Ma'an, an Abu Dhabi organisation renowned for its community initiatives, allocated Dh91 million in support of 57 projects last year. The figures were revealed in its report for 2023 which was released on Wednesday.
It was estimated that more than 430,000 people benefitted from its initiatives across the fundraising, volunteering and social enterprise sectors. Formed in 2019 by the Department of Community Development in Abu Dhabi, Ma’an directs funding from the public and private sectors to address social challenges.
“The achievements outlined in the 2023 Impact Report are a testament to our collective efforts in generating genuine positive impact," said Faisal Alhmoudi, executive director of the social investment fund at the Ma’an, which is also known as the Authority of Social Contribution.
“With 100 per cent of contributions from the community deployed directly to social projects that target social priorities and improve the lives of many, together with our partners we are working towards our common goal to build a cohesive community that looks after its own.”
The new report shows a marked increase in the contributions it received from previous years. In 2021, the figure was Dh2.3 million, the latest figures show that rose to Dh16.4 million last year.
The group's platform to assist firms with their corporate social responsibility (CSR) goals received corporate donations of Dh34.2 million last year, compared to Dh1.6 million in 2021.
“By fostering partnerships with the public, private, and social sectors, the Authority of Social Contribution – Ma’an is empowering the community of the third sector, non-profits and social enterprises to address pressing social priorities in Abu Dhabi," said Salem Ali Al Shamsi, social incubation and contracting executive director with Ma’an.
"Last year represented a significant milestone in our efforts to nurture the entrepreneurial ecosystem in the capital. We have enabled a growing number of social entrepreneurs throughout the years by providing them with guidance, financial support, and mentorship, leading to a significant rise in social enterprises that are fully equipped to support members of the Abu Dhabi community.
“Moreover, we enable non-profit organisations by equipping them with the resources, incentives, and support in order to develop offerings and improve quality of service of programmes and initiatives aimed at achieving a sustainable and tangible social impact.”
In 2023, Ma'an initiated three social impact bonds (SIBs) and 11 social impact contracts worth more than Dh47 million in collaboration with a total of 21 partners from the private, public and the third sector, benefitting almost 11,000 service users. The third sector is the name given to organisations or groups whose main purpose is social development rather than profit.
The Ma’an Social Incubator (MSI) launched eight groups focusing on social challenges including the disabled, mental wellbeing, financial literacy, family cohesion, and the environment. The incubator supports the next wave of social entrepreneurs by offering funding, networking, and mentorship.
“The achievements of 2023 demonstrate our ability to unite both community efforts and corporate resources to deliver sustainable solutions," said Maysa Al Nowais, executive director of community engagement and volunteering sector with Ma'an. "Together, we are building a stronger, more resilient Abu Dhabi – one where every contribution plays a pivotal role in shaping a brighter, more inclusive future."
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1,228 - games at the helm, ahead of Sunday's Premier League fixture against West Ham United.
704 - wins to date as Arsenal manager.
3 - Premier League title wins, the last during an unbeaten Invincibles campaign of 2003/04.
1,549 - goals scored in Premier League matches by Wenger's teams.
10 - major trophies won.
473 - Premier League victories.
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151 - Premier League losses.
21 - full seasons in charge.
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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2nd row
Valtteri Bottas (Mercedes-GP)
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Nico Hulkenberg (Renault)
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6th row
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Fernando Alonso (McLaren)
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