Sheikh Mohammed Establishes Waqf Council Led by Matar Al Tayer

Dubai has formed a board of trustees for the Mohammed bin Rashid Endowment District, marking the first endowment neighborhood in the region. The project spans 2 million square feet with investments reaching 4.7 billion dirhams, and all returns will fund education and healthcare initiatives globally.

Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister, and Ruler of Dubai, approved the board formation led by Mattar Al Tayer. The nine-member board includes prominent business leaders and officials who will oversee this groundbreaking urban development.

The district combines modern residential living with commercial spaces, healthcare facilities, and educational institutions under one integrated vision. What makes this different from typical real estate projects is its endowment structure - all investment returns get channeled back into supporting education and health services worldwide.

Here's how the financing works: The total 4.7 billion dirham investment includes 330 million dirhams in contributions from various investors. But instead of traditional profit distribution, the returns will sustain the district's residential, health, and educational facilities while funding charitable causes globally.

The project operates under Mohammed bin Rashid Al Maktoum Global Initiatives, with development support from Azizi Developments. This model could reshape how large-scale urban development projects balance commercial viability with social impact.

For real estate markets in the Gulf, this represents a new approach to development financing. Traditional developers focus on maximizing returns to shareholders. This endowment model redirects those returns toward long-term social benefits while maintaining the district's operations.

The timing aligns with broader regional efforts to diversify economies and create sustainable development models. Dubai has been positioning itself as a hub for innovative urban planning, and this endowment district adds another dimension to that strategy.