In a significant move aimed at enhancing urban living and community welfare, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has approved the formation of the Board of Trustees for “حي محمد بن راشد الوقفي.” This strategic initiative, chaired by the esteemed Matar Al-Tayer, is set to create a pioneering urban destination that marries modern housing with essential services, including healthcare and education. The project stands as a testament to innovation in urban development and community enrichment.
Composition of the Board of Trustees
The Board of Trustees for “حي محمد بن راشد الوقفي” comprises a diverse group of prominent figures. Alongside Matar Al-Tayer, members include Saeed Mohammed Al-Naeem, Marwan bin Ghalita, Mohammed Saeed Al-Shahhi, Rashid Ali Bin Aboud Al-Falasi, Masoud Mohammed Sharif, Mehdi Fardan Ali Fardan, Farhad Marwan Al-Azizi, and Dr. Shayesta Marwan Al-Azizi. This collective expertise is expected to drive the project’s success, ensuring it meets the evolving needs of the community.
A Unique Urban Concept
“حي محمد بن راشد الوقفي” is anticipated to be the first endowment neighborhood in the region, merging residential living with commercial opportunities and essential health and educational facilities. The project reflects a comprehensive vision, supported by Mohammed bin Rashid Al Maktoum Global Initiatives and developed in collaboration with Azizi Developments.
Investment and Development Details
The project spans a total area of two million square feet, representing a substantial investment of 4.7 billion dirhams, including 330 million dirhams contributed by various investors. The financial returns generated from this endeavor will be strategically allocated to enhance residential, healthcare, and educational facilities within the neighborhood. This model aims not only at sustainability but also at fostering global contributions to education and health.
Long-term Vision for Community Welfare
The establishment of “حي محمد بن راشد الوقفي” is a cornerstone of the philanthropic vision of Sheikh Mohammed bin Rashid Al Maktoum. The initiative aims to create long-lasting positive impacts by channeling its investment returns towards supporting education and healthcare initiatives globally. This forward-thinking approach highlights the commitment to fostering a better future through sustainable community development.