Pearl Initiative seeks to institutionalize philanthropy

The Pearl Initiative, a business-led non-profit organization, recently hosted a roundtable with experts from the UAE’s business and philanthropic community. (Photo/Supplied)
Updated 23 October 2019

Pearl Initiative seeks to institutionalize philanthropy

The Pearl Initiative, a business-led nonprofit organization promoting a culture of corporate transparency and accountability for the Gulf region’s private sector, recently hosted a roundtable with experts from the UAE’s business and philanthropic community. The aim was to raise awareness on the various legal structures and mechanisms available to support the institutionalization of philanthropy within the UAE. 

With family businesses in the Gulf region becoming major forces in regional philanthropy, supporting a wide range of causes, business heads learned how to increase the impact of giving in their communities by modernizing traditional philanthropic approaches. 

The panel discussion revealed that the most successful global family charities use impact philanthropy, which has three aspects: Institutionalizing philanthropic activities, adopting proactive alternatives to grant making and measuring impact. The discussions helped business leaders and directors managing philanthropic capital navigate the legislative and regulatory framework guiding charitable activities across the UAE. The panel comprised presentations from David Russell QC, barrister at law, Outer Temple Chambers; Khadija Ali, chief representative, Business Development Segment, Dubai International Financial Center (DIFC) Authority; and Taufiq Rahim, executive director, Globesight. 

Yasmine Omari, executive director of the Pearl Initiative, said: “By institutionalizing 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 in philanthropy.”

The DIFC Foundations Law 2018 (DIFC Law No 3 of 2018) came into effect in March 2018. It allows family businesses to set up a foundation in DIFC as a separate legal entity, so that they may enjoy greater flexibility and control, all within a robust governance structure that facilitates philanthropy.


STC offers free 5G service for two months

Nasser Al-Nasser CEO of STC
Updated 12 November 2019

STC offers free 5G service for two months

Saudi Telecom Company (STC) is offering its 5G services free of cost for a period of two months starting from the subscription date. This service will enable customers to benefit from high speeds based on STC’s strong network in the Kingdom.
STC CEO Nasser Al-Nasser confirmed the group’s commitment to continue leading in the 5G era, highlighting its leadership as the first operator in the Kingdom and the Middle East to launch the live network for 5G in May 2018.
The telecom giant had deployed its 5G network at 196 sites in Makkah, Madinah and other holy places, such as Mina, Arafat and Muzdalifah during Hajj this year.
“The launch of the 5G package reflects STC’s commitment to its pivotal role as a key enabler of digital transformation and the development of the telecommunications and information technology sector in the Kingdom,” Al-Nasser added.