Agreement to Advance Sustainable Finance AgendaADGM 22/12/2019
Developing the sustainable finance agenda in Abu Dhabi is at the heart of a new agreement signed today by Abu Dhabi Global Market (ADGM) and the Authority of Social Contribution - Ma’an.
The two organizations agreed to collaborate across multiple areas of work, in an effort to develop sustainable finance opportunities in the UAE – a term used to describe any form of financial service that integrates environmental, social or governance criteria into business or investment decisions for the lasting benefit of society.
H.E. Khaled Al Suwaidi, Chief Operating Officer - ADGM, and Her Excellency Salama Al Ameemi, Director General of Ma’an, marked the occasion at a signing ceremony on 15th December 2019, attended by H.E. Dr. Mugheer Khamis Al Khaili, Chairman of Department of Community Development, and H.E. Ahmed Ali Al Sayegh, UAE Minister of State and Chairman of ADGM.
The Memorandum of Understanding (MoU) commits Ma’an and ADGM to work together to support the Ma’an Social Incubator and Social Impact Bonds. The MoU solidifies cooperation in the field of sustainable finance in general and with the Abu Dhabi Sustainable Finance Forum, as well as other relevant events further outlined in the MoU.
H.E. Salama Al Ameemi, Director General of the Authority for Social Contribution – Ma’an, said: “Ma’an is committed to developing innovative and sustainable solutions that directly address social challenges. This partnership with ADGM is crucial, helping to advance our priorities of growing more community-based and socially responsible organizations in Abu Dhabi and supporting a culture of philanthropy in the Capital.”
Khalid Al Suwaidi, Chief Operating Officer - ADGM, said: “We are pleased to leverage synergies and maximise the social impact value with MA’AN. I believe this partnership will enhance the accessibility, efficiency and effectiveness of the various initiatives being developed. It will further encourage us to share knowledge and ideas to facilitate the rendering of Abu Dhabi as a regional hub catering to sustainable finance.”
The Ma’an Social Impact Bond
Ma’an launched Abu Dhabi’s first Social Impact Bond, an innovative and internationally recognized financial tool that will raise private investments to support high-impact social programmes. Social Impact Bonds operate on a pay-for-success basis, whereby payments rely on a successful social outcome – a first for government contracts. ADGM is committed to supporting initiatives, such as the Social Impact Bond, which are meant to support sustainable social and cultural development in line with the Sustainable Development Goals in the UAE.
The Ma’an Social Incubator
With ADGM increasingly becoming a thriving and highly supportive business hub for start-up entrepreneurs and innovators, the Ma’an Social Incubator is the ideal launch-pad for start-ups. Keen to build an open, efficient, effective and globally integrated business hub, and generate a sustainable living for future generations, social entrepreneurs with business ideas are encouraged to apply for incubator and accelerator funding and business development support.
Following an announcement made earlier this month regarding open registration, the Ma’an Social Incubator aims at growing new start-up community-based organisations and social enterprises in Abu Dhabi. Subsequent to the success of the inaugural cycle, which focused on developing services and products for people of determination, Ma’an is now looking for those with innovative ideas who can contribute positively towards the mental wellbeing of citizens and residents in Abu Dhabi.
Through innovative collaborations, both ADGM and Ma’an remain committed to fulfilling various government goals in order to make Abu Dhabi one of the best places to live, conduct business, invest and visit. ADGM will continue to collaborate with its strategic partners to further enhance its reputation as an award-winning, internationally-leading financial centre with a trusted regulatory framework and a sustainable business model to further raise Abu Dhabi’s position as a business hub of choice.
Ma’an was established in February 2019 by the Department of Community Development in Abu Dhabi with the aim of bringing together the government, the private sector and civil society to support a culture of social contribution and participation. The authority will deliver solutions for social challenges with four main pillars of work – a Social Investment Fund, a Social Incubator Program, Community Engagement Programs and the introduction of a new type of public contracting, Social Impact Bonds.
Ma’an will support the third sector to flourish in Abu Dhabi, enabling responsible not for profit associations or foundations and social enterprises to contribute to the development of strong, active and connected communities.
Ma’an is part of the ‘Ghadan 21’ accelerated development programme designed to spur diversity and growth in Abu Dhabi’s economy to make it one of the best places in the world to do business, invest, live, work and visit.
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