[LCM Articles] $10 Billion Endowment Foundation for Human Development in Arab World

[Loai Naamani]

Sheikh Mohammed bin Rashid Al Maktoum Launches Foundation to Promote Human
Development with US$ 10 Billion Endowment
 
Mohammed Bin Rashid Al Maktoum Foundation to develop future leaders and
create knowledge-based society in the region 

Dead Sea, Jordan, 19 May 2007 - His Highness, Sheikh Mohammed bin Rashid Al
Maktoum, Vice-President and Prime Minister of the United Arab Emirates and
Ruler of Dubai, today launched the "Mohammed Bin Rashid Al Maktoum
Foundation", a major initiative to promote human development and provide
hope and opportunity by investing in education and the development of
knowledge in the region. His Highness, Sheikh Mohammed, made the
announcement in a keynote address at the World Economic Forum on the Middle
East being held at the Dead Sea in Jordan.

The Foundation, which will be launched with an endowment of US$ 10 billion,
aims to open doors for forthcoming generations of leaders of the region to
shape their future by equipping them with world-class knowledge and
education.

The Foundation will source and manage a wide range of initiatives including
the establishment of high-quality research programmes and research centres,
and the provision of scholarships to students to attend leading universities
and institutes. It will also support research in universities across the
region. In addition, the Foundation will provide leadership programmes for
youth in government, the private sector and in non-governmental
organizations. Scholarships and research grants will also be given to
authors and researchers in the region.

His Highness, Sheikh Mohammed, said: "It gives me great pleasure to announce
a personal initiative aimed at building a knowledge-based society throughout
the region."

"The Foundation's mission is to invest in knowledge and human development,
focusing specifically on research, education and promoting equal
opportunities for the personal growth and success of our youth. The
Foundation's programmes are also aimed at enhancing the standing of scholars
and intellectuals in the Arab world."

The initiative, the largest of its kind in the region, will put in place the
necessary infrastructure to facilitate and encourage knowledge creation and
dissemination.

In his address, His Highness acknowledged the need to bridge the knowledge
gap between the region and the developed world. He said: "The illiteracy
that is still rampant in the region's communities limits the region's growth
and advancement. He pointed out that the most alarming indicators are the
18% illiteracy in the under-15 age group and the 43% illiteracy among
females in the region.

His Highness also said that if the goal of creating a knowledge-based
society is to be achieved, the levels of knowledge creation need to be
increased in the Arab world. According to human development reports,
literary and intellectual books published in the Arab world represent only
0.08% of the world's output, less than those published in Turkey alone. For
every 100,000 books published in North America, there are 42,000 published
in South America, and only 6,500 books published in the Arab world.

In terms of spending on scientific research, His Highness said the Arab
world spends only 0.02% of its GDP while developed countries spend between
2.5% and 5%. In the Arab world, for every 10,000 people in the workforce
there are 3.3 academic scholars, while the developed world has 110 for every
10,000.

His Highness stated that unemployment in the region is 14% and that 15
million jobs are needed right now in the Arab world, and 74 million to 85
million new jobs will be needed over the next 20 years. He said that the
business environment in the Arab world would need to be improved if these
jobs were to be created, but there are challenges that will need to be
overcome. "On average, Arab countries ranked 107 out of 175 in terms of the
amount of red tape involved in setting up a business and this situation
cannot be allowed to continue."

His Highness stressed that the Foundation will undertake concrete
initiatives to encourage innovation and entrepreneurship throughout the
region, thus creating significant new employment opportunities and providing
hope for the region's youth.

His Highness pointed out: "We have a population where half its members are
under the age of 20, and it is our responsibility to develop this human
capital to the best of our ability. We have the vision and the will to set
the stage for the benefit of future generations through the development of
this Foundation, which will provide the prerequisites for moving our region
forward."

Well-known role models will also support the initiative, helping to build
and sustain positive momentum for development of the Foundation.

The Foundation will be based in the United Arab Emirates and will implement
its programme later this year.


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committed to improving the state of the world by engaging leaders in
partnerships to shape global, regional and industry agendas.

Incorporated as a foundation in 1971, and based in Geneva, Switzerland, the
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political, partisan or national interests. (http://www.weforum.org)

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