Abu Dhabi: The Mohammad Bin Rashid Al Maktoum Foundation to build a knowledge society will make the UAE a hub for scientific research in the region, said a senior official.

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai set up a Dh37 billion endowment to promote human development and improve knowledge infrastructure in the Arab world.

"Shaikh Mohammad is known for his great initiatives and this pioneering project will help the UAE and the Arab region bridge the technology gap and catch up with advanced countries which are competing in scientific and technological research," Shaikh Nahyan Bin Mubarak Al Nahyan, Minister of Higher Education and Scientific Research, said.

Shaikh Nahyan said the foundation will contribute to reform education and build research capacity in the Arab world as technological advance is the main source of long-run economic growth.

"As Shaikh Mohammad recognises that developing human resources is the best investment, his initiative will help use new information and communications technology in educating and training people more efficiently and effectively." Shaikh Mohammad told delegates at the World Economic Forum on the Middle East (WEF) on Saturday that priorities for the foundation include launching a research fund, creating research centres at regional universities, and delivering leadership development programmes.

Shaikh Nahyan said the foundation will help the Arab world find practical ways to overcome the challenges the region faces in the short and long-run.

Shaikha Lubna Al Qasimi, Minister of Economy, praised the formation of the Foundation.

15m jobs 'needed at the moment'

The Arab world has 18 per cent illiteracy in the under-15 age group and the 43 per cent illiteracy among females in the region, according to human development reports.

These reports estimate that unemployment in the region is 14 per cent presently and some 15 million jobs are needed right now in the Arab world. They say up to 85 million new jobs will be needed over the next 20 years.