UAE: Dh800 Million 'Endowment' Tower On SZR To Contribute Towards Providing Food Safety Across Globe


(MENAFN- Khaleej Times) Published: Sat 2 Mar 2024, 7:40 PM

Last updated: Sat 2 Mar 2024, 9:33 PM

A tower worth Dh800 million in Dubai is expected to contribute towards endowment assets and achieve the highest returns to help provide a food safety net for tens of millions of people around the world.

Part of the '1 Billion Meals Endowment' projects, the tower was reviewed by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, in the presence of few officials.

During his meeting with the 1 Billion Meals Endowment Board of Trustees, Sheikh Mohammed also reviewed the latest projects and investment ideas under the initiative, which is operated under the Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI).

"We want our humanitarian work to last for hundreds of years in the name of UAE's people. This project is a key step in our efforts to grow the endowment assets, all contributing to the main purpose of protecting vulnerable people everywhere from the risks of hunger," said the Ruler.

"We aim to ensure the sustainability of our humanitarian efforts by creating a new model that derives from the UAE's economic development," he added.

International standards

Sheikh Mohammed was briefed during the meeting on the design and international standards adopted for the tower, which is being developed by Wasl Properties.

He also reviewed the results of a study conducted by the Board of Trustees, analysing potential investment risks of the new project, including selecting the investment promising the best returns and least risks, its compatibility with endowment laws and operating its capital in accordance with relevant regulations.

Establishing endowments

Mohammad Al Gergawi, Secretary General of Mohammed bin Rashid Al Maktoum Global Initiatives and Chairman of the 1 Billion Meals Endowment Board of Trustees, said: "The endowment tower embodies the visions and directives of Sheikh Mohammed bin Rashid Al Maktoum to launch sustainable humanitarian projects that establish endowment work and bolster the future of UAE humanitarian efforts."

He also noted that the establishment of premium real estate endowments aligns with MBRGI's mission of institutionalizing humanitarian, aid and social efforts.

Returns of the new real estate endowment will be dedicated to providing a food safety network to millions of people around the world, helping them overcome malnutrition and its challenges. "MBRGI continues to carry out sustainable projects that provide security and stability to underprivileged individuals, alleviating their suffering and positively impacting their communities," he concluded.

Great addition

Hisham Al Qassim, CEO of Wasl Asset Management Group, said: "Charity and humanitarian efforts in the UAE continue to gain momentum with the support of our wise leadership's visions and directives. This helps aid underprivileged populations and extend the reach of Emirati charity drives."

"The upcoming tower is a great addition to the UAE record of charity work, as well as to the MBRGI' efforts to support vulnerable individuals and meeting their nutrition needs. The endowment tower, which will be built according to the highest international standards to achieve the best possible returns, will significantly contribute to objectives of the 1 Billion Meals Endowment, and an extension of the success of previous Ramadan charity drives," he added.

Growing endowment assets

Combining traditional and social investment models, the new endowment tower aims to sustainably invest its endowed capital, adding more assets to the 1 Billion Meals Endowment initiative while dedicating proceeds to meeting food needs of underprivileged populations.

The 1 Billion Meals Endowment initiative, launched in Ramadan 2023 by Sheikh Mohammed, has seen a massive response and raised Dh1.075 billion by the end of the month in cash donations, shares and real estate assets.

The initiative aims to provide support for individuals in countries suffering with food insecurity, as well as vulnerable groups including victims of disasters and conflicts around the world. Additionally, the 1 Billion Meals Endowment initiative maximizes UAE's efforts towards the global endeavor to end hunger.

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