Dubai is to launch what is being heralded as the region's first endowment district, a philanthropy-focused development backed by Dh4.7 billion of investment.
Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, on Thursday announced plans for a sprawling urban centre that will feature a 250-bed hospital and more than 2,000 homes.
The Mohammed bin Rashid Endowment District is being led by the Mohammed bin Rashid Al Maktoum Global Initiatives in partnership with leading property company Azizi Development.
Proceeds generated from its residential, healthcare and educational facilities will be used to fund charitable drives around the world.
The location of the planned Dubai district has not yet revealed and it is not known when it will open.
“Today, we launched the Mohammed bin Rashid Endowment District as a leading endowment project that brings together healthcare, education, and housing facilities," Sheikh Mohammed said at the launch event.
"Our aim is for it to serve as an urban model that embodies our vision of endowments as a tool that multiplies the value of giving and leaves a lasting impact on people’s lives.”
The Dubai Ruler said the scheme would serve as a "strategic driver of sustainable development and stands as a new example of sustainable philanthropy in the region.”
Ambitious vision
The master plan for the district includes a hospital capable of handling more than 90,000 cases annually, which will feature dedicated housing for medical staff, a medical college and two schools covering all educational stages, with a combined capacity of 5,000 pupils.
The project also comprises 25 endowment buildings, with more than 2,000 diverse residential units, along with services and retail outlets, to cater to 12,000 residents and daily visitors.
The district will be home to a variety of open, green spaces, a boulevard, a mosque and thousands of parking spaces.
Framework for giving
Mohammad Al Gergawi, Minister of Cabinet Affairs, and secretary general of the Mohammed bin Rashid Al Maktoum Global Initiatives, said the district demonstrated how endowment projects can be vital in delivering long-term support for worthy causes.
“The endowment project will serve as an inspiring model and a benchmark for future initiatives at MBRGI, which consistently works to broaden positive impact on individuals and communities and to ensure sustainable development across areas that directly affect people’s lives,” said Mr Gergawi.
Mirwais Azizi, founder and chairman of Azizi Developments, added: "We consider this project a milestone in the history of charitable work in the UAE and a model for leveraging real estate investments to serve noble humanitarian goals.
"This is especially true since its investment returns will be allocated to ensuring a steady flow of support for the healthcare and education sectors worldwide, both closely tied to people’s most basic needs.”
Endowment strategy
An endowment is a donation of money or property to a non-profit organisation, which uses the resulting investment income for a specific purpose, such as for charitable means as in this case.
The Fathers’ Endowment campaign – launched by Sheikh Mohammed during Ramadan this year – raised more than Dh3.72 billion ($1.01 billion) in donations.
It was created to provide “treatment and health care to the poor and needy”. The figure was reached thanks to the contributions of 277,000 donors.
Among the many donations was one for Dh3 billion from Azizi Developments, made at the end of February. It was said by Dubai Media Office to be the largest single private-sector contribution in UAE history.
Last week, Sobha Realty pledged Dh500 million ($136.1 million) for an endowment to support the Arab Reading Challenge and foster a love of books among future generations.
The financial support aims to promote reading and learning as an expression of cultural identity and a daily habit among schoolchildren, and to strengthen the status of the Arabic language as a core component of identity.
