UAE: Dh800m ‘endowment’ tower in SZR will help ensure food security around the world – News

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

As part of the ‘1 Billion Meals Endowment’ project, the tower was reviewed by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, in the presence of some officials.

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

“We want our humanitarian work to last hundreds of years on behalf of the people of the UAE. This project is a key step in our efforts to increase the assets of the donation, all contributing to the main goal of protecting vulnerable people around the world of the risks of hunger,” said the Governor.

“Our goal is to ensure the sustainability of our humanitarian efforts by creating a new model that stems from the economic development of the UAE,” he added.

International standards

During the meeting, Sheikh Mohammed was briefed 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, analyzing the potential investment risks of the new project, including selecting the investment that promises the best returns and the lowest risks, its compatibility with donation laws, and the operation of its capital in accordance with relevant regulations. .

Establishment of endowments

Mohammad Al Gergawi, Secretary General of Mohammed bin Rashid Al Maktoum Global Initiatives and Chairman of the Board of Directors of 1 Billion Meals Endowment, said: “The donation tower embodies the visions and directives of Sheikh Mohammed bin Rashid Al Maktoum to launch sustainable humanitarian projects to establish donation work and strengthen the future of the UAE’s humanitarian efforts.

He also noted that the establishment of premium real estate endowments aligns with MBRGI’s mission to institutionalize humanitarian, social and relief efforts.

The proceeds from the new real estate endowment will be dedicated to providing a food safety net 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 disadvantaged people, alleviating their suffering and positively impacting their communities,” he concluded.

Great addition

Hisham Al Qassim, CEO of Wasl Asset Management Group, said: “Humanitarian and charitable efforts in the UAE continue to gain momentum supported by the visions and directives of our wise leadership. This helps to assist underprivileged populations. and to expand the reach of the Emirates’ charity campaigns.”

“The upcoming tower is a great addition to the UAE’s history of charitable work, as well as MBRGI’s efforts to support vulnerable people and meet their nutritional needs. The donation tower, which will be built in accordance with the highest international standards to achieve the best possible returns, will contribute significantly to the Foundation’s goals of 1 billion meals and an extension of the success of previous Ramadan charity campaigns,” he added.

Growing equity assets

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

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

The initiative aims to provide support to people in countries experiencing food insecurity, as well as vulnerable groups, including victims of disasters and conflicts around the world. Additionally, the 1 Billion Meals Endowment initiative maximizes the UAE’s efforts towards the global effort to end hunger.

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