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 1665 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
Foreo Set to Break the Beauty Stratosphere According to Experts [6411-Views]
Mother's Day Gift Guide 2020 [6063-Views]
St Valentine's Day' [4941-Views]
6 Trends That Will Dominate Beauty in 2020 According to Foreo [4917-Views]
Dina Akesbi joins Clio Beauty on the Professional Beauty GCC Mainstage on 18th Feb! [4856-Views]
Jaguar Land Rover on Tour Sheikh Hamdan's Falcons Dominate Hurr Category in Fakhr Al Ajyal... [4831-Views]
5 Ways To Bring Spring's Top Trends Into Your Wardrobe [4630-Views]
Costa Coffee Introduces 4u Healthy Food Range Across All UAE Stores in Partnership With Le... [4569-Views]
Korea's Number One Beauty Brand Innisfree All Set to Celebrate the Grand Opening at the Du... [4471-Views]
V-Motif Western [4422-Views]
HONOR Launches the Iconic Glass Designed HONOR 20 in the UAE [4380-Views]
Ortendahl Makes Team Abu Dhabi Debut in Kuwait as Al Mulla Launches Bid for Third World T... [4380-Views]
Corum Admiral's Cup Legend 47 Worldtimer' [4307-Views]
Rado True Thinline Les CouleursTM Le Corbusier' [4307-Views]
City of Gold Rewarded 200 Jewellery Shoppers With 4 Million Worth of Dubai City of Gold Co... [4270-Views]
Cisco Accelerates Applications in a Hybrid Multicloud World [4197-Views]
Made in Italy: Top Picks from the Latest Deborah Milano Make-Up Range [4050-Views]
Dubai Customs Graduates 1st Batch of “Dubai Customs Leaders” Program [3953-Views]
SPORTMAX 50th Anniversary Capsule Collection [3947-Views]
Samsung's New Galaxy S20 Now Available for Pre-Order in the UAE [3934-Views]
Italian Food Exports to the UAE Increases by 11%, Reports ITA Ahead of Italian Participati... [3916-Views]
Union Coop to Sponsor the FAZZA Championships for People of Determination 2020 [3855-Views]
AS World Group Global Roadshow Promotes Expo 2020 Dubai at 33rd African Union Summit in Ad... [3837-Views]
Aston Martin DBX Makes First Public Appearance in UAE [3831-Views]
Team Abu Dhabi Riders Grab Double Triumph On Dramatic Race Day in Kuwait [3819-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories