Dubai, UAE – His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has reviewed plans for an AED 500 million endowment that will provide long-term funding for the Arab Reading Challenge. The endowment will be generated by a mixed-use real estate development to be built by Sobha Realty, under an agreement with Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI).
The development
- Location: Al Barsha South 3, Dubai
- Size: 750,000 sq ft across two main towers
- Use: residential, office and retail space
- Timeline: construction to start in Q1 2027 and finish within 36 months
- Projected return: 11% from the second year of operation
All proceeds will support literacy, education and Arabic language programmes, giving the Arab Reading Challenge a sustainable source of funding independent of annual budgets.
A growing challenge
The Arab Reading Challenge has grown from 3.6 million students in 2015 to more than 40 million in its 10th edition, covering 60 countries, 138,426 schools and 161,507 supervisors. The challenge awards AED 11 million in prizes each year, with AED 110 million distributed across its ten editions.
Business and community impact
The project is an example of the growing use of endowment (waqf) models in Dubai, where private developers fund long-term social causes through income-generating real estate. It also adds new residential and commercial supply in Al Barsha South, one of the city’s fast-growing communities.
Source: Travels Dubai.
