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Construction for Dubai's Endowment University set to begin by late 2024

Varsity to be operated by an American institution

Published: Thu 28 Mar 2024, 6:01 PM

Updated: Thu 28 Mar 2024, 10:07 PM

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Construction for the endowment university in Dubai, expected to be operated by an American university, is set to commence by the end of 2024.

This development comes after Sobha Realty announced a charitable grant agreement with the Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI).

‘Giving back’

The details were revealed during an exclusive interview with Khaleej Times on Thursday, with PNC Menon, Founder and Chairman of Sobha Group who emphasised that this initiative is his means to repay society and express gratitude to the UAE.

PNC Menon

PNC Menon

“The Government here is one of the most proactive governments. The kind of support we get from the government is unbelievable. So, I thought I must ‘give back’ something to this country which has treated me so beautifully.”

“I think before the end of the year we will break the ground. It’s an interesting project. The government has already allocated the land; however, we are currently awaiting information on its precise location which we’ll get after Ramadan. So, hopefully, within another month's time, we will have clarity on this. We’ll take four years to build this university and we’ll use very high-quality finishes,” added the Omani billionaire businessman born in Kerala.

Menon reiterated the importance of not retaining wealth solely for personal gain but rather advocated for allocating a significant portion of it to benefit society.

“This money is for philanthropy, and I want to deliver it at the earliest because my age may not be by my side. Even if I go, my son will take over and this will be delivered as it’s very important (project). That money is not family money. It's philanthropic money. I keep 50 per cent for the family and I allocate 50 per cent of my own earnings to society.”

The initiative is part of the Mothers’ Endowment campaign, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to honour mothers by establishing a Dh1 billion endowment fund supporting the education of millions around the world.

Tie-up with a US university

“We have to give a part of the wealth we acquire to wherever we live. It’s not a favour. It’s an obligation,” he added.

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

“I’ve heard this university will partner with one of the universities in America. They come with a tremendous amount of knowledge. I cannot tell you the name because they have not signed the agreement (yet). Hopefully, within two to three months, the signing of the agreement will take place. They will provide us with instructions on how to establish the university, serving as its guardian.”

Shedding light on the impact of this charitable grant agreement on the educational scene of Dubai and the broader region, he added, “Education (these days) is very dynamic. We hear of qualifications now that I've never heard of in my life. The landscape is changing…‘Today is not tomorrow’. But the kind of (education) standards Dubai maintains, thanks to the Rulers…it is fantastic. We get the best here, why would you want to go to the United States? If Dubai can provide then don’t go and waste your money (there), study here.”

Important to have a university degree

It's worth noting that the well-known property developer and billionaire faced adversity at the age of 10 when he lost his father. Consequently, he decided to leave Sree Kerala Varma College in Thrissur, Kerala, and pursue a career in interior decoration. But when asked about the myth of the gifted college dropout, he added,

“I feel it's very important to have a university degree. Some people make it but that cannot be the yardstick. Fortunately, I could make it, or many others have done too. If you look at the list of Forbes billionaires only 30 per cent of them are dropouts, 70 per cent are not.”

“With God's blessing, hard work, and opportunities, I've been able to tap things at the right time and growth has been substantial. But this would not be my advice. It’s a dangerous situation to be in. After dropping out, the chances of making it are very small. Not that you cannot make it but it’s very difficult,” added Menon.

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