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
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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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
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McLaren GT specs
Engine: 4-litre twin-turbo V8
Transmission: seven-speed
Power: 620bhp
Torque: 630Nm
Price: Dh875,000
On sale: now
Bahrain%20GP
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Mountain%20Boy
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
Diriyah%20project%20at%20a%20glance
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UAE currency: the story behind the money in your pockets
Spec%20sheet
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The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
COPA DEL REY
Semi-final, first leg
Barcelona 1 (Malcom 57')
Real Madrid (Vazquez 6')
Second leg, February 27
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km