His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, reviewed plans for the ‘1 Billion Meals Endowment’ tower, the tallest endowment tower located on Sheikh Zayed Road.
Developed at a cost of AED 800 million, the tower is part of the 1 Billion Meals Endowment initiative’s projects aimed at growing the endowment assets and achieve the highest returns to help provide a food safety net for tens of millions of people around the world.
During his meeting with the 1 Billion Meals Endowment Board of Trustees, His Highness Sheikh Mohammed bin Rashid also reviewed the latest projects and investment ideas under the initiative, which is operated under the Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI).
His Highness Sheikh Mohammed bin Rashid was briefed during the meeting on the design and international standards adopted for the tower, which is being developed by Wasl Properties.
He also reviewed the results of a study conducted by the Board of Trustees, analyzing the potential investment risks of the new project, including selecting the investment promising the best returns and least risks, its compatibility with endowment laws and operating its capital in accordance with relevant regulations.
Returns of the new real estate endowment will be dedicated to providing a food safety network to millions of people around the world, helping them overcome malnutrition and its challenges, he stressed. “MBRGI continues to carry out sustainable projects that provide security and stability to underprivileged individuals, alleviating their suffering and positively impacting their communities,” he concluded.
Combining traditional and social investment models, the new endowment tower aims to sustainably invest its endowed capital, adding more assets to the 1 Billion Meals Endowment initiative while dedicating proceeds to meeting food needs of underprivileged populations.
The 1 Billion Meals Endowment initiative, launched in Ramadan 2023 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, has seen a massive response and raised AED 1.075 billion by the end of the month in cash donations, shares and real estate assets.
The initiative aims to provide sustainably support individuals in countries suffering with food insecurity, as well as vulnerable groups including victims of disasters and conflicts around the world. Additionally, the 1 Billion Meals Endowment initiative maximizes UAE’s efforts towards the global endeavor to end hunger.
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