Sobha Realty ties up with UAE's MBRGI, to build university in Dubai

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Bengaluru-based real estate developer Sobha Realty has inked a charitable grant agreement with a UAE-backed aid programme foundation, a pact under which the Indian firm will construct a university in Dubai at a cost of 400-million UAE Dirham over the next four years.

Sobha Realty and UAE’s Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI) will also establish a 1 billion UAE Dirham endowment fund, which they say will support the education of millions around the world.

The university campus building will have a capacity of 2,000 students. The project will be handed over to MBRGI, which will cooperate with an international university that will run the endowment university.

The university aims to diversify higher education options available in Dubai to domestic and international students in undergraduate and postgraduate programmes.

“The charitable grant agreement signed with MBRGI is part of our collaboration to implement impactful projects that benefit vulnerable populations across many countries. This agreement is particularly important to Sobha Realty due to its association with Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI), as we are keen to support charity and humanitarian initiatives launched by the UAE to help millions around the world,” PNC Menon, founder and chairman of Sobha Realty.

It may be noted that the world’s top three universities and institutes are endowment institutions. Harvard is a private, non-profit university with a $50.7 billion endowment. Stanford comes next and is also a private non-profit university with a $36.5 billion endowment, while MIT has a $23.5 billion endowment.

The agreement forms part of the Mothers’ Endowment campaign, launched by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.

The Mothers’ Endowment campaign allows contributors to honour their mothers by donating on their behalf. It aims to provide education and vocational training to underprivileged individuals by supporting education across all levels and vocational tracks, allowing them a chance to improve their quality of life, build their skills and prepare for the job market, which will ultimately drive the stability and development in their communities.

The campaign seeks to revive the culture of endowments as a development tool that ensures sustainable impact and giving, while at the same time highlighting the role of mothers in supporting their children’s education.