Dh37b boost for scientific activities

Dubai: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, in his capacity as Ruler of Dubai issued a law to establish the Mohammad Bin Rashid Foundation with a Dh37 billion capital to be invested to support and develop scientific and knowledge activities.

The announcement was first made last May. The objectives of the foundation are to design and administrate programmers, supporting a developed knowledge base, upgrading scientific research centres, publishing and translation, offering scholarships, and redeveloping and setting skills of a generation of leaders in scientific areas, from both the government and private sectors.

Special programmes

The foundation aims to encourage youths to create and lead in different businesses through special programmes and financial funds to support these activities.

The foundation will also establish museums, specialised libraries, research centres and publishing and translation houses. It will launch international awards in the fields of culture, literature, knowledge and science.

The law stipulated that the foundation will be run by a board of directors which will include a chairman, a deputy and five members, to be appointed for three years by the Ruler. The executive apparatus of the foundation will include a director who will be appointed by the chairman.

The foundation will be financed from the Ruler's allocated sum, profits and revenues.