The ruler of Dubai is launching a new foundation to consolidate a range of charitable and human development initiatives that aims to support more than $270 million in projects annually.

The ruler unveiled the eponymous Mohammed bin Rashid Al Maktoum Global Initiatives project Sunday in a ballroom at the base of the Mideast commercial hub's iconic Emirates Towers.

The project hopes to reach more than 130 million people in at least 116 countries in the coming years, though much of its work will target the Arab world. It has an annual operating budget of more than 1 billion dirhams ($272 million).

Its activities will focus on fighting poverty, spreading knowledge, community building, and entrepreneurship and innovation.