Key Takeaways
- • Sheikh Mohammed bin Rashid reviewed plans for the Arab Reading Challenge Endowment, a AED500 million residential, office, retail and community development in Al Barsha South 3, Dubai, funded by Sobha Realty under an agreement with MBRGI.
- • Dubai Municipality Director General Marwan bin Ghalita said the project spans 750,000 square feet, targets a Silver rating under Al Sa'fat, and is expected to deliver an 11% return on investment from its second year.
- • Construction is scheduled to start in Q1 2027 with completion within 36 months; all project proceeds will fund the Arab Reading Challenge's knowledge, cultural and Arabic-language programmes.
- • Sobha Realty chairman Ravi Menon briefed the ruler on the design, layout and long-term revenue potential of the project.
- • The 10th Arab Reading Challenge drew 40,286,428 students from 60 countries, and total prize money since 2015 has reached AED110 million.
Summary
Sheikh Mohammed bin Rashid Al Maktoum reviewed plans for the Arab Reading Challenge Endowment, a AED500 million real estate project funded by Sobha Realty, during the closing ceremony of the 10th Arab Reading Challenge at the Dubai World Trade Centre. Sobha Realty Chairman Ravi Menon briefed the ruler on the project's architectural design, functional layout, integration with Dubai's urban identity and long-term potential to generate sustainable revenues.
The development is located in Al Barsha South 3 in Dubai and spans 750,000 square feet. According to Dubai Municipality Director General Marwan bin Ghalita, who oversees the project, it comprises two main towers, service and recreational facilities, and retail outlets, and is designed to maintain stable occupancy and generate revenue for the endowment. It is designed to qualify for a Silver rating under Dubai's Al Sa'fat green building rating system. Bin Ghalita said the project is expected to deliver a return on investment of 11% starting in its second year. Construction is scheduled to begin in the first quarter of 2027, with completion expected within 36 months.
All proceeds from the endowment will be directed to the Arab Reading Challenge's strategic plans, including knowledge and cultural programmes, preservation of the Arabic language and support for young Arabs pursuing knowledge and modern sciences. Mohammad Al Gergawi, Secretary General of the Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI), said the endowment represents a significant contribution to the initiative's educational and cultural objectives and will allow it to expand its global reach and introduce new programmes. Sobha Realty pledged the AED500 million in October 2025 under an agreement signed with MBRGI.
The 10th edition attracted 40,286,428 students from 60 countries, representing 48% of school students across the Arab world, along with 138,426 schools and 161,507 supervisors. Participation grew 1,019% from the 3.6 million students in the 2015 inaugural edition. Total prize money since launch, including the current edition, has reached AED110 million, with AED11 million allocated annually to winners. The Champion title carries AED500,000, and the Best School title AED1 million.
The development is located in Al Barsha South 3 in Dubai and spans 750,000 square feet. According to Dubai Municipality Director General Marwan bin Ghalita, who oversees the project, it comprises two main towers, service and recreational facilities, and retail outlets, and is designed to maintain stable occupancy and generate revenue for the endowment. It is designed to qualify for a Silver rating under Dubai's Al Sa'fat green building rating system. Bin Ghalita said the project is expected to deliver a return on investment of 11% starting in its second year. Construction is scheduled to begin in the first quarter of 2027, with completion expected within 36 months.
All proceeds from the endowment will be directed to the Arab Reading Challenge's strategic plans, including knowledge and cultural programmes, preservation of the Arabic language and support for young Arabs pursuing knowledge and modern sciences. Mohammad Al Gergawi, Secretary General of the Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI), said the endowment represents a significant contribution to the initiative's educational and cultural objectives and will allow it to expand its global reach and introduce new programmes. Sobha Realty pledged the AED500 million in October 2025 under an agreement signed with MBRGI.
The 10th edition attracted 40,286,428 students from 60 countries, representing 48% of school students across the Arab world, along with 138,426 schools and 161,507 supervisors. Participation grew 1,019% from the 3.6 million students in the 2015 inaugural edition. Total prize money since launch, including the current edition, has reached AED110 million, with AED11 million allocated annually to winners. The Champion title carries AED500,000, and the Best School title AED1 million.
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