DUBAI / WAM
The Ousha bint Hussein Endowment for ‘Cultural Rewaq’ was announced as part of the Global Vision for Endowments, which was launched by Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum.
The endowment was established by Dr Mouza Obaid Ghobash dedicated to and in remembrance of her mother, the late Ousha bint Hussein bin Nasser Lootah, providing support with an annual cost of AED 3 million and with endowment equivalent assets exceeding AED 37 million.
The concept of the cultural endowment was adopted by Dr Mouza Ghobash to change the perception of endowment from its traditional characterisation. The endowment was announced in coordination with the Mohammed bin Rashid Global Centre for Endowment Consultancy (MBRGCEC) to promote awareness of the importance of supporting UAE culture and revive endowment as a tool for societal development.
Based on this initiative, Ousha bint Hussein Cultural Rewaq received the Dubai Endowment Sign from the MBRGCEC, one of the key initiatives under the Mohammed bin Rashid Global Initiatives, in recognition of their contribution to the community as a model for cultural awareness through endowment.
Dr Mouza Ghobash, Founder of Ousha bint Hussein Cultural Rewaq said, “We are very pleased to support the Global Vision for Endowments, which revives endowment as a tool for development of the community in accordance with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum.
This vision emphasises the expansion of endowment beyond its traditional version. We at the Ousha bint Hussein Cultural Rewaq embrace the concept of innovative endowment launched by His Highness through the cultural endowment. The Ousha bint Hussein Cultural endowment will provide a cultural and intellectual base for the UAE and pioneer the development of cultural endowments. I founded this endowment in the memory of my mother, late Ousha bint Hussein bin Nasser Lootah, and to be a monument that contributes to the culture.”