ALDAR, Ma’an ink deal to address social challenges through funding
Abu Dhabi-listed developer will invest $544,514 for the social impact bond which is planned to be launched later this year
Abu Dhabi Securities Market-listed (ADX) real estate developer ALDAR has signed a strategic agreement with the Authority of Social Contribution (Ma’an) to set up social impact bond in a move aimed at addressing social challenges through social contracting.
As part of the agreement, ALDAR will invest $544,514 (AED2m), with the social impact bond planned to be launched later this year.
A memorandum of understanding (MoU) was signed between the acting executive director for social incubator and contracting at Ma’an, Dr. Saif Alshaali, and chief financial and sustainability officer of ALDAR, Greg Fewer in the presence of director general of Ma’an, HE Salama Al Ameemi, and CEO of ALDAR, Talal Al Dhiyebi.
Social impact bonds were first introduced in the UK and are a way to finance the delivery of public services. These bonds included a government commissioner, a social service provider, and a social investor, with these multi-party partnerships focusing on solving social challenges.
Abu Dhabi is the first in the GCC to introduce the social contracting funding method for social services.
Speaking about the agreement, the director general of Ma’an, HE Salama Al Ameemi, said: “Social Impact Bonds are a game-changer for how we think about the delivery of social programs, putting a relentless focus on specific and measurable outcomes for the people of Abu Dhabi.”
“It is part of our wider mission to encourage the third sector to flourish in Abu Dhabi and deliver solutions to social challenges in partnership with government, the private sector and civil society.”
Meanwhile, chief financial and sustainability officer of ALDAR, Greg Fewer, said that the social impact bond was an “example of how the public and private sectors can work together in an innovative way to create outcome driven programmes that address matters of critical importance to our society and communities at large”.