$10b fund 'will help bridge gap in knowledge'

Dubai: The Mohammad Bin Rashid Al Maktoum Foundation initiative is a much needed effort to bridge the education gap between the Arab world and the rest of the world, said UAE education officials, praising the recently established education fund for Arab states.

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, announced the setting up of a $10 billion (about Dh37 billion) endowment to promote human development and improve knowledge infrastructure in the Arab world on Saturday.

"This pioneering project will help the UAE and the Arab region bridge the technology gap and catch up with advanced countries which are competing in scientific and technological research," said Shaikh Nahyan Bin Mubarak Al Nahyan, Minister of Higher Education and Scientific Research.

Continued growth

UAE education officials said the fund would help solve the developmental malaise of the Arab world through the allocation of the funds in educational projects.

"The fund is the first of its kind that deals with the realities of the region," said Dr Hanif Hassan, Minister of Education, adding that it was in line with the UAE's commitment to education.

Dr Abdullah Al Karam, Chairman of the Board of Directors of the Knowledge and Human Development Authority, said the fund would "continue to grow".