Developed at a cost of AED 800 million, the tower is part of the 1 Billion Meals Endowment initiative’s projects aimed at growing the endowment assets and achieve the highest returns to help provide a food safety net for tens of millions of people around the world.
During his meeting with the 1 Billion Meals Endowment Board of Trustees, His Highness Sheikh Mohammed bin Rashid also reviewed the latest projects and investment ideas under the initiative, which is operated under the Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI).
“We want our humanitarian work to last for hundreds of years in the name of the UAE people. This project is a key step in our efforts to grow the endowment assets, all contributing to the main purpose of protecting vulnerable people everywhere from the risks of hunger,” His Highness Sheikh Mohammed bin Rashid said.
“We aim to ensure the sustainability of our humanitarian efforts by creating a new model that derives from the UAE’s economic development,” he added.
His Highness Sheikh Mohammed bin Rashid was briefed during the meeting on the design and international standards adopted for the tower, which is being developed by Wasl Properties. He also reviewed the results of a study conducted by the Board of Trustees, analyzing the potential investment risks of the new project, including selecting the investment promising the best returns and least risks, its compatibility with endowment laws and operating its capital in accordance with relevant regulations.
The 1 Billion Meals Endowment initiative, launched in Ramadan 2023 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, has seen a massive response and raised AED 1.075 billion by the end of the month in cash donations, shares and real estate assets. The initiative aims to provide sustainably support individuals in countries suffering with food insecurity, as well as vulnerable groups including victims of disasters and conflicts around the world. Additionally, the 1 Billion Meals Endowment initiative maximizes UAE’s efforts towards the global endeavor to end hunger.
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