Dubai – Masaader News
CYLKA Social Responsibility and Public Relations announced the launch of the Advisory Services Endowment in support of entrepreneurship, through the provision of a series of communication consultations in the form of an Endowment to the Kuwaiti Business Council In Dubai & Northern Emirates under the auspices of Dubai Chamber of Commerce and Industry.
The launch of this innovative Endowment comes in line with the decision of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, declaring 2018 as the “Year of Zayed”, and endowment law launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, to revive the Endowment as a development tool for communities.
Accordingly, CYLKA (www.cylka.ae) has received the Dubai Endowment Sign from the Mohammed Bin Rashid Global Centre for Endowment Consultancy, as one of Mohammed Bin Rashid global initiatives, in recognition of its community contribution as a role model in the private sector. This sustainable community service comes in line with the concept of Innovative Endowment in coordination with the Mohammed Bin Rashid Global Centre for Endowment Consultancy. The concept of Innovative Endowment allows the creation of different types of endowments as a developmental tool through services, products and others, and not limiting them to real estate assets, as in the traditional endowment.
Saad Al Rubaiaan, Managing Partner at CYLKA, said, “As a boutique consultancy, we at CYLKA take pride in specializing in PR & CSR consultation as core service offerings for both the government and private sectors by designing innovative programs that are also sustainable in their approach.” He added: “CYLKA has become the first Kuwaiti enterprise that has allocated project management, PR and media services to the Kuwaiti Business Council as an endowment. We hope that CYLKA will also inspire the 1,700 Kuwaiti businesses operating in Dubai to serve innovative and sustainable goals.”
Dr Hamad Al Hammadi, Secretary-General of the Mohammed Bin Rashid Global Centre for Endowment Consultancy, said, “There are many media platforms and community initiatives that need to develop clear strategies to reach their target audience and achieve their goals. Therefore, the idea of launching an Innovative Endowment in this area has emerged. CYLKA has adopted this endowment by providing the required services in the form of an endowment to the Kuwaiti Business Council in Dubai and Northern Emirates. This model demonstrates the flexibility of the Innovative Endowment compared to the traditional endowment. In the Innovative Endowment, any surplus resources from the need of entities can be used for the benefit of others in the form of an endowment.”
The Secretary General of the Centre said that the website – www.MBRgcec.ae is ready to receive inquiries from all interested individuals and organizations wishing to obtain the Dubai Endowment Sign.
The Centre will also provide the necessary consulting to public and private institutions in promoting community contribution by the Dubai Endowment Sign, which helps build a range of community services that address the most important needs of the community through the active participation of institutions.
The Dubai Endowment Sign was launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, as a key initiative of the Global Vision for Awqaf and Endowments, and highlights community participation by providing an opportunity to government and private sector institutions to take part in community service through innovative endowments in favor of the development needs of the community.
The Mohammed Bin Rashid Global Centre for Endowment Consultancy, one of the Mohammed bin Rashid Global Initiatives, will oversee the largest global initiative to revive Endowments including legislation and rules for endowments, products and services and the Endowment district. The new Centre will work on the implementation of the Dubai Awqaf and Endowments Strategy and achieve the Global Vision in this area by stimulating and empowering Awqaf and endowments to meet the pressing social needs of people. The Centre will provide services to members of local, regional and global institutions at no cost to convert Awqaf into one of the main catalysts of development in the Arab world. The Centre works to provide Awqaf and endowment consulting according to international best practices and consulting in Awqaf and endowments deployment options to enhance the social impact for the benefit of the Arab people. The Centre also works on knowledge management in the field of Awqaf and endowments through research, studies and the organization of conferences, workshops, and partnerships, as well as capacity-building and raising the efficiency of employees working in this area.
Dubai’s Global Vision of Awqaf and Endowments, aims to revive Endowments and transform Dubai into a global center to stimulate and enable Awqaf and endowments to serve humanity through eight enablers including a comprehensive strategy, a clear legislative environment, effective consulting, adopting global best practices in the creation and management of Awqaf and endowments foundations, maximize the impact of Awqaf and endowments through highlighting innovative social opportunities, monitor urgent social needs that can be addressed by Awqaf and endowments, and finally by stimulating Awqaf and endowment through collective funding opportunities. These eight enablers work together in an integrated approach to achieve Dubai’s global vision in this area. These enablers address four strategic objectives, the first of which is to turn Dubai into a catalyst to serve the community through endowments and donations.
The second objective is to transform Dubai into a strategic regional hub to meet the social needs in the Arab world harnessing Awqaf and endowments. The third objective is to transform Dubai into a source of global best practices for Awqaf and endowments, while the fourth objective is to transform Dubai into a global center for research and expertise of Awqaf and endowments.
The Center utilises the Dubai Monitoring system for the social needs in the Arab world, a system created by the Center for monitoring the most prominent social needs that can be met through Awqaf and endowments in the Arab world. The system harnesses reliable global data sources to calculate and develop a heat-map of the most important needs of each country in the Arab world. The system data is updated periodically. The Mohammed Bin Rashid Global Centre for Endowment Consultancy also provides consulting in this area for the concerned local, regional and global institutions.
The Centre has also developed a Best Practices Guide for Awqaf and endowments that combine global best practices with practical examples of various international experiences in the creation and management of Awqaf and Endowment foundations. The Guide explains the best way for the formulation of strategic plans for organizations that operate in the field of Awqaf and endowments customized based on each organizations’ needs, size, and objectives. The Guide also includes options for organizational structure, the general framework for setting priorities for projects to maximize social impact, investment management, performance indicators, as well as development operations. The Centre provides the necessary consulting in this area for existing or yet-to-be-established Awqaf and endowment institutions.