ABU DHABI, The Department of Community Development in Abu Dhabi signed a Memorandum of Understanding (MoU) with the Abu Dhabi Department of Economic Development (ADDED), the Authority of Social Contribution "Ma’an", and Abu Dhabi Global Market, to focus on the importance of the role of social enterprises in the emirate.

This agreement seeks to identify social challenges and provide solutions to support social enterprises in the emirate through establishing and operating a regulatory framework that boosts the emirate’s position as a hub for social enterprises.

"This agreement comes as an introduction that announces the social enterprises policy, which will support social enterprises through a new integrated framework to support the business model employed by social enterprises that creates a balance between economic gains and social objectives. Also, it creates an economic model which contributes to the emirate’s gross domestic product," said Hamad Ali Al Dhaheri, Under-Secretary of the Department of Community Development.

Al Dhaheri emphasised the importance of this step for the social sector, noting, "As we are developing and adapting modern frameworks and policies that are compatible with the ongoing global changes and are in line with the company’s needs. We will be announcing, during the next phase, a policy that will be a new, positive addition locally and in the region, through the newly applied hybrid development model."

Rashid Abdul Karim Al Blooshi, Under-Secretary of ADDED, spoke of the Department’s keenness to promote joint cooperation with the stakeholders to provide benefits and incentives to socially responsible companies, which in turn enhances the efforts of the private sector in participating in social responsibility programmes across the emirate.

He indicated that the Department, as the competent authority that issues licences for the private sector’s companies and organisations, would seek to provide the information for socially responsible companies to participate in the exhibitions, conferences and initiatives that support social responsibility objectives in Abu Dhabi, as well as to contribute to the promotional campaigns and educate the public about the benefits these initiatives provide for the service and interest of society.

Salama Ajlan Al-Amimi, Director-General of the Community Contributions Authority, "Ma'an", said, "This MoU will help raise more awareness about the fundamental roles social enterprises play as well as how social entrepreneurs can touch people’s lives for the better in our communities in years to come.

Dhaher bin Dhaher Al Mheiri, CEO of the ADGM Registration Authority, said, "This partnership comes at a critical juncture as we look to solve societal challenges and provide innovative solutions to empower social enterprises in their efforts to drive the UAE’s standing in this regard. As a regional business hub located in the UAE’s capital, we are committed to fostering a sustainability-led business community and reinforcing the efforts and vision of the UAE’s leadership alongside our strategic partners."

Source: Emirates News Agency