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Sanabel Al Khair Investment incorporated

posted on 18/02/2006: 907 views

Sheikh Hamdan bin Zayed Al Nahyan, Deputy Prime Minister and Chairman of the UAE Red Crescent Society (RCS) has issued a decree establishing a new business entity with an initial capital of Dh100 million.

The new entity, "Sanabel Al Khair Investment", shall have a joint executive committee made up of philanthropists and representatives of the RCS, the decree said, adding that the joint committee is to be chaired by Sheikh Abdullah bin Mohammed bin Butti Al Hamed with Sana Darwish Al Kitbi, RCS Secretary General, as its deputy chairman. Its board members include Adel Abdul Hamed Al Hossani, Talal Ali Mohammed Khoory, Ahmed Sadiq Al Khaja and Asyad Mohammed Al Kailani.

The decree stated that the capital of Sanabel Al Khair Investment shall be funded by businessmen. All assets, properties and dividends of the new establishment shall belong to the RCS so that the latter can use them in funding its internal and external relief operations, projects, programmes and all other works.

The new establishment aims at investing its properties by buying and selling shares only on the local stock market. It shall also engage in real estate, commercial, investment and industrial activities as well as in any other activities that would enhance its value and role and increase its profit, properties and assets, the decree stated.

Sheikh Hamdan praised the philanthropists for their support for the new investment establishment. "These generous people are investing their worldly gains for their life in the hereafter by donating money through which profits realised from those monies and properties shall be used in providing assistance for the weak and the needy," he said, adding that such a venture provides the right financial cover for sustainable funding of various charity works.

Sheikh Hamdan urged the private sector to join the bandwagon by making generous contributions to the new establishment to ensure its success and sustainability. He said the UAE is known for its pioneering initiatives in charity works and for instilling this noble work in the heart and mind of its people, adding that the country and people will continue to remain so.

He stressed the need to boost the partnership between the economic sector and businessmen for more effective and successful charity works. Khalifa Nasir Al Suwaidi, RCS Board Chairman, expressed his outfit's gratitude on the new initiative by UAE businessmen and philanthropists. He said the new initiative will certainly boost the efforts of the RCS at both the internal and external levels. (Emirates News Agency, WAM)


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