Dubai’s Endowments and Minors' Trust Foundation (Dubai Endowment) has announced the launch of a ‘Well of Water’ endowment project aimed at contributing to Dubai’s global water aid efforts.
The project scope includes the development of four residential villas on a 19,880 sq ft of land in the Al Rashidiya area of Dubai.
Valued at AED9 million, the four G+1 buildings cover a total area of 14,595 sq ft. The expected annual returns account for about 10% of the project value, it stated.
This initiative is a part of independent ‘Well of Water’ endowment projects commenced by Dubai Endowment in 2019.
The annual proceeds from the endowment will be dedicated to implementing sustainable projects to provide water to many communities that lack potable water sources in developing countries suffering from natural disasters, irt stated.
This is the Foundation’s second endowment project dedicated to supporting the ‘Well of Hope’ campaign launched by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to provide clean water to disadvantaged communities across the world.
The inauguration ceremony for the new endowment was attended by Saeed Mohammed Al Tayer, Chairman of the Board of Trustees of the UAE Water Foundation (Suqia UAE); Essa Abdulla Al Ghurair, Chairman of the Dubai Endowment Foundation; Ali Al Mutawa, Secretary-General of the Foundation; and other senior officials.
Saeed Mohammed Al Tayer, Chairman of the Board of Trustees of the UAE Water Foundation (Suqia UAE), commended the efforts of the Endowment and Minors’ Trust Foundation in Dubai, and its endeavour to generate sustainable revenues that contribute to providing clean water to communities suffering from water shortage and pollution around the world.
Established in March 2015, the initiative has positively impacted the lives of more than 13.6 million people in 37 countries worldwide, through more than 1,000 sustainable water projects, stated Al Tayer.
Suqia UAE contributes to solving the global water crisis by developing practical solutions for water scarcity and providing potable water for communities suffering from water shortage and pollution, he added.-TradeArabia News Service
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