The ruler of Dubai has pledged $1.3bn in assets to a new endowment agency that will focus on a variety of causes, the latest philanthropic effort bearing his name.
Emirati officials announced the creation of the Mohammed bin Rashid Global Centre for Endowment Consultancy on Tuesday, during a flashy ceremony in the Ritz Carlton hotel in Dubai’s financial district.
They said it would focus on issues such as autism and education, though they did not offer specific details on funding for the centre.
Sheikh Mohammed bin Rashid al-Maktoum, Dubai’s hereditary leader, attended the announcement but did not speak. His Twitter account announced that he offered the $1.3bn in assets to the cause.