Mohammed bin Rashid issues directives to form Board of Trustees for ‘1 Billion Meals Endowment’
DUBAI: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has issued directives for the formation of a Board of Trustees for the “1 Billion Meals Endowment” initiative, which falls under the umbrella of Mohammed bin Rashid Al Maktoum Global Initiatives.
The move aims to ensure managing and investing assets of the largest food aid endowment project, as well achieving highest recurring returns and creating a sustainable source of giving.
His Highness Sheikh Mohammed bin Rashid said, “Creating a Board of Trustees for the ‘1 Billion Meals Endowment’ is a key step towards realising the endowment’s strategic goals, thereby reaching the largest possible segment of underprivileged individuals and providing a food safety net for tens of millions of people around the world.
“The Board of Trustees will be tasked with growing and investing the endowed capital, creating plans to ensure a return on investment and informed spending towards sustainable food aid sites. The aim is to sustain the impact of this initiative for years to come, and to create a better future through ongoing initiatives,” he added.
Mohammed bin Rashid Al Maktoum Global Initiatives collaborated with a specialised agency to prepare a comprehensive governance framework that ensures sustainability of the endowment.
Launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum to coincide with the holy month of Ramadan, the “1 Billion Meals Endowment” initiative aims to mobilise local, regional and international efforts to implement sustainable programmes to fight and eradicate hunger within an institutional framework.
The Board of Trustees will be chaired by Mohammad bin Abdullah Al Gergawi, Secretary-General of Mohammed bin Rashid Al Maktoum Global Initiatives, and will comprise eight members: Hesham Abdullah Al Qassim, Vice Chairman and Managing Director of Emirates NBD and Chairman of Emirates Islamic Bank; Dr. Ahmad bin Abdulaziz Al Haddad, Grand Mufti and Director of the Ifta Department of the Islamic Affairs and Charitable Activities Department in Dubai; Fadel Al Ali, Chairman of Dubai Financial Services Authority; Saeed AlEter Al Dhanhani, Assistant Secretary-General of Mohammed bin Rashid Al Maktoum Global Initiatives; Ali Al Mutawa, Secretary-General of Dubai’s Endowments and Minors’ Trust Foundation; Dr. Mohammed Suhail Al Muhairi, CEO and Managing Director of Dar Al Ber Society; Ali Al Obaidli, Division Director, Engineering Office, Private Office of His Highness Sheikh Mohammed bin Rashid Al Maktoum; and Dr. Abdulrahman Al Sharif, Managing Director at Al Sharif Advocates and Legal Consultants.
The “1 Billion Meals Endowment” Board of Trustees will be responsible for growing and investing the endowed capital in a way that ensures its sustainability, expands the scope of charity and extends its reach. It will endeavor to achieve the highest recurring return on investments of the endowment’s assets by focusing on feasible sectors in line with economic growth through a Sharia-compliant contemporary Islamic approach.
The Board will create a modern investment strategy to ensure highest possible returns and will oversee and review investment policies to ensure compliance with approved processes. It will also be responsible for analysing cash requirements and cash flow.
Additionally, the Board of Trustees will examine and analyse investment risks to minimise exposure, by examining the feasibility of potential investments and opting for high-return diversified investments, while ensuring compatibility with relevant regulations.