As per ‘The Year of Giving’ declared by the UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan , declaring 2017 as the 'Year of Giving', National Paints Factories announced their participation in the Global Vision for Endowments, adopted by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister of UAE and Ruler of Dubai, to revive endowments as a developmental tool for communities. The participation of National Paints Factories is represented in providing sustainable financial support to help some of the concerned institutions involved in providing services to people with disabilities.
Furthermore, the initiative of National Paints Factories comes within the concept of Innovative Endowment in coordination with Mohammed bin Rashid Global Centre for Endowment Consultancy, which allows different types of endowments as a tool for development through the services, products and other means, while not limiting that to the real estate assets, as the case is with conventional endowments.
Based on this initiative, National Paints Factories 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.
"Our participation in the initiative has arisen from our firm belief in the importance of declaring the year 2017 as the ‘Year of Giving’ by His Highness Sheikh Khalifa bin Zayed Al Nahyan. Moreover, we support the Global Vision for Endowments launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum- the Vice President, Prime Minister of the UAE and Ruler of Dubai. This vision contributes to the growth of our communities and serves as a global model to be followed, with the aim of contributing to the development of all the sectors of the state by the participation of the private sector. We hope that we can, through this innovative endowment, expand the services provided to handicapped people across the UAE," Samer Saleem Sayegh, the Managing Director/Partner at Paints Factories National, stated.
"All institutions have a great opportunity to contribute to the growth of the various sectors of community through the adoption of private visions for one aspect of the Innovative Endowment. This opportunity is a result of the ‘Year of Giving’ initiative, adopted by His Highness Sheikh Khalifa bin Zayed Al Nahyan. We believe that community contribution through the innovative endowment is unlimited; and the governmental and private institutions can participate in favor of community service, regardless of their size. Therefore, we call for all private sector institutions, through Mohammed bin Rashid Global Centre for Endowment Consultancy, to participate in the innovative endowment," Dr Hamad Al Hammadi, Secretary General of Mohammed bin Rashid Global Centre for Endowment Consultancy, emphasized.
He also added, "The participation of National Paints Factories in the Global Vision for Endowments has inspired an innovative way. Moreover, the community need, which has been selected, is deemed important and has a significant impact".
The Secretary General of the Centre said that the website - www.MBRgcec.ae is ready to receive enquiries from all interested individuals and organizations wishing to make a positive difference for our environment and support the Environmental Endowment Fund.
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.