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 is the first in the GCC to introduce the social contracting funding method for social services.
Supplied
Abu Dhabi is the first in the GCC to introduce the social contracting funding method for social services.

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”.

Most popular

Awards

Deadline approaches for CW Oman Awards 2020 in Muscat
You have until 20 January to submit your nominations for the ninth edition of the

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 765
Jun 29, 2020