His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, announced the establishment of the Mohammed bin Rashid Al Maktoum Foundation with a personal endowment of AED 37 billion (US $10 billion) at the keynote speech at the World Economic Forum for the Middle East, held at the Dead Sea, Jordan, in May 2007.

The Mohammed bin Rashid Al Maktoum Foundation has been tasked with empowering future generations to devise sustainable home-grown solutions to challenges faced by the Arab World. The Foundation will do this by spreading knowledge throughout the region, thereby fostering ideas and innovation. 

On October 28th, 2007, His Highness Sheikh Mohammed bin Rashid Al Maktoum attended the opening of The Knowledge Conference in Dubai, where he announced the actual launch of the Mohammed Bin Rashid Al Maktoum Foundation.