What To Know
- The new institute will be funded by the adjustments from the stock markets and other equities, sources close to Elon Musk, the wealthiest individual in the world said that he aims at starting a science institute in Dubai that will cost $1 billion according to his father, Errol Musk.
- Errol Musk led a delegation to UAE lately to discuss with the country’s top government officials about the innovation project as well as in search for a suitable site for the establishment of the institute.
- “This institute will be on the level of the Nobel Prize,” Errol Musk hinted at the idea of the “Musk Prize” to balance the rewards for science.
The new institute will be funded by the adjustments from the stock markets and other equities, sources close to Elon Musk, the wealthiest individual in the world said that he aims at starting a science institute in Dubai that will cost $1 billion according to his father, Errol Musk. The pioneering project, The Musk Institute, which would consist of these two divisions: research-Gravity and Nuclear Fusion, would help create relevant chances while curbing the draining problem which the world is badly suffering from: brain drain.
Errol Musk led a delegation to UAE lately to discuss with the country’s top government officials about the innovation project as well as in search for a suitable site for the establishment of the institute. This he told Arabian Business that due to its middle location and being a global city, the academy would do well in Dubai. “Dubai is a model city, but the ‘brain drain’ is an astronomical figure – it’s a big problem,” Errol Musk said.
The Musk Institute has been a dream in the Musk family for many years. Errol admitted that the concept being discussed has been around since Elon Musk founded SpaceX in 2001. As already supported by the billionaire Elon Musk and planned to start construction in 2025. “I remember Elon said, ‘we must do it now or somebody else will do it,’” Errol Musk reiterated the importance of this step toward initiating the project.
The institute will accommodate three-story building containing students’ and researcher’s facilities plus a couple of outstanding curiosities – a burger vending machine, emblematic of the Musks’ spirit. However, in addition to infrastructure, The Musk Institute intends to be a centre of research excellence. “This institute will be on the level of the Nobel Prize,” Errol Musk hinted at the idea of the “Musk Prize” to balance the rewards for science.
Fully supported by Musk who has an estimated worth of more than $, 460 billion, the project captures Musk’s passion for the development of science and technology. The construction is, however, anticipated to begin in 2025,
