Under the theme, ‘Building A Culture of Giving: How to Encourage Individual and Institutional Philanthropy’, Emirates Foundation, an independent philanthropic organization setup by the Government of Abu Dhabi to facilitate public-private funded initiatives that support youth development, convened its third Business Club ‘Social Investment Forum’, its quarterly business forum, at the in Dubai.
The event united global, regional and local experts on philanthropy and social investment to talk about how giving can be encouraged both at the level of the institution and the individual.
With a powerful address from the Chairman, Emirates Foundation, His Highness Sheikh Abdullah Bin Zayed Al Nahyan, UAE Minister of Foreign Affairs, the Forum urged businesses to think more strategically about their giving and ensure real impact.
His Highness noted that in his opening speech of the forum, “Emirates Foundation’s remit is focused on youth development, with the aim impacting the lives of young people permanently and positively. Our original vision was also about encouraging a culture of giving, this could be achieved by offering a platform for individuals and institutions to actively ‘give back’ to society. Since the Foundation was established in 2005, this has always been its purpose, providing a transparent, efficient and impactful platform for giving.”
He also added, “Emirates Foundation has built strong expertise about what works and what doesn’t and we want to continue to encourage giving in multiple ways, not just among the private sector but also within the community and among young people. After all, this practice is part of our religion, it is part of the essence of our culture and it is the core of our great Father Sheikh Zayed’s fundamental leadership philosophy. Today’s event is an opportunity to share experiences of giving and an opportunity to learn from world class expertise.”
“Companies increasingly become keener to invest in their communities and they understand the reputational and operational value of doing so, so with this growth, it is important to ensure that funds are invested wisely and that these funds deliver measured outcomes and not just a ‘feel good’ factor. Building a prosperous socio-economic development path for this country is about collaboration between all sectors, and Emirates Foundation believes in the power of partnership,” he remarked.
Discussions also covered broader issue of socio-economic development. H.E. Mohammed Hassan Omran Al Shamsi, a Board Member of the Foundation and Chairman of the Higher Colleges of Technology spoke of the importance of bilateral giving and the UAE’s pioneering role therein.
“As a country, we have a strong and commendable history in this respect. Islamic societies have long understood the need to support less fortunate members of the community. This culture is well documented,” he said. adding, “In the UAE, we also have a strong track record in terms of national giving. Only four developed countries in the world have met the UN target of giving 0.7% of their Gross National Income in aid. The UAE, however, has achieved this goal despite its ’emerging market’ status and continues to advocate for bilateral aid.”
Panel speakers comprised Kyle Peterson, Managing Director of FSG, founded by Michael Porter and Mark Kramers, authors of the Corporate Shared Value concept; Khuloud Al Nuwais, Chief Sustainability Officer at Emirates Foundation responsible for research and advocacy and Mr. Hassan Al Damaluji, Head of Middle East Relations at the Gates Foundation. The debate was moderated by Mrs Clare Woodcraft, CEO of Emirates Foundation.
Speaking at the Forum, Mrs. Woodcraft noted that while CSR is becoming increasingly prevalent in the region, there is still a real need to ensure that giving – at all levels – is as impactful as possible. She noted that philanthropic capital globally can be measured in trillions of dollars. “This means there is a real need to ensure that it is invested wisely and delivers social returns.
This is the main reason we are here today – to encourage not only greater giving but also more impactful giving. Emirates Foundation has adopted the model of venture philanthropy precisely for that reason. We believe that taking a business based approach to giving – with clear accountability and measureable outcomes – is essential to ensuring that CSR, philanthropy and social investment are truly effective.
Mrs. Khuloud Al Nuwais, Chief Sustainability Officer, Emirates Foundation for Youth Development, commented on the trends in the UAE, “Over the years we have seen significant growth both in corporate giving and institutional giving but we believe that there still needs to be more focus on the effectiveness of giving. We at Emirates Foundation are keen to encourage a culture of giving that sees all participants benefits and that can create real measurable social value.”
Kyle Peterson encouraged regional corporate to become more strategic with their giving and to look at CSR as part of an integrated ‘built in’ strategy rather than a ‘bolt on’ initiative. He talked about how ‘Creating Shared Value’ is a result of CSR evolving into a means of creating greater social impact while also benefitting business.
“CSV is the premise that the competitiveness of a company and the health of the communities around it are mutually dependent,” noted Peterson. “We need to recognize and capitalize on these connections between societal and economic progress to unleash the global growth and to redefine capitalism,” he added.
Emirates Foundation continues to forge strategic alliances nationally, regional land globally with other philanthropic entities interested in promoting more impactful giving. The Foundation works closely with entities such as the Abu Dhabi Sustainability Group, is a Board member of the Arab Foundation Forum and a member of the European Venture Philanthropy Association.
The Emirates Foundation Business Breakfast for Social investment is a quarterly event that unites representatives from various organizations, to discuss ways and means for supporting the young generation in the UAE. Each event focuses on a different issue related to the challenges facing the youth, with engaging discussion sessions that are aimed at addressing arising topics of relevance to the youth and means of involving the private sector and experts in finding solution for them.
