Badr Jafar, an Emirati businessman and social entrepreneur, says the initiative has the potential to create a 'golden age of philanthropy' in the region. The National
Badr Jafar, an Emirati businessman and social entrepreneur, says the initiative has the potential to create a 'golden age of philanthropy' in the region. The National
Badr Jafar, an Emirati businessman and social entrepreneur, says the initiative has the potential to create a 'golden age of philanthropy' in the region. The National
Badr Jafar, an Emirati businessman and social entrepreneur, says the initiative has the potential to create a 'golden age of philanthropy' in the region. The National

UAE

NYUAD initiative to boost 'impactful philanthropy' across Middle East

Partnership with Emirati entrepreneur Badr Jafar could create “golden age” of giving

Gillian Duncan
Gillian Duncan

September 27, 2021

  • English
  • Arabic

A programme to study and promote philanthropy in the UAE and the region has been started in Abu Dhabi.

The Strategic Philanthropy Initiative is being run by New York University Abu Dhabi (NYUAD) in partnership with Emirati businessman and social entrepreneur Badr Jafar.

Mr Jafar said the initiative had the potential to create a “golden age of philanthropy” in the region.

In strategic philanthropy, instead of seeing the outcome as quantum of money, you see the outcome as impact generated
Badr Jafar,
an Emirati businessman and social entrepreneur

“This is particularly true in the Mena region, where 60 per cent of the population is under the age of 25,” he said.

“Equipping our youth with the tools, resources, and infrastructure needed to boost impact using their time, talent and treasure is a massive and timely opportunity, and this collaboration with NYUAD is well-positioned to champion this cause and make a real difference.”

A 2016 Wealth-X and Arton Capital report gives insights on the philanthropic trends of ultra high-net-worth people and it shows that they will pass on $3.9 trillion to the next generation over the next decade.

Mr Jafar said strategic philanthropy describes any form of “impact-driven giving” that is evidence based, planned and followed through to achieve the intended result.

“Rather than seeing the outcome as quantum of money, you see the outcome as impact generated. That’s a fundamental shift in thinking,” Mr Jafar said.

The initiative will focus on three areas: research to understand the past, present and possible future of philanthropy in the UAE and region; education for existing and aspiring philanthropists; and bringing people together to share ideas about the practice.

It will also run a student competition, as well as a prize in philanthropy to reward and inspire others to make donations that have an impact.

Somewhere between $400bn to $1tn is distributed throughout the Muslim world each year as a result of zakat and sadaqah donations, Mr Jafar said.

“That’s one figure, but another more depressing figure, on the other hand, is the fact that one in four Muslims lives below the poverty line,” he said.

“So one can’t help feel there is perhaps a better way to ensure this huge amount of philanthropic capital really meets the objectives that it is intended for, and maximise its impact.”

NYUAD Vice Chancellor Mariet Westermann said it was exciting to see economists and political scientists, social thinkers, next generational philanthropists, policymakers and NYUAD students join forces to make their communities better through strategic philanthropy.

“This partnership will advance the study, reach, and effectiveness of strategic philanthropy in the UAE, the wider region and the world, and drive collective action for change on the most pressing social and environmental issues,” she said.

NYUAD through the years - in pictures

  • The New York University Abu Dhabi campus during construction on Saadiyat Island. The university is celebrating its 10th anniversary this year. Silvia Razgova / The National
    The New York University Abu Dhabi campus during construction on Saadiyat Island. The university is celebrating its 10th anniversary this year. Silvia Razgova / The National
  • Students attend NYU Abu Dhabi's summer academy in July, 2011. Andrew Henderson / The National
    Students attend NYU Abu Dhabi's summer academy in July, 2011. Andrew Henderson / The National
  • The NYU Abu Dhabi campus under construction in July, 2009. Sammy Dallal / The National
    The NYU Abu Dhabi campus under construction in July, 2009. Sammy Dallal / The National
  • Work continues on the campus in September, 2009. Andrew Henderson / The National
    Work continues on the campus in September, 2009. Andrew Henderson / The National
  • Accessories and apparel during NYU Abu Dhabi's opening week in September, 2010. Lee Hoagland/ The National
    Accessories and apparel during NYU Abu Dhabi's opening week in September, 2010. Lee Hoagland/ The National
  • An abstract map of Abu Dhabi and New York on a wall at the campus. Lee Hoagland / The National
    An abstract map of Abu Dhabi and New York on a wall at the campus. Lee Hoagland / The National
  • New York University Abu Dhabi's campus on Saadiyat Island. Photo: NYUAD
    New York University Abu Dhabi's campus on Saadiyat Island. Photo: NYUAD
  • The university used temporary premises, next to the Abu Dhabi Heritage foundation, until the campus on Saadiyat island was completed. Lee Hoagland / The National
    The university used temporary premises, next to the Abu Dhabi Heritage foundation, until the campus on Saadiyat island was completed. Lee Hoagland / The National
  • The first day of classes at the new campus on Saadiyat Island, in September 2014. Lee Hoagland/The National
    The first day of classes at the new campus on Saadiyat Island, in September 2014. Lee Hoagland/The National
  • NYU Abu Dhabi is a collaboration between New York University and the Abu Dhabi government. Photo: NYU Abu Dhabi
    NYU Abu Dhabi is a collaboration between New York University and the Abu Dhabi government. Photo: NYU Abu Dhabi
  • The Saadiyat Island campus in October 2014. Photo: Tamkeen
    The Saadiyat Island campus in October 2014. Photo: Tamkeen
  • Yumi Gambrill in a laboratory at the university. She discovered that a UAE plant, Cleome rupicola, contains a substance that can be used against cataracts. Photo: NYU Abu Dhabi
    Yumi Gambrill in a laboratory at the university. She discovered that a UAE plant, Cleome rupicola, contains a substance that can be used against cataracts. Photo: NYU Abu Dhabi
  • Dr Ali Trabolsi, an associate professor of chemistry at NYU Abu Dhabi, led research that could help to improve cancer treatments. Chris Whiteoak / The National
    Dr Ali Trabolsi, an associate professor of chemistry at NYU Abu Dhabi, led research that could help to improve cancer treatments. Chris Whiteoak / The National
  • The High Line at the campus, named after a park in New York City. Photo: NYU Abu Dhabi
    The High Line at the campus, named after a park in New York City. Photo: NYU Abu Dhabi
  • Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, during a visit to the university. Hamad Al Kaabi / Crown Prince Court - Abu Dhabi
    Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, during a visit to the university. Hamad Al Kaabi / Crown Prince Court - Abu Dhabi
  • Graduands receive their degree certificates during the university's ceremony in 2016. Christopher Pike / The National
    Graduands receive their degree certificates during the university's ceremony in 2016. Christopher Pike / The National
  • Award-winning Ali Al Mansoori, 16, will develop her research methods under the eye of NYU Abu Dhabi scientist, Mohamed Al Sayegh. NYU Abu Dhabi
    Award-winning Ali Al Mansoori, 16, will develop her research methods under the eye of NYU Abu Dhabi scientist, Mohamed Al Sayegh. NYU Abu Dhabi
  • Shamma Al Mazrui, Minister of State for Youth, and Vice Chancellor Alfred Bloom announce the distinguished alumni award winner during a graduation ceremony. Christopher Pike / The National
    Shamma Al Mazrui, Minister of State for Youth, and Vice Chancellor Alfred Bloom announce the distinguished alumni award winner during a graduation ceremony. Christopher Pike / The National
  • From left: Mohammad Mirza, Sangeetha Mahadevan, Hayat Hassan and Rodger Iradukunda in the university’s library on the first day of term. Lee Hoagland / The National
    From left: Mohammad Mirza, Sangeetha Mahadevan, Hayat Hassan and Rodger Iradukunda in the university’s library on the first day of term. Lee Hoagland / The National
  • The main library is designed with three oculi, which seep natural light throughout the premises and down through an elevated glass platform to the swimming pool and gym below. Lee Hoagland / The National
    The main library is designed with three oculi, which seep natural light throughout the premises and down through an elevated glass platform to the swimming pool and gym below. Lee Hoagland / The National
  • Graduands at the university's graduation ceremony in 2019. Leslie Pableo for The National
    Graduands at the university's graduation ceremony in 2019. Leslie Pableo for The National
  • A graduation ceremony at NYUAD. Leslie Pableo for The National
    A graduation ceremony at NYUAD. Leslie Pableo for The National
  • Dr Wael Rabeh, an associate professor of chemistry at the university. Photo: NYU Abu Dhabi
    Dr Wael Rabeh, an associate professor of chemistry at the university. Photo: NYU Abu Dhabi
  • Mohammad Qasaimeh, assistant professor of mechanical and biomedical engineering at NYUAD, demonstrates how the 3D-printed mechanical door opening mechanism works. Photo: Deepthi Unnikrishnan
    Mohammad Qasaimeh, assistant professor of mechanical and biomedical engineering at NYUAD, demonstrates how the 3D-printed mechanical door opening mechanism works. Photo: Deepthi Unnikrishnan
  • Social distancing signs on campus as part of Covid-19 safety measures. Courtesy: NYU Abu Dhabi
    Social distancing signs on campus as part of Covid-19 safety measures. Courtesy: NYU Abu Dhabi
Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.

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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.”

David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

Updated: September 28, 2021, 4:15 AM