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Department of Health – Abu Dhabi and Endowments, Minors Funds Management Authority launch Dh1bn healthcare endowment fund

Department of Health – Abu Dhabi and Endowments, Minors Funds Management Authority launch Dh1bn healthcare endowment fund
15 May 2024 09:50

ABU DHABI (ALETIHAD)

The Department of Health – Abu Dhabi (DoH) and Endowments and Minors Funds Management Authority (Awqaf Abu Dhabi) launched a Dh1 billion healthcare endowment fund over five years to further advance endowment work towards specialised healthcare needs of the community.

Awqaf Abu Dhabi will be one of the cornerstone contributors with a commitment of Dh50 million to the endowment and encourages institutions and the community to join in amplifying the fund’s potential for sustainable and perpetual funding for healthcare social impact.

The authority was established in May 2023 and is responsible for promoting and developing the endowment sector by maximising social and financial impact across the community through developing investments and partnerships to meet values of sustainability.

This strategic initiative signifies the first major partnership and waives the path for more sector focused endowments in Abu Dhabi.

Among the attendees were His Excellency Mansoor Ibrahim Al Mansoori, Chairman of the Department of Health – Abu Dhabi (DoH), and His Excellency Abdul Hamid Saeed, Chairman of Awqaf Abu Dhabi, the agreement was signed by Her Excellency Dr Noura Khamis Al Ghaithi, Undersecretary of the Department of Health – Abu Dhabi and His Excellency Fahad Al Qassim, Acting Director General of Awqaf Abu Dhabi.

This announcement was made during the inaugural landmark event Abu Dhabi Global Healthcare Week 2024 (ADGHW), hosted by the Department of Health – Abu Dhabi, under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of Abu Dhabi Executive Council.

Representing a key milestone for the global health sector, the Abu Dhabi Endowment Fund for the healthcare sector pledged to invest the funds raised to address the financing gap from the fund’s profits and returns in essential healthcare programmes and treatments.

Al Mansoori commented, "One of our objectives at ADGHW is to make high-quality healthcare available for all a global priority. Announcements, like this one, represent an actual and tangible step towards achieving such goals. Under the directives of the UAE’s wise leadership, the department is proud to collaborate with Awqaf Abu Dhabi and launch the endowment fund which seeks to provide sustainable funding and enhance healthcare social impact. This fund signifies our commitment to creating a sustainable flow of support that ensures the accessibility of healthcare services to all members of the community."

Saeed also commented, “This marks a pivotal moment in the endowments sector in the UAE. We are setting a precedence around the power a community can create by uniting efforts. Our contribution to the healthcare endowment fund is embedded in our commitment to responsibly managing funds and endowments with integrity and effectiveness. We aim to grow endowment values and promote the Waqf concept as a catalyst for sustainability.

“The collaboration between DoH and Awqaf Abu Dhabi is aligned with the UAE Government’s agenda and catalyses social investment governance structures which are directed to those most in need. The primary focus of this collaboration is to establish new sustainable financial instrument framework that ensures perpetual flow towards priority health needs,” he added.

Al Ghaithi said, “We are pleased with the announcement of the Abu Dhabi Healthcare Endowment Fund and welcome all our partners to these firsts steps towards a long-term commitment to systemic and sustainable finance solutions. While we aim to inspire and enable health leaders to accelerate the future of healthcare, we remain inclusive in addressing health challenges closer to home, hinged on the cultural heritage of Waqf which embodies social solidarity. Together, we will chart a course for a healthier future, prioritising good health and access to all.”

Al Qassim said, "Our contribution to the Healthcare Endowment Fund is rooted in the principles and beliefs of the authority, focusing on growing endowment values and promoting Waqf concept as the catalyst of sustainability. The concept of Waqf, while fundamentally philanthropic, encompasses much broader dimensions including wealth management, catalyst for economic development, and enabler of sustainability. This multifaceted aspect of Waqf makes it one of the earliest and most enduring forms of social enterprise.”

Notably, ADGHW is a major government initiative from the Department of Health – Abu Dhabi which aims to accelerate collaboration, innovation, and investment, and bring together researchers, policymakers, healthcare specialists, investors, and entrepreneurs across the global healthcare and life-science ecosystem. It will explore the paradigm shift from reactive to proactive care.

ADGHW will serve as a catalyst for the exchange of ideas and insights, gathering pioneering minds and a powerful network of 5,000 attendees, 1,000 delegates, 200 speakers and 100 exhibitors.

Fostering dynamic discussions and cross-sector collaboration, this initiative will tackle pressing global challenges and enable joint solutions to shape the future of healthcare.

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