Dead Sea, Jordan, May 19th, 2007 (WAM)--- His Highness Sheikh Mohammedbin Rashid AI Maktoum, Vice President and Prime Minister and Ruler ofDubai launched Saturday the "Mohammed Bin Rashid AI Maktoum Foundation",a major initiative to promote human development and provide hope and opportunityby investing in education and the development of knowledge in the region.

Sheikh Mohammed made the announcement in a keynote addressat the World Economic Forum on the Middle East being held at the DeadSea in Jordan.

The Mohammed Bin Rashid AI Maktoum Foundation, which will be launchedwith an endowment of USD 10 billion, aims to open doors for forthcominggenerations of leaders of the region to shape their future by equippingthem with world-class knowledge and education.

The Foundation will source and manage a wide range of initiatives includingthe establishment of high-quality research programmes and research centers,and the provision of scholarships to students to attend leading universitiesand institutes. It will also support research in universities across theregion. In addition, the Foundation will provide leadership programmesfor youth in government, the private sector and in nongovernmental organizations.

Scholarships and research grants will also be given to authors and researchersin the region.

His Highness said: "It gives me great pleasure to announcea personal initiative aimed at building a knowledge-based society throughoutthe region.""The Foundation's mission is to invest in knowledge and human developmentfocusing specifically on research, education and promoting equal opportunitiesfor the professional growth and success of our youth The Foundation'sprogrammes are also aimed at enhancing the standing of scholars and intellectualsin the Arab world."The initiative, the largest of its kind in the region, will put in placethe necessary infrastructure to facilitate and encourage knowledge creationand dissemination.

In his address, His Highness acknowledged the need to bridge the knowledgegap between the region and the developed world. He said: The illiteracythat is still rampant in the region's communities limits the region'sgrowth and advancement He pointed out that the most alarming indicatorsare the 18% illiteracy in the under-15 age group and the 43% illiteracyamong females in the region.

His Highness also said that if the goal of creating a knowledge-basedsociety is to be achieved, the levels of knowledge creation need to beincreased in the Arab world. According to human development reports, literaryand intellectual books published in the Arab world represent only 0.08%of the world's output, less than those published in Turkey alone. Forevery 100,000 books published in North America, there are 42,000 publishedin South America, and only 6,500 books published in the Arab world.

In terms of spending on scientific research, His Highness said the Arabworld spends only 0.02% of its GDP while developed countries spend between2-5% and 5% In the Arab world, for every 10,000 people in the workforcethere are 3.3 academic scholars, while the developed world has 110 forevery 10,000.

His Highness stated that unemployment in the region is 14% and that 15million jobs are needed right now in the Arab world, and 74 million to85 million new jobs will be needed over the next 20 years. He said thatthe business environment in the Arab world would need to be improved ifthese jobs were to be created, but there are challenges that will needto be overcome. On average, Arab countries ranked 107 out of 175 in termsof the amount of red tape involved In setting up a business and this situationcannot be allowed to continue."His Highness stressed that the Foundation will undertake concrete initiativesto encourage innovation and entrepreneurship throughout the region, thuscreating significant new employment opportunities and providing hope forthe region's youth.

His Highness pointed out: "We have a population where half its membersare under the age of 20, and it is our responsibility to develop thishuman capital to the best of our ability. We have the vision and the willto set the stage for the benefit of future generations through the developmentof this Foundation, which will provide the prerequisites for moving ourregion forward:Well-known role models will also support the initiative, helping to buildand sustain positive momentum for development of the Foundation.

The Foundation will be based in the United Arab Emirates and will implementits programme later this year.