In a joint initiative with Mohammed Bin Rashid Global Centre for Endowment Consultancy and the Community Development Authority (CDA) in Dubai, Symphony has launched a Social Security Endowment today, which will organize sustainable marketing activities with revenues going to support needy families through CDA. Symphony’s initiative comes in coincidence with the decision of the UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan declaring 2017 as the 'Year of Giving, and the Global Endowment Vision adopted by His Highness Sheikh Mohammed Bin Rashid Al Maktoum - the Vice President, and Prime Minister of the UAE and Ruler of Dubai - for the revival of endowment as a developmental tool for communities.
Based on this initiative, Symphony will receive the Dubai Endowment Sign from the MBRGCEC, one of the key initiatives under the Mohammed bin Rashid Global Initiatives, in recognition of their contribution to the community as a model for private sector enterprises. This sign gives procurement privileges for the private sector with Government of Dubai entities as per the directives of H.H. Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai.
Ahmad Julfar CDA Director General said “Our cooperation with MBRGCEC helps CDA to attract individuals and entities to support community projects and create sustainable sources to serve the neediest segments of our local society. CDA is responsible for setting up and developing a framework for social development, and aims to achieve the goals outlined in the Dubai Strategic Plans”.
Julfar added “CDA is in charge for the supervision to achieve social sector outputs, and provide the provisions of social services to create an integrated and efficient management system for the development of social services in the emirate. This includes the preparation, execution, and supervision of comprehensive strategic plans, and proposing legislation related to social services to improve the outputs of the social development sector”.
Salama Alabbar Symphony Founder and Director said “It is our pleasure to be a part of the Social Security Endowment in cooperation with the Community Development Authority & Mohammed Bin Rashid Global Centre for Endowment Consultancy, which is relevant to our Social Services and the great value of participating in innovative endowment initiatives that directly benefit the community and the UAE”
Alabbar added “Our participation has come due to our belief in the importance of the decision adopted by His Highness Sheikh Khalifa Bin Zayed Al Nahyan, the President of the UAE, to declare 2017 as ‘The Year of Giving’, in addition to our support to the Global Endowment Vision adopted by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the Vice President, and Prime Minister of the UAE and Ruler of Dubai”.
Dr. Hamad Al Hammady, Secretary-General of the Mohammed bin Rashid Global Centre for Endowment Consultancy stressed the importance of Symphony’s participation saying that: “ We launched the first Social Security Endowment in December last year 2016 with Dubai Community Development Authority, which is aligned with the endowment global vision adopted by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai to revive endowment as a developmental tool for societies. Today we can see how many private institutions have joined the initiative, Symphony now is one of them and we do appreciate their valuable contribution”.
The Secretary General of the Centre said that the website - www.MBRgcec.ae is ready to receive inquiries from all interested individuals and organizations wishing to obtain the Dubai Endowment Sign.
The Centre will also provide the necessary consulting to public and private institutions in promoting community contribution by the Dubai Endowment Sign, which helps build a range of community services that address the most important needs of the community through the active participation of institutions.
The Dubai Endowment Sign was launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, as a key initiative of the Global Vision for Awqaf and Endowments, and highlights community participation by providing an opportunity to government and private sector institutions to take part in community service through innovative endowments in favor of the development needs of the community.
The Mohammed Bin Rashid Global Centre for Endowment Consultancy, one of the Mohammed bin Rashid Global Initiatives, will oversee the largest global initiative to revive Endowments including legislation and rules for endowments, products and services and the Endowment district. The new Centre will work on the implementation of the Dubai Awqaf and Endowments Strategy and achieve the Global Vision in this area by stimulating and empowering Awqaf and endowments to meet the pressing social needs of people. The Centre will provide services to members of local, regional and global institutions at no cost to convert Awqaf into one of the main catalysts of development in the Arab world. The Centre works to provide Awqaf and endowment consulting according to international best practices and consulting in Awqaf and endowments deployment options to enhance the social impact for the benefit of the Arab people. The Centre also works on knowledge management in the field of Awqaf and endowments through research, studies and the organization of conferences, workshops, and partnerships, as well as capacity-building and raising the efficiency of employees working in this area.
Dubai's Global Vision of Awqaf and Endowments, aims to revive Endowments and transform Dubai into a global center to stimulate and enable Awqaf and endowments to serve humanity through eight enablers including a comprehensive strategy, a clear legislative environment, effective consulting, adopting global best practices in the creation and management of Awqaf and endowments foundations, maximize the impact of Awqaf and endowments through highlighting innovative social opportunities, monitor urgent social needs that can be addressed by Awqaf and endowments, and finally by stimulating Awqaf and endowment through collective funding opportunities. These eight enablers work together in an integrated approach to achieve Dubai’s global vision in this area. These enablers address four strategic objectives, the first of which is to turn Dubai into a catalyst to serve the community through endowments and donations.
The second objective is to transform Dubai into a strategic regional hub to meet the social needs in the Arab world harnessing Awqaf and endowments. The third objective is to transform Dubai into a source of global best practices for Awqaf and endowments, while the fourth objective is to transform Dubai into a global center for research and expertise of Awqaf and endowments.
The Center utilises the Dubai Monitoring system for the social needs in the Arab world, a system created by the Center for monitoring the most prominent social needs that can be met through Awqaf and endowments in the Arab world. The system harnesses reliable global data sources to calculate and develop a heat-map of the most important needs of each country in the Arab world. The system data is updated periodically. The Mohammed Bin Rashid Global Centre for Endowment Consultancy also provides consulting in this area for the concerned local, regional and global institutions.
The Centre has also developed a Best Practices Guide for Awqaf and endowments that combine global best practices with practical examples of various international experiences in the creation and management of Awqaf and Endowment foundations. The Guide explains the best way for the formulation of strategic plans for organizations that operate in the field of Awqaf and endowments customized based on each organizations’ needs, size, and objectives. The Guide also includes options for organizational structure, the general framework for setting priorities for projects to maximize social impact, investment management, performance indicators, as well as development operations. The Centre provides the necessary consulting in this area for existing or yet-to-be-established Awqaf and endowment institutions.