Privilege granted to corporations adopting innovative endowment in government procurement and contracts
His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Makroum, Crown Prince of Dubai, has directed Dubai government departments to adopt the “Dubai Endowment Sign” launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai in the procurement criteria. Accordingly, Procurement sections in Government departments will apply this criterion with the other technical and financial criteria in the selection process of private sector corporation providing any type of services to the Government departments.
His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Makroum, Crown Prince of Dubai said: “The Dubai Endowment Sign launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai highlights the role of the private sector in developing the society through innovative endowment as a developmental tool. Innovative endowment has achieved impactful results in a short time since it has been launched, and it opens wide opportunities for the private sector to be part in the society development.”
His Highness added: “The private sector is a key partner and it has an important role in developing the society. The Government sector has to encourage the private sector in playing this role. We have directed the Dubai Government departments to consider the innovative endowment through the Dubai endowment sign in the selection process in procurement”
His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai has recently praised the outcomes of the Mohammed Bin Rashid Global Centre for Endowment Consultancy in its first month through the innovative endowment which raised annual revenues of Dhs 503 million, equivalent to Dhs 6.2 billion of assets in traditional endowment. His Highness has directed the centre to continue receiving applications from businessmen and enterprises regardless of their size to adopt innovative endowment. The revenues of the innovative endowment will be used in education, health, society campaigns, innovation, future research, medical research, youth projects and many other fields.
Dr. Hamad Al Hammady, Secretary General of the Mohammed Bin Rashid Global Centre for Endowment Consultancy said: “The directives of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Makroum, Crown Prince of Dubai supports the social responsibility of the private sector through sustainable tool such as the innovative endowment. Procurement in Government departments represents an important incentive for the private sector. We at the Mohammed Bin Rashid Global Centre for Endowment Consultancy will support Government departments to apply His Highness directives by providing the required data in our website highlighting the private entities granted the Dubai endowment sign. Moreover, we will continue receiving applications from the private sector to get the sign and launch projects to develop the society through innovative endowment in order to obtain this special privilege directed by His Highness.”
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 Endowments, and 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 development needs of the community.
The Mohammed Bin Rashid Global Centre for Endowment Consultancy, one of the Mohammed bin Rashid Global Initiatives, oversees the largest global initiative to revive Endowments including legislation and rules for endowments, products and services and the Endowment district. The Centre works on the implementation of the Dubai Awqaf and Endowments Strategy and achieving the Global Vision in this area by stimulating and empowering awqaf and endowments to meet the pressing social needs of people. The Centre provides 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 wqaf 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.
The Global Vision for 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 combines 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.