The four G+1 buildings are valued at $2.4m (AED9m). Credit: © Government of Dubai Media Office.

Dubai’s Endowments and Minors’ Trust Foundation (Dubai Endowment) has held an inauguration ceremony to mark the launch of ‘Well of Water’ endowment project.

The project supports the ‘Well of Hope’ initiative that seeks to supply clean water to disadvantaged communities worldwide and contributes to Dubai’s global water aid efforts.

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The initiative was launched in 2019 by Dubai ruler and UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum.

Located in the Al Rashidiya area of Dubai, the new ‘Well of Water’ endowment project features construction of four residential villas on land area of 19,880ft2.

The four G+1 buildings, worth $2.4m (AED9m), will cover an area of 14,595ft2 in total. According to Dubai Endowment, the annual returns are expected to account for around 10% of the project value.

The proceeds will be used to support sustainable projects to supply water to communities in developing countries experiencing natural disasters.

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The revenue generated from the initiatives are used to provide drinking water to 600,000 people per year in the world, where clean and safe water are not accessible.

UAE Water Foundation (Suqia UAE) Board of Trustees chairman Saeed Mohammed Al Tayer said: “The ‘Well of Hope’ initiative has translated His Highness’s humanitarian vision into unique regional and global projects that bring relief to underprivileged people. Following in the footsteps of the late Sheikh Zayed bin Sultan Al Nahyan, the UAE continues to introduce pioneering initiatives and projects to both help disadvantaged societies facing challenges and promote sustainable development.

“Suqia UAE, under the umbrella of the Mohammed bin Rashid Al Maktoum Global Initiatives, contributes to solving the global water crisis by developing practical solutions for water scarcity and providing potable water for communities suffering from water shortage and pollution. Established in March 2015, the initiative has positively impacted the lives of more than 13.6 million people in 37 countries worldwide, through more than 1,000 sustainable water projects.”