The Pearl Initiative, a business-led non-profit organisation implemented to promote transparency within the Gulf Region’s private sector, hosted a panel of experts from the UAE’s business and philanthropic community to raise awareness on the legal structures available to support philanthropic institutionalism within the UAE.
The Initiative taught business heads how to increase the impact of giving in their communities by navigating the legislative and regulatory framework guiding charitable activities across the UAE. Revealed to be most successful is when global family charities focus on impact philanthropy, which institutionalises philanthropic activities, adopts alternatives to grant making and measures impact.
Executive Director of the Pearl Initiative, Yasmine Omari, said: ‘By institutionalising philanthropic activities, companies can devise clear and coherent strategies to identify focus areas that are consistent with family values and corporate strategy. Family foundations are a great way for family businesses to be philanthropic, and while the funds and activities of private foundations serve the public, these charitable vehicles do offer significant benefits for donors as well, enabling them to leave a personal and family legacy while also engaging family, particularly the next-gen philanthropy.’
The DIFC Foundations Law 2018 (DIFC Law No 3 of 2018) allows family businesses to set up a Foundation in DIFC as a separate legal entity, allowing greater control within a governance structure that facilitates philanthropy.
‘The philanthropic sector in the UAE is at a pivotal point, and with the right policy and legal environment, there is an opportunity for transformative impact. We need to continue to have more discussions like today, bringing together diverse stakeholders, to show where we can build momentum towards institutionalising giving in the country,’ said Executive Director of Globsight, Taufiq Rahim.