd globally, has a US $23.5 billion endowment.
Reviving the culture of endowment
The Mothers’ Endowment campaign, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum on 4 March, is organized under the Mohammed bin Rashid Al Maktoum Global Initiatives and allows contributors to honour their mothers by donating on their behalf. It aims to provide education and vocational training to underprivileged individuals by supporting education across all levels and vocational tracks, allowing them a chance to improve their quality of life, build their skills and prepare for the job market, which will ultimately drive the stability and development in their communities.
The campaign seeks to revive the culture of endowments as a development tool that ensures sustainable impact and giving, while at the same time highlighting the role of mothers in supporting their children’s education. The campaign also establishes the values of honouring parents, kindness, compassion and solidarity in the community, and further establishes the UAE’s humanitarian role.
