The Global Vision for Endowments aims to revive the practice of endowment through innovative applications that are far removed from the traditional perception of awqaf
Leo Production company announced the launch of a start-ups endowment by endowing a set of brand identities packages to be designed on an annual basis for start-up enterprises. The initiative was launched subsequent to the interaction between Leo Production and the Global Vision for Awqaf, which was launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to revive the practice of endowment through innovative applications.
The concept of applying endowment principles to start up support comes from Leo Production in coordination with the Mohammed Bin Rashid Global Center for Endowment Consultancy (MBRGCEC) to strengthen the utilization of endowment through innovative applications into projects that are not necessarily confined to traditional frameworks.
Based on this initiative, Leo Production 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.
Entrepreneurs can communicate directly with Leo production company to take advantage of this Waqf to design their corporate identities for their new businesses.
Saeed Al-Nazari, Founder, Leo Productions: "Everyone is a partner in the development of enterprise, especially in the early growth stage. This endowment provides sustainable and ongoing support to new businesses to allow them to grow and move to the next stage. This Waqf reduces those costs by a large extent. Corporate Identities are one of the basic starting points for any business, we at LEO Productions will provide that for free according to the best standards in the world for budding entrepreneurs. The development of start-ups are for the benefit of the whole society and are the pre-cursor to job creation and contribution to the GDP. This endowment initiative for start-ups is an important contribution to the Global vision for Endowment, and the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, which has helped all private institutions find innovative approaches to support community development."
Al-Nazari added: "The development of societies needs a new development tool, such as the innovative Waqf launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai. This is the perfect tool for community contribution, and we are delighted to receive the Dubai Endowment Sign, because it highlights our efforts in community development and our intention to support start-ups."
Dr. Hamad Al Hammady, Secretary-General of the Mohammed bin Rashid Global Centre for Endowment Consultancy said: " The innovative Awqaf, which moves away from the conventional application of Awqaf restores this important developmental tool to contribute to substantive community development. The innovative Awqaf adopted by Mohammed bin Rashid Global Centre for Endowment consultancy serves to provide unlimited opportunities for government and private sector institutions and works to advance the narrow definition of Awqaf and its perception, hence the importance of the contribution of the public and private sectors community, which can devise initiatives that support the development of communities and meet various social needs. We believe that community contribution through the endowment innovative limitless and can government and private institutions participating in the service of the community regardless of their size. Leo Production has become a partner in the community to contribute through the Startup Awqaf, and the Endowment sign launched by His Highness and obtained by Leo Production will highlight its important role in the community. "
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 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, 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 achieving 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 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.
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 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.