In line with the decision of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, declaring 2017 as the “Year of Giving”, “Freehold Mediation and Information” announced its participation in the Global Endowment Vision adopted by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, to revive the endowment as a development tool for communities. “Freehold Mediation and Information” participates in the Vision by providing the costs of integrated studies of real estate consultancy for entrepreneurs looking for solutions. This service is a new way of helping small investors, who have purchased property under development. “Freehold Mediation and Information” will bear the costs of 400 studies annually, analysing our clients’ real estate situations and providing suitable solutions through the utilisation of consultancy services and information derived from the market studies produced which have an overall net worth of more than 5 million dirhams. Entrepreneurs can communicate directly with the Foundation to benefit from this endowment service.
Accordingly, “Freehold Mediation and Information” has obtained the Dubai Endowment Sign from the Mohammed Bin Rashid Global Centre for Endowment Consultancy, one of Mohammed Bin Rashid global initiatives, in recognition of its community contribution as a role model in the private sector.
Following the directives of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, the Dubai Endowment Sign allows private institutions that obtained it to acquire a preference for procurements and contracts in the government of Dubai. The foundations that receive the Dubai Endowment Sign granted by Mohammed Bin Rashid Global Centre for Endowment Consultancy for the sustainable services they provide to the community. The innovative endowment mechanism is designed to suit the scope of the entity wishing to obtain the Dubai Endowment Sign. The concept of innovative endowment allows the creation of different types of endowments as a development tool through services, products, and others, and not limiting them to real estate assets, as in the traditional endowment.
Hamad Qasimi, Chairman of the Board of “Freehold Mediation and Information”, said, “The Year of Giving declared by His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, has encouraged private sector entities to contribute to the community. We, as a leading foundation in this field, have been looking for an innovative way to do so. Therefore, we have adopted the innovative endowment concept launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai. We offer innovative endowment service by helping troubled real estate entrepreneurs study their options. These studies are the basis of our work in the foundation. Therefore, we will donate 400 studies annually, analysing each study and providing our clients with suitable solutions derived from them. Those who wish to benefit from this endowment service can communicate with us directly.”
Commenting on this, Dr Hamad Al Hammadi, Secretary-General of the Mohammed Bin Rashid Global Centre for Endowment Consultancy, said, “With the diversity of entities in the private sector, we are designing a variety of innovative endowments that suit the nature of each entity. Hotels, for example, can introduce hotel endowment rooms. Restaurants can introduce endowment tables, with its revenues directed to community needs. Today, we are launching a new kind of innovative endowment in the real estate field. “Freehold Mediation and Information” has chosen a rare field to help a category of community groups.”
Alhammadi added: “We can say that the Year of Giving declared by His Highness Sheikh Khalifa Bin Zayed Al Nahyan, has contributed strongly to increasing the demand by private entities to serve the community. The innovative endowment paves the way for the private sector to strengthen its developmental role in community. We, in the Mohammed Bin Rashid Global Centre for Endowment Consultancy, call all private sector entities to participate in the innovative endowment. We believe that the community contribution through the innovative endowment is limitless. As government and private entities can participate in community service, whatever their size.”
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 consultations 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. It highlights community participation by providing an opportunity to government and private sector institutions to participate in community service through innovative endowments in favor of the developing the community.
MBRGCEC will oversee the largest global initiative reviving endowments, including legislation and rules, products, and services. The new centre will work on the implementation of the Dubai awqaf and endowments strategy, and achieving the global vision 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 will provide awqaf and endowment consultations 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 that aids in serving 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 impact through highlighting innovative social opportunities, monitor urgent social needs, 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. The system harnesses reliable global data sources to calculate and develop a heat-map of the most crucial needs in countries in the Arab world. The system data is updated periodically. MBRGCEC also provides consulting in this area to concerned local, regional and global institutions.
The centre has also developed a Best Practices Guide for awqaf and endowments that combines global best practices with practical examples of various international experiences in the creation and management of awqaf and endowment foundations. The guide explains formulations of strategic plans for organizations that operate in the field of awqaf and endowments customized based on the 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 necessary consultations for existing or yet-to-be-established awqaf and endowment institutions.