UAE: 7-storey residential building announced to generate funds for medical education and research

UAE: 7-storey residential building announced to generate funds for medical education and research

The Dh46 million value of the endowment has been divided into 46,000 shares each valued at Dh1,000

By Web Desk Published: Tue 22 Aug 2023, 8:46 PM

Al Jalila Foundation, a global philanthropic organisation dedicated to transforming lives through medical education and research, announced today that it is developing a Dh46 million endowment that seeks to generate revenue to fund the medical education and research programmes of Dubai Academic Health Corporation (DAHC). The seven-floor residential building, ‘Oud Metha Residential Building Endowment’, is projected to yield an 8 per cent return to advance pioneering research to transform lives.

Dr. Amer Al Zarooni, CEO of Al Jalila Foundation, said: “In our efforts to support DAHC’s giving mission, we are continuously seeking innovative financial models to support our projects and programmes. Since its inception in 2013, Al Jalila Foundation has launched four building endowments, including the UAE’s first medical research endowment. Our latest endowment will generate sustainable income, while giving donors the opportunity to contribute towards impactful medical education and research programmes, aligning with our vision to advance health for humanity.”

Scheduled to commence construction in 2023 on a land granted by the Government of Dubai, the 'Oud Metha Residential Building Endowment' is set to reach completion