Dubai PR Network, Online Press Release from Dubai and Middle East
 
Government Sector(Government, Legal & Humanity)
Filter PR by
  
NEW PARTNERSHIP FORGED BETWEEN MA'AN AND ABU DHABI DEPARTMENT OF MUNICIPALITIES AND TRANSPORT TO DEVELOP SOCIAL IMPACT PROJECTS
 

Memorandum of Co-operation (MoC) signed between the Authority of Social Contribution – Ma’an and the Department of Municipalities and Transport to identify new social projects which could be funded under the innovative financing scheme 
 
Abu Dhabi, 16 January 2019: The Authority of Social Contribution – Ma’an and the Department of Municipalities and Transport have today announced a new Memorandum of Co-operation (MoC) that will see the two government organizations work together to progress the introduction of the Social Impact Bonds system of financing social impact projects. The MoC ceremony was attended by His Excellency Dr. Mugheer Khamis Al Khaili, Chairman of Department of Community Development – Abu Dhabi, His Excellency Falah Mohammad Al Ahbabi, Chairman of the Department of Municipalities and Transport, His Excellency  Abdulla Al Sahi, Acting Undersecretary for the Department of Municipalities and Transport and Her Excellency Salama Al Ameemi, Director General of Ma’an.

Signed during Abu Dhabi Sustainability Week, the partnership will support efforts to identify suitable social benefit projects that can be supported by a Social Impact Bond. The Authority of Social Contribution – Ma’an are developing the GCC’s first Social Impact Bond to launch in 2020.

Announced in November, Social Impact Bonds are an innovative and internationally recognized financial tool that leverages private investment to support high-impact social programs. They are also known as pay-for-success contractual agreements between public sector entities and private sector investors, who finance social service interventions up front in exchange for future pay-outs.

First introduced in the UK, Social Impact Bonds are now used by more than 40 countries worldwide and help to develop an outcome-oriented approach to social challenges, encouraging innovation and growth within the third sector.

The Memorandum of Co-operation (MoC) commits Ma’an and the Department of Municipalities and Transport to work together on a feasibility study which will develop and identify new social projects which could benefit from being funded through the Social Impact Bond mechanism. 
Such projects could fund innovative programmes in the community to improve wellbeing, social cohesion and support vulnerable groups. 

Her Excellency Salama Al Ameemi, Director General of Ma’an and His Excellency Abdulla Al Sahi, Acting Undersecretary for the Department of Municipalities and Transport, marked the occasion at a signing ceremony during Abu Dhabi Sustainability Week where global experts gathered to discuss sustainable development and social impact.

H.E Dr. Mugheer Khamis Al Khaili, Chairman of Department of Community Development – Abu Dhabi, said: “To promote a sustainable society and economy that is transparent and responsive to the needs of diverse communities across the emirate of Abu Dhabi, we must forge partnerships across government, the private sector and civil society. The expertise of the Department of Municipalities and Transport will be crucial in making the introduction of Social Impact Bonds a success.”

“The signing of the MoC with Ma’an symbolises the cooperation between local entities to better serve the society. It also supports the long-term developmental plans that are set to accomplish the sustainable development and improve the quality of life in Abu Dhabi Emirate,” said His Excellency Falah Mohammad Al Ahbabi, Chairman of the Department of Municipalities and Transport.

His Excellency added that such agreements enhance the cooperation opportunities and supports the strategic partnerships between the public and private sectors by developing social benefits projects, creating investment opportunities that support the social development plans and improving the quality of services offered to the public in Abu Dhabi.

Giving a speech to the Abu Dhabi Sustainable Finance Forum today, H.E. Salama Al Ameemi, Director General of the Authority for Social Contribution – Ma’an, said: 
“Every day at Ma’an, we are working towards fulfilling the vision of our leadership to make Abu Dhabi a place that is admired for its quality of life. Our ambition is to create collaborative communities that contribute towards the common good.

“Social Impact Bonds have the potential to be a game-changer in solving social challenges. As more and more people look to integrate environmental, social or governance criteria into business or investment decisions for the lasting benefit of society, Abu Dhabi has been one of the first to look to get ahead of this shift in focus”.

Her Excellency added: “It is exciting to see this work gather momentum. Ma’an’s collaboration with the Department of Municipalities and Transport will help to accelerate our drive to find the projects which can have the biggest social impact in Abu Dhabi and determining how – and if – they can be supported through a Social Impact Bond.” 

“We look forward to close co-operation with the Department of Municipalities and Transport over the coming year.”
-ENDS-


Posted by : Dubai PR Network Editorial Team
Viewed 1848 times
PR Category : Government, Legal & Humanity
Posted on : Thursday, January 16, 2020  5:50:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : H.H. Sheikh Hamdan honours 27th batch of Dubai Police Academ...
Next Story : Sharjah aims to entice more Northern European tourists via S...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Cutting-Edge Technology Solutions from TP-Link for Work at Home or Distance Learning [7021-Views]
Isolation Survival Guide [6917-Views]
Huawei Mobile Services To Explore The Ultimate Potential On HUAWEI P40 Series [6393-Views]
"Stay Home" Instagram Sticker Launches in the UAE [6320-Views]
Marks & Spencer Introduces Its Cosy Loungewear Collection for Men [5886-Views]
Winnie Harlow x Steve Madden Collection [5649-Views]
Parmigiani Fleurier Tondagraph Slate [5179-Views]
Airbus to Produce 3D-Printed Hospital Visors in Fight Against Covid-19 [5130-Views]
Dubai Cares Joins UNESCO's Global Education Coalition to Provide a Unified Response to the... [4929-Views]
Tonda 1950 Double Rainbow Flying Tourbillon [4776-Views]
Brighten Up With KARL LAGERFELD [4551-Views]
Top Personal Trainer Thanks Dubai Sports Council for “Be Fit, Be Safe” Campaign [4459-Views]
Innovation Platform GELLIFY Forays into the Middle East [4343-Views]
Majority of UAE Residents Know How to Contain COVID-19, Confirms Kantar Study [4313-Views]
Make the Holy Month of Ramadan More Festive This Year With Our Exclusive Corporate Collect... [4270-Views]
Automobili Lamborghini Starts Production of Surgical Masks and Medical Shields for Use in ... [4215-Views]
Dubai Chamber Launches Electronic Attestation Service and Enhances Its Range of Smart Serv... [4087-Views]
Trade Bank of Iraq Announces Capital Increase to USD 3 Billion Under New Three Year Strate... [4087-Views]
Corona Virus: A Curious Guide for Courageous Kids [4069-Views]
Ralph Lauren Corporate Foundation Announces Global COVID-19 Relief Efforts [4020-Views]
CND™ and Horst M. Rechelbacher Foundation Rally Beauty Industry with Grants Supporting COV... [3989-Views]
Ahmed bin Humaid Al Nuaimi launches new incentives for AFZ companies [3941-Views]
MBRSC Extends Deadline for UAE Astronaut Programme Registrations [3880-Views]
How To Get Your Home Ramadan-Ready With Sedar Global Interiors E-Commerce [3874-Views]
Properties Investment Announces 3 Month Rent Relief for ‘The Market' Retailers [3819-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories