Dubai’s Endowments and Minors’ Trust Foundation (Dubai Endowment) recently announced a new project titled, Well of Water. This project aims to boost Dubai’s reputation for contributing to global water aid efforts.
This is the second project launched by the endowment so far in order to supply clean drinking water to disadvantaged communities of the country.
This initiative is inspired by the vision of His Highness, HH Sheikh Mohammed bin Rashid Al Maktoum, the Prime Minister of Dubai.
The project will help to develop practical solutions to mitigate the scarcity of water. It is one of its kind and has provided a new ray of hope to the world at large.
Dubai Government has extended full support towards this initiative
The revenue from the endowment would be diverted to providing access to clean drinking water to underprivileged people. According to the statistics, around 45% of the region in Middle Eastern Countries is affected by pollution.
In fact, water pollution is one of the major issues faced by this region. Therefore, the Endowment plans to invest in sustainable solutions for solving this global issue. All of these measures are in line with the objectives of the Government of Dubai to strengthen the country’s position as a global contributor to mitigating problems.
The project is extended across four residential villas which are made across an area of 14,768 square feet. The same has been constructed in the Al Rashidiya area of Dubai.
There are four additional G+1 buildings that are likely to act as research centers within the premises. The project is valued at AED 9 billion. According to financial experts, this project is likely to generate a revenue of 10% of its expected valuation.
The bid to invest in this project has been oversubscribed and additional investments worth USD 20 billion have been injected into the overall fund.
The project has been launched by the Ruler of Dubai in collaboration with the Dubai Financial Market. The Dubai Financial market is the banker to this project.
‘Well of hope’ is a strategic initiative that has been launched under the ‘Well of Water’ campaign of the endowment. ‘Well of Water’ was launched in 2019.
The objective behind this campaign was to establish the infrastructure for providing clean drinking water to the people of the Middle East. Under this campaign, various water treatment plants have been established.
These plants process the polluted water and supply clean drinking water to marginalized communities. Ever since its inception, this project has already benefitted the lives of 13.8 million people in Dubai.
This is in line with Dubai’s objective to enhance the quality of life of the citizens. The Ruler of Dubai, in a recent interview, expressed his views on the importance of health in boosting the quality of lives of the residents.
Therefore, Dubai’s Endowments and Minors’ Trust Foundation has channelized all its efforts to improve the quality of the water. Various studies have proven that access to clean drinking water can increase life expectancy by an average of 3-4 years.
Saeed Mohammed Al Tayer, Chairman of the Board of Trustees of the UAE Water Foundation applauded this recent initiative by the Endowment Foundation.
He explained the mechanism through which the people of the country would be benefitted if this initiative is successful. According to him, the project would provide affordable housing solutions to individuals, corporates, and government entities.
The revenue from the project will be invested in building sustainable solutions for improving the accessibility of clean drinking water to underserved communities in Dubai.
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The project will be implemented in phases. The first phase of the project will cover the marginalized communities of Dubai and the second phase will extend its operations across such communities in the Middle East.
The project will also help to mitigate the gap between the demand and the supply of water, especially in dry areas.
It is important to note that the Government of Dubai has already released enough funds to sponsor around 1000 such sustainable projects by the end of 2050.
According to global estimates, the world is likely to experience an acute shortage of water in the next decade. Such projects will help Middle Eastern Countries face the challenges posed by global issues. With this project, Dubai has actually inspired the world at large to develop practical and sustainable solutions.
There are many communities throughout the world that are deprived of their basic human rights such as access to clean water. Such projects will allow governments to develop long-term solutions. The residents of Dubai have expressed their relief at the launch of this project. The Dubai Government always works for the welfare of the residents.