Sheikh Mohammed Establishes Endowment Board for Mohammed Bin Rashid Charitable District

Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum has approved the board of trustees for the "Mohammed bin Rashid Endowment District," marking the region's first residential neighborhood designed as a religious endowment. The 4.7 billion dirham project will generate profits to fund global education and healthcare initiatives, representing a new model for combining urban development with charitable giving.

The board will be chaired by Mattar Al Tayer, with nine other members including Said Mohammed Al Atar, Mirwais Azizi, Marwan bin Ghalita, Mohammed Said Al Shahi, Rashid Ali bin Aboud Al Falasi, Masoud Mohammed Sharif, Dr. Mahdi Fardan Ali Al Fardan, Farhad Mirwais Azizi, and Dr. Shaista Mirwais Azizi.

This mixed-use development spans two million square feet and combines modern housing with commercial spaces, healthcare facilities, and educational institutions. The project operates under the Mohammed bin Rashid Al Maktoum Global Initiatives Foundation, with backing from Azizi Developments.

Here's where it gets interesting from an investment perspective. The project secured 330 million dirhams in contributions from various investors, but the twist is that all investment returns will flow back into the district's residential, health, and education facilities. This creates a self-sustaining cycle where profits continuously support global education and healthcare programs.

The endowment model represents something new for the region's real estate sector. Traditional developments aim to maximize returns for shareholders, but this project channels profits toward charitable causes while still delivering quality urban infrastructure. For investors, it offers a way to participate in Dubai's property market while contributing to social impact.

The timing makes sense given Dubai's push to diversify its economy beyond oil and position itself as a global hub for innovation and social responsibility. The emirate has been experimenting with various models that blend commercial success with social good, and this endowment district could serve as a template for similar projects across the Middle East.