Sunday 21 April 2024

Food security (representative image)

UAE’s ‘I Billion Meals Endowment’ tower a step closer

DUBAI, March 3, 2024

The UAE is stepping up its drive to help provide a food safety net for millions of people around the world by setting up the ‘1 Billion Meals Endowment’ tower, located on Sheikh Zayed Road that will be developed at a cost of AED 800 million ($213 million), a report said.

The tower, part of the latest projects and strategic investments operating under the Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI), is aimed at growing the endowment assets and achieving the highest returns to global food securiaty, Emirates News Agency, WAM, said.

The project aims at sustainably investing its endowed capital, adding more assets to the ‘1 Billion Meals Endowment’ initiative, while dedicating the proceeds to the underprivileged populations of the world, and vulnerable groups, including victims of disasters and conflicts.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, recently reviewed the project plans in the presence of Mohammad Al Gergawi; Secretary General of MBRGI, and Hisham Al Qassim; CEO of Wasl Asset Management Group.

During his meeting with the ‘1 Billion Meals Endowment’ Board of Trustees, His Highness Sheikh Mohammed, said: “We want our humanitarian work to last for hundreds of years in the name of the UAE 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.

“We aim to ensure the sustainability of our humanitarian efforts by creating a new model that derives from the UAE’s economic development.”

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

He also reviewed the results of a study conducted by the Board of Trustees, analysing the 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 His Highness 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, he stressed.

Humanitarian Efforts

Hisham Al Qassim, CEO of Wasl Asset Management Group, said: “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.”

The ‘1 Billion Meals Endowment’ initiative that was launched in Ramadan 2023 by His Highness Sheikh Mohammed, has seen a massive response and raised AED 1.075 billion by the end of the month in cash donations, shares and real estate assets. – TradeArabia News Service



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