Sheikh Mohammed Bin Rashid, prime minister of the United Arab Emirates and the ruler of Dubai, took to Twitter on Tuesday to announce the Mohammed Bin Rashid Global Centre for Endowment Consultancy, which will be pledging up to 5 billion dirhams ($1.3 billion) in assets.
The initiative will focus on philanthropic causes, culture and research across the Arab world. The funds will support education, medicine, agriculture, autism and children's cancer research, as well as securing access to transport for those who are unable to afford it.
In addition, companies and firms that donate to the initiative will receive a special seal to recognize their devotion to the community. This will encourage the private sector to take part in this initiative, which is based on the awqaf concept of charitable endowment.
According to WAM, Sheikh Mohammed said: "Many businessmen provide charity in secret – we want them to announce their endowments and lead by example. The UAE will always be the capital of humanity through its initiatives and efforts aimed at serving people and its humanitarian innovative projects."