Trends in corporate philanthropy in the Arab World were revealed in Dubai at a forum, in the presence of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. Queen Rania of Jordan also attended the event.
The study, From Charity to Change: Trends in Arab Philanthropy, explored strategies to capitalise on social returns from philanthropic projects, which in the UAE have reached exponential levels.
Dr Barbara Ibrahim, director of the John D Gerhart Center for Philanthropy and Civic Engagement at the American University of Cairo and co-author of the report, said: “Instead of investing profits for quick returns today in luxury markets, increasingly business leaders are thinking about ways they can invest so economic growth is sustainable for the future.”
The Mohammed bin Rashid Al Maktoum Foundation, which sponsored the report, has an endowment of $10 billion, making it the largest foundation in the Arab region. The organisation’s budget for 1997-2002 was approximately $29.97m.