Dubai: Dubai’s Endowments and Minors’ Trust Foundation (Dubai Endowment) today announced the launch of a new ‘Well of Water’ endowment project aimed at contributing to Dubai’s global water aid efforts.
The initiative is the Foundation’s second endowment project dedicated to supporting the ‘Well of Hope’ campaign launched in response to a humanitarian competition launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to provide clean water to disadvantaged communities across the world.
The inauguration ceremony for the new endowment was attended by Saeed Mohammed Al Tayer, Chairman of the Board of Trustees of the UAE Water Foundation (Suqia UAE); Essa Abdulla Al Ghurair, Chairman of the Dubai Endowment Foundation; Ali Al Mutawa, Secretary-General of the Foundation; and other senior officials.
The endowment project includes four residential villas built on 19,880 square feet of land in the Al Rashidiya area of Dubai. Valued at Dh9 million, the four G+1 buildings cover a total area of 14,595 square feet. The expected annual returns account for about 10 per cent of the project value.
This initiative is a part of independent ‘Well of Water’ endowment projects commenced by Dubai Endowment in 2019. The annual proceeds from the endowment will be dedicated to implementing sustainable projects to provide water to many communities that lack potable water sources in developing countries suffering from natural disasters.
Al Tayer said: “The humanitarian initiatives launched by [Sheikh Mohammed] to continue to raise the UAE’s global position as a beacon of humanity and extend a helping hand to people in need all over the world. The ‘Well of Hope’ initiative has translated His Highness’s humanitarian vision into unique regional and global projects that bring relief to underprivileged people. Following in the footsteps of the late Sheikh Zayed bin Sultan Al Nahyan, the UAE continues to introduce pioneering initiatives and projects to both help disadvantaged societies facing challenges and promote sustainable development.”
He added: “Suqia UAE, under the umbrella of the Mohammed bin Rashid Al Maktoum Global Initiatives, contributes to solving the global water crisis by developing practical solutions for water scarcity and providing potable water for communities suffering from water shortage and pollution. Established in March 2015, the initiative has positively impacted the lives of more than 13.6 million people in 37 countries worldwide, through more than 1,000 sustainable water projects.”
Al Ghurair said: “This new endowment project will expand the Foundation’s support to the ‘Well of Hope’ initiative, which has raised the profile of the UAE’s pioneering charity and humanitarian projects.”
Al Mutawa said: “We continue to enhance innovation and maintain the highest excellence in the fields of charity and humanitarian aid to improve the quality of life of disadvantaged people.”
Al Mutawa added that many countries suffering from water scarcity have benefited from the ‘Well of Hope’ initiative since 2019. The initiative has contributed to digging wells and delivering clean water to communities facing water shortage.
Since 2019, the Endowments and Minors’ Trust Foundation in Dubai has been at the forefront of entities supporting the ‘Well of Hope’ initiative through endowment projects. The revenue generated from endowments are used to provide drinkable water to 600,000 people around the world annually, especially in areas lacking sources of clean and safe water