DUBAI: The ruler of Dubai launched a new foundation Sunday to consolidate a range of existing charitable and human development initiatives that aims to support more than $270 million in projects annually.

The foundation is designed to act as an umbrella group for some 28 aid organisations and other initiatives that the hereditary ruler, Sheikh Mohammed bin Rashid Al Maktoum, has inaugurated over the years as Dubai blossomed into a cosmopolitan trade, tourism and logistics hub.

The project hopes to reach more than 130 million people in at least 116 countries. The foundation, known as the Mohammed bin Rashid Al Maktoum Global Initiatives, will focus on fighting poverty, spreading knowledge, community building, entrepreneurship and innovation, officials say.

It has an annual operating budget of more than $272 million. It is unclear how much of that budget represents new funding.