New ‘Well of Water’ initiative launched in Dubai
Proceeds will be dedicated to implementing sustainable projects internationally, providing water aid for developing nations
Dubai’s Endowments and Minors’ Trust Foundation (Dubai Endowment) has launched a ‘Well of Water’ endowment project, which aims to contribute to Dubai’s global water aid efforts.
The project includes four residential villas on a 19,880sqft plot in the Al Rashidiya area. Valued at US $2.45mn, the four G+1 buildings cover a total area of 14,595sqft.
Dubai Endowment explained that expected annual returns account for about 10% of the project value. It noted that the annual proceeds from the endowment will be dedicated to implementing sustainable projects to provide water to many communities that lack potable water sources in developing countries suffering from natural disasters.
The initiative is part of the independent ‘Well of Water’ endowment projects series, commenced by Dubai Endowment in 2019.
In early February 2023, SEWA said it had made major progress on key Khorfakkan infrastructure projects and, in early April 2023, the Big Project Middle East editorial team said its 2023 Future of Water Summit would focus on water security in the Middle East.
This is the foundation’s second endowment project dedicated to supporting the ‘Well of Hope’ campaign, as launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to provide clean water to disadvantaged communities across the world.
The inauguration ceremony for the new endowment was attended by Saeed Mohammed Al Tayer, Chairman of the Board of Trustees of the UAE Water Foundation (Suqia UAE); Essa Abdulla Al Ghurair, Chairman of the Dubai Endowment Foundation; Ali Al Mutawa, Secretary-General of the Foundation; and other senior officials.
Saeed Mohammed Al Tayer, Chairman of the Board of Trustees of the UAE Water Foundation (Suqia UAE), commended the efforts of the Endowment and Minors’ Trust Foundation in Dubai, and its endeavour to generate sustainable revenues that contribute to providing clean water to communities suffering from water shortage and pollution around the world.
He explained how, established in March 2015, the initiative has positively impacted the lives of more than 13.6m people in 37 countries worldwide, through more than 1,000 sustainable water projects.
In early April 2023, SEWA said it had issued a RFP for the Hamriyah IWP.
