In line with His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, declaring 2017 as the ‘Year of Giving’ and the Global Vision of Endowment adopted by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, Dubai Economy has announced the launch of two endowment initiatives in co-operation with the Mohammed Bin Rashid Global Centre for Endowment Consultancy.
The first endowment is for economic knowledge and accordingly, Dubai Economy will bear the costs of an Economic Knowledge course for small enterprises annually. The second endowment is dedicated for Awareness and Dubai Economy will promote the endowment and encourage commercial institutions renewing their licenses to contribute to the community through the endowment.
Dubai Economy has been granted the Dubai Endowment Sign by the Mohammed Bin Rashid Global Centre for Endowment Consultancy for being a role model in contributing towards the community in the education and training sector in the UAE.
Sami Al Qamzi, Director General of Dubai Economy, said: "The Year of Giving declared by President His Highness Sheikh Khalifa Bin Zayed Al Nahyan represents a great opportunity for every entity to enhance its position in doing good to the community. Dubai Economy is keen to remain a supportive and essential partner in community welfare. Since we work closely with commercial institutions in Dubai we have launched two innovative endowments, which allow businesses to contribute to the community, in co-operation with the Mohammed Bin Rashid Global Centre for Endowment Consultancy. The Awareness endowment particularly allows commercial institutions to demonstrate their social responsibility. Through the second endowment for Economic Knowledge we aim to provide free training courses for small enterprises in order to help them develop."
Al Qamzi added, "We hope that these two endowments will be instrumental in enhancing the social contribution of the private sector. We also hope that Dubai and the UAE generally will be at the forefront of giving and we will strive to ensure the best outcomes from these two endowments.”
Mariam Al Afridi, Director, Government Communication Department in Dubai Economy, said, "We are following closely and with great admiration all the developments and initiatives since the launch of the Global Vision of Endowment by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, which has continued to source significant support from the public and private sectors to all segments within the UAE. We are keen to participate in the initiatives of the Mohammed Bin Rashid Global Centre for Endowment Consultancy, particularly to provide for the Economic Knowledge programme for small enterprises. It will increase awareness on the importance of economic initiatives and encourage citizens to become more active in economic development and diversification across the UAE.”
Dr. Hamad Al Hammady, Secretary-General of the Mohammed Bin Rashid Global Centre for Endowment Consultancy, stressed the importance of public-private partnerships in realising the Global Vision of Endowment through diverse initiatives in all sectors.
Al Hammady said, "We appreciate the partnership Dubai Economy has established with the Mohammed Bin Rashid Global Centre for Endowment Consultancy in launching two important, innovative and influential endowments. The Awareness endowment will help the Centre to reach the largest possible number of commercial institutions and encourage them to support sustainable community contribution. This will positively impact social responsibility, which is a key axis in the ‘Year of Giving.’ Moreover, the Economic Knowledge endowment for small enterprises, which will increase the quality and value of these projects, also contributes to their success by providing the right information and expertise. This endowment provides an important services to small enterprises for free and will contribute to enhancing their presence in the market."
Al Hammady said that the website www.MBRgcec.ae is ready to receive inquiries from all interested individuals and organisations wishing to obtain the Dubai Endowment Sign.
The Centre will also provide the necessary consultancy to public and private institutions in promoting community contribution through 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 of Endowment, and highlights community participation by providing an opportunity to government and private sector institutions to participate in community service through innovative initiatives.
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 Centre will work 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 the people. Members of local, regional and global institutions can avail of the services of the Centre, including consultancy, at no cost in their efforts to establish endowments as a catalyst for development in the Arab world. The Centre also provides knowledge management services in the field of awqaf and endowments through research, studies, conferences, workshops and partnerships, as well as capacity-building and raising the efficiency of employees working in this area.
The Global Vision of Awqaf and Endowments aims to revive endowments and transform Dubai into a global centre 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, maximising the impact of awqaf and endowments through highlighting innovative social opportunities, monitoring 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 is to transform Dubai into a global centre for research and expertise of awqaf and endowments.
The Mohammed Bin Rashid Centre for Global Endowment Consultancy utilises the Dubai Monitoring system to measure the social needs in the Arab world. The system was created by the Center for monitoring the most prominent social needs that can be met through awqaf and endowments. It 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 Centre also provides consultancy in this area for local, regional and global institutions concerned.
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 organisations that operate in the field of awqaf and endowments, customised to 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 consultancy in this area for existing or yet-to-be-established awqaf and endowment institutions.