Al Jalila Foundation, an international philanthropic organization committed to revolutionizing lives through medical education and research, has announced the establishment of a AED46 million endowment to generate sustainable revenues for funding the medical education and research programs of the Dubai Academic Health Corporation (DAHC). The ‘Oud Metha Residential Building Endowment,’ a seven-floor residential building, is expected to yield an 8% return, driving groundbreaking research and transforming lives.
Dr. Amer Al Zarooni, CEO of Al Jalila Foundation, stated, “As we strive to support DAHC’s philanthropic mission, we continually explore innovative financial models to back our projects and programs. Since our 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 providing donors the opportunity to contribute to impactful medical education and research programs, aligning with our vision to advance health for humanity.”
The prestigious ‘Oud Metha Residential Building Endowment’ is scheduled to commence construction in 2023 on land granted by the Government of Dubai, with completion expected by the end of 2024. Designed by Arif & Bintoak Consulting Architects and Engineers, the building will feature 60 apartments, ranging from studios to one, two, and three-bedroom units. Additionally, the residential building will include a state-of-the-art gym and a children’s play area.
The AED46 million value of the endowment has been divided into 46,000 shares, each priced at AED1,000. Sharafi Holding has already taken the lead by contributing AED1 million towards the endowment through the purchase of 1,000 shares, setting an inspiring example for prospective donors.
To expand donor outreach across various platforms, Al Jalila Foundation now offers online share purchasing, providing a seamless and convenient way for individuals to contribute to the Endowment Fund and drive positive change.
Dr. Amer further added, “The new online share purchasing feature embodies simplicity, accessibility, and security, enabling benefactors from anywhere and at any time to participate in driving positive change.”