Dubai: The Mohammad Bin Rashid Global Centre for Endowment Consultancy (MBRGCEC) managed to launch endowment projects with assets valued at Dh12 billion in the first year of its launch.

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, emphasised that endowment is a developmental tool for communities and an effective means for promoting response to various community needs.

Shaikh Mohammad said: “What we are doing through endowment will be reflected on all developmental aspects. We want to get out of the traditional framework and to make endowment as a tool that supports culture, medical and scientific research, technology, environment, awareness campaigns and other fields, they all serve to achieve the good for humanity.”

In terms of the endowment allocation, the knowledge and innovation sector received 38 per cent to fund training, consultancy, research, knowledge programmes, innovation and culture. The education sector received 29 per cent to fund university seats, tuition fees for schools and quality education programmes. The social sector received 21 per cent to fund health care, needy families, awareness campaigns and marriage. The remaining 12 per cent endowments were distributed over children’s’ welfare, youth enterprises, environmental programmes and medical research (such as cancer and diabetes research).

Shaikh Mohammad said: “Throughout Islamic history, the tradition of endowments helped construct libraries, translation houses and educational institutions as well as medical facilities to help communities keep abreast of scientific development and progress. Similarly, endowments in the West laid the foundations for the most prestigious of universities and provided for the development of the best hospitals and supported medical and scientific research.”

He added: “We want to restore the developmental role of endowments as there are no limits when it comes to the development of communities.”

Shaikh Mohammad praised the results achieved by MBRGCEC in its first year and urged it to continue to attract institutions and individuals by launching innovative endowments for the service of the community.

Shaikh Mohammad adopted the concept of ‘The Innovative Endowment Journey in Dubai,’ making it the world’s first city to integrate the concept of innovative endowments with the day-to-day activities of the residents.

By paying fees to hospitals that feature Endowment rooms, Dubai’s residents can contribute to the treatment of future patients. Moreover, he/she can also contribute to an endowment for cancer research by participating in auctions organised by one of the institutions that adopt the innovative endowment concept.

Other ways include contributing to children’s’ welfare through transaction fees paid at any of the endowment centres, support reading for orphans by choosing to sit on an Endowment table at designated cafés in Dubai and supporting autistic children by buying newspapers that support endowment advertising.