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In one of the largest charitable donations in history, the Vice President and Prime Minister of UAE and Ruler of Dubai Sheikh Muhammad bin Rashid Al Maktoum said that he is giving $10 billion to set up an educational foundation in the Middle East. The money is meant to improve the standard of education and research in the region, and aims to stimulate job creation, Sheikh Mohammed said. The announcement was made to widespread applause at the World Economic Forum, which was held in Jordan.
Sheikh Mohammed said his personal initiative was aimed at creating what he called “a knowledge-based society” in the Middle East. At the moment, he explained, there was high illiteracy in the region - where more than 40 per cent of Arab women cannot read or write. The whole Arab world publishes fewer books than the country of Turkey. And spending on scientific research is only a tiny fraction of that in developed countries.
“There is a wide knowledge gap between us and the developed world in the West and in Asia. Our only choice is to bridge this gap as quickly as possible, because our age is defined by knowledge,” the sheikh said.
Sheikh Mohammed hopes to increase research, and also to encourage innovation and entrepreneurship throughout the region. Gulf News reported. “In order to realise these objectives, I have decided to establish the Mohammed bin Rashid Al Maktoum Foundation to focus on human development, and I have decided to endow a fund of $10 billion to finance its projects,” he said. As ruler of Dubai, he can share the success of his principality, which is known the world over as the economic success story of the Middle East.
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