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 His Excellency Saeed Mohammed Al Tayer, Chairman of the Board of Trustees of the UAE Water Foundation (Suqia UAE); His Excellency Essa Abdulla Al Ghurair, Chairman of the Dubai Endowment Foundation; His Excellency 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 AED9 million, the four G+1 buildings cover a total area of 14,595 square feet. The expected annual returns account for about 10% 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.
His Excellency Saeed Mohammed Al Tayer, Chairman of the Board of Trustees of the UAE Water Foundation (Suqia UAE), commended the efforts of the Endowment and Minors’ Trust Foundation in Dubai, and its endeavour to generate sustainable revenues that contribute to providing clean water to communities suffering from water shortage and pollution around the world.
“The humanitarian initiatives launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, 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,”
said His Excellency Saeed Al Tayer.
“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,”
added Al Tayer.
His Excellency Essa Al Ghurair stressed that the Foundation is committed to supporting the ‘Well of Hope’ initiative as long as the problem of water scarcity exists globally. This commitment is inspired by His Highness Sheikh Mohammed bin Rashid Al Maktoum’s values of giving and solidarity and his earnest efforts to extend a helping hand to help underprivileged communities around the world.
Al Ghurair added:
“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.”
His Excellency Ali Al Mutawa said that Dubai Endowment is keen to make significant contributions to the UAE’s efforts to introduce unique sustainable charity initiatives that support underprivileged communities.
“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 further said 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.
News Source: Dubai Media Office