Knowledge fund to boost education sector launched

Dubai: Academicians and senior officials yesterday welcomed the decision by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to set up the knowledge fund.

They termed the initiative positive and in line with the rapid growth and development of the country, adding that it would strengthen public programmes.

The crucial role of the fund is aimed at providing an ideal educational and environmental setting meeting international standards and best practices, Wam reported.

The fund, which will be run as an investment portfolio, is aimed at utilising revenues and profits in financing and sponsoring educational initiatives and projects in the future.

Initiatives

The fund will serve as an important tool to double revenues allocated for education and increase the incomes of educational projects.

It will also support initiatives launched by the government, such as higher education scholarships, particularly higher scientific specialisations and scientific researches required by the business sector and the government as part of its future plans.

The fund will invest revenues and profits in financing educational initiatives and supporting government projects such as scholarships, scientific research, development of teaching staff capabilities and improving educational infrastructure. The government of Dubai will contribute cash and land to the fund.

Contributions to the fund will be open to businessmen, as well as private local and foreign firms.

The Dubai Strategic Plan, recently announced by Shaikh Mohammad, aims to improve education, especially public schools, and ensure that all nationals have access to quality education opportunities.

The fund will have a board of trustees whose chairman and members will be appointed soon.

Dr Hanif Hassan, Minister of Education, told Gulf News that he met Shaikh Mohammad and praised his "positive step that responded to the needs of the community."

Shaikh Mohammad always highlights the importance of education, he said while pointing out to the vital role of the individual in building an effective community.

Dr Abdullah Al Karam, Secretary-General of Dubai Education Council, said: "The fund will ensure the continuous development of all stages of education through financing projects and providing and developing financial, social and human resources to finance future educational initiatives and projects."

Proactive step

Dubai's strong economy should be reflected in its different fields, and specifically in education, he said and added that "all concerned sectors must support the government's initiative, which will encourage participation of the private sector as an important tool to multiply the funds allocated to improve the standard of knowledge and education for the best benefit of UAE nationals and residents".

Dr Salah Al Qasimi, Secretary-General of Dubai Cultural Council, took a similar view saying, "it is a positive initiative in empowering governmental programmes. It will also lead to the cooperation on both the federal and local level."

He said it is a proactive step and it would contribute in developing education on both the federal and local level.

In fact, contributions to the fund will be open to businessmen, as well as private local and foreign firms.