DUBAI, 22nd April, 2016 (WAM) — Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum has said that innovative endowment is a developmental tool to support economy and social development.
Sheikh Mohammed added, “We want the societies to innovate developmental solutions to build a better and happier future for people. In one month after the launch of the global vision for endowment, the concept of innovative endowment has proved itself to make a positive impact for the society.
“Reviving endowment is not restricted on adopting the traditional endowment, we need to innovate to have a greater impact of this tool. The concept of innovative endowment, which we launched a month ago, has exceeded the limits of the traditional endowment as it is open for everyone to participate.”
Sheikh Mohammed made his remarks during a briefing on the first month results achieved by the Mohammed Bin Rashid Global Centre for Endowment Consultancy, part of Mohammed Bin Rashid Global Initiatives.
He praised the outcomes of the Centre in its first month through the innovative endowment which raised annual revenues of AED 503 million, equivalent to AED 6.2 billion of assets in traditional endowment. Sheikh Mohammed directed the Centre to continue receiving applications from businessmen and enterprises regardless of their size to adopt innovative endowment.
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