 On June 3rd, 2015 Portugal's Minister of State and Foreign Affairs Rui Machete and His Highness the Aga Khan signed a landmark Agreement between the Republic of Portugal and the Ismaili Imamat for the establishment of a formal Seat of the Aga Khan in Portugal.The accord, which was approved by Portugal's Parliament and the President of the Portuguese Republic, will result in intensified cooperation between Portugal and the Aga Khan Development Network in supporting research and the knowledge society as well as improving the quality of life of Portugal's inhabitants.His Highness the Aga Khan recently acquired the Henrique Mendonça Palace, a 12-million-euro estate, to take place as the new Global Headquarters and serve as an administrative structure to coordinate the huge and renowned Aga Khan Development network.