WAM DUBAI, Mar. 21st, 2008: Vice President, Prime Minister and Ruler of Dubai, H.H. Sheikh Mohammed bin Rashid Al Maktoum, in his capacity as Ruler of Dubai, has issued a decree establishing the Mohammed bin Rashid Al-Maktoum Foundation which was announced and launched in May, 2007 with an endowment of AED37 billion (USD10 billion).
According to the decree, the Foundation shall be managed by a 5-member board of directors, a chairman and a deputy chairman. A decree by the Ruler of Dubai shall appoint a 5-mambers of the board of directors, a chairman and a deputy-chairman for 3 years.
Sheikh Mohammed's recent decree authorizes the foundation's chairman of the board of directors to appoint the director of the executive body in an administrative decree. The director shall be authorized to appoint the body's staff members as per the effective relevant regulations.
As per the new decree, the Mohammed bin Rashid Foundation shall be financed by Sheikh Mohammed's endowment of AED 37 billions (USD10 billions) which was announced in May 2007 as well as benefits generated by investment of the endowment, grants and donations.
Sheikh Mohammed, announced the major initiative in a keynote speech at the World Economic Forum for the Middle East held in May 2007 at the Dead Sea, Jordan.
The Mohammed Bin Rashid Al Maktoum Foundation aims to develop future leaders and create a knowledge-based society in the region through four key components of knowledge and education, culture, entrepreneurship and philanthropy. The Foundation has already launched several programmes to encourage Arab intellectual output and motivating aspiring young Arab writers.
The Foundation also aims to open doors for future generations of leaders of the region to shape their future by equipping them with world-class knowledge and education.
The Mohammed bin Rashid Foundation will source and manage a wide range of initiatives including the establishment of high-quality research programmes and research centres and the provision of scholarships to students to attend leading universities and institutes. It will also support research in universities across the region. In addition, the Foundation will provide leadership programmes for youth in government, the private sector and in non-governmental organizations. Scholarships and research grants will also be given to authors and researchers in the region.
Page last updated 01 January 2020