• President Sheikh Mohamed reviews plans for the recently established Mohamed bin Zayed Foundation For Humanity at Al Shati Palace in Abu Dhabi. All photos: Abdulla Al Bedwawi / UAE Presidential Court
    President Sheikh Mohamed reviews plans for the recently established Mohamed bin Zayed Foundation For Humanity at Al Shati Palace in Abu Dhabi. All photos: Abdulla Al Bedwawi / UAE Presidential Court
  • The foundation aims to advance human potential, support global health priorities, and expand opportunities for the most vulnerable communities around the world
    The foundation aims to advance human potential, support global health priorities, and expand opportunities for the most vulnerable communities around the world
  • The foundation will focus on advancing sustainable efforts in global health and inclusive development by investing in innovative solutions that empower individuals and communities, driving prosperity and progress
    The foundation will focus on advancing sustainable efforts in global health and inclusive development by investing in innovative solutions that empower individuals and communities, driving prosperity and progress
  • Sheikh Mohamed is briefed on the foundation’s mission
    Sheikh Mohamed is briefed on the foundation’s mission
  • Sheikh Mohamed and Sheikh Theyab bin Mohamed, Chairman of the Office of Development and Martyrs Families Affairs at the Presidential Court
    Sheikh Mohamed and Sheikh Theyab bin Mohamed, Chairman of the Office of Development and Martyrs Families Affairs at the Presidential Court
  • Over the next five years, the Mohamed Bin Zayed Foundation for Humanity aims to reach more than 500 million people across more than 50 countries, spanning Asia, Africa, and the Middle East
    Over the next five years, the Mohamed Bin Zayed Foundation for Humanity aims to reach more than 500 million people across more than 50 countries, spanning Asia, Africa, and the Middle East

UAE's Mohamed bin Zayed Foundation for Humanity launched


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The UAE's Mohamed bin Zayed Foundation for Humanity, a philanthropic organisation dedicated to advancing human potential and opportunities in underserved communities, was launched on Wednesday.

The foundation will work with countries and international partners to invest in sustainable initiatives that improve healthcare systems and boost development.

President Sheikh Mohamed received a delegation from the foundation at Qasr Al Shati in Abu Dhabi, in the presence of Sheikh Theyab bin Mohamed, Deputy Chairman of the Presidential Court for Development and Fallen Heroes’ Affairs, Chairman of the International Humanitarian and Philanthropic Council, and Chairman of Erth Zayed Philanthropies, state news agency Wam reported.

During the meeting, Sheikh Mohamed was briefed on the foundation’s mission, which is committed to supporting charitable and humanitarian initiatives, improving the quality of life and building a better future for all.

Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, had earlier issued a decree establishing the Mohamed bin Zayed Foundation for Humanity to coincide with Zayed Humanitarian Day, observed annually on Ramadan 19. This day commemorates the lasting legacy of UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, in humanitarian and charitable work.

“The Mohamed bin Zayed Foundation for Humanity reflects the UAE’s determination to build a more equitable world by catalysing innovation, seeking out new solutions, and building partnerships that can uplift and enable communities worldwide,” said Sheikh Theyab bin Mohamed.

“The foundation is a new chapter in this legacy of progress, representing a further commitment to delivering sustainable change where it is needed most.”

Boosting health infrastructure

The foundation will invest in health systems to boost workforces in less wealthy nations and provide new equipment to help tackle preventable diseases. It is hoped its programmes will reach more than 500 million people in more than 50 countries across Asia, Africa and the Middle East over a five-year period.

The announcement comes as the Emirates marks Zayed Humanitarian Day, the annual commemoration of Sheikh Zayed, who championed causes to improve the lives of billions of people around the world.

Commenting on Zayed Humanitarian Day, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, wrote on X: “Zayed remains in our conscience. Each year, we remember him for his generosity, dedication, nobility, and benevolence, and for the nation he built for us.

“He planted the seeds of giving in his people and homeland since the founding, and today, his country has grown into a tree whose fruits of goodness reach the farthest corners. May God bless the resting place of Zayed, whose nation's goodness continues to flow like a river, quenching the thirst of millions around the world.”

Sheikh Mansour added: “On Zayed Humanitarian Day, we recall the values of goodness and giving instilled by the late Sheikh Zayed bin Sultan Al Nahyan, may God rest his soul in peace. We affirm that humanitarian work is an integral part of the UAE's vision and a deeply rooted approach to its policy. Zayed's humanitarian legacy will remain a source of inspiration for giving, extending a helping hand, and promoting the values of global solidarity.”

The foundation will also encompass the Reaching the Last Mile fund, with commitments towards ending polio, malaria and neglected tropical diseases.

Building on legacy of work

The foundation will operate under the umbrella of Erth Zayed Philanthropies, an organisation Sheikh Mohamed established last year to lead global humanitarian efforts.

The UAE has set out its commitment to helping people in need through key initiatives aimed at tackling diseases and offering respite to communities affected by war and natural disasters, as well as addressing the human cost of climate change.

In 2017, Sheikh Mohamed and the Bill and Melinda Gates Foundation launched the Reaching the Last Mile Fund, a 10-year $500 million project. The fund supports an international mission to eradicate neglected tropical diseases.

The UAE has also offered vital support to the Palestinian people since the Gaza war broke out on October 7, 2023. An Emirati aid ship carrying more than 5,800 tonnes of supplies for the embattled enclave docked in Egypt's Al Arish port on Sunday, further demonstrating the UAE's long-standing solidarity with the Palestinian people.

More than 65,000 tonnes of aid has been delivered to Gaza since the start of the deadly conflict, with about 600 flights, seven transport ships and nearly 3,500 lorries used to carry goods from Egypt into the enclave. An aid flight operation has delivered more than 3,700 tonnes of supplies to inaccessible areas.

In February, the UAE pledged a further $200 million for Sudan to help alleviate a humanitarian crisis prompted by the civil war, which has raged since April 2023, killing tens of thousands of people and displacing millions.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Updated: March 19, 2025, 6:13 PM