KARACHI, May 21: Sheikh Mohammad bin Rashid Al-Maktoum, vice president and prime minister of the UAE, and Ruler of Dubai, on Saturday launched the Mohammad bin Rashid Al Maktoum Foundation, a major initiative to promote human development and provide hope and opportunity by investing in education and knowledge-development in the region.

Sheikh Mohammad made the announcement in a keynote speech at the World Economic Forum for the Middle East being held in Jordan. The foundation, which will be launched with an endowment of $10 billion, aims to open doors for future generations or 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 NGOs. Scholarships and research grants will also be given to authors and researchers in the region. The foundation will be based in the UAE and will commence programme implementation later this year, says a press release.