30 secOnDs On the business Of BUSINESS OF PHILANTHROPY

how prevalent is the culture of philanthropy in the Middle east’s business ecosystem?

Philanthropy is an integral part of Middle Eastern culture but businesses here were initially slow to capitalise on the idea of giving back. The topic of Corporate Social Responsibility (CSR) has a different perspective in the Middle East, where the obligation of giving back is ingrained in the region’s culture and religion. For example, which is essentially an alms tax, is widely practiced across the region.

Philanthropy is now flourishing thanks to a recent push by companies and government entities that are keen to increase their CSR activities. We are at the forefront of this push having been established to drive philanthropy in the UAE, serving as a platform for companies wishing to engage in CSR activities.

Do you see more individual or corporate donors in this part of the world?

Many donors in the GCC region are seeking to establish foundations to formalise and sustain their philanthropy. There is also a strong desire to be strategic, which may involve establishing a clear mission or objectives, and this is an emerging trend in the Middle East.

However, the notion of social investment, the culture of giving and CSR has yet to be embedded strategically among businesses in the UAE. A number of Emirates Foundation’s partners have dedicated their entire CSR budget to the Foundation for a fixed period, which is indicative of their dedication towards CSR.

lastly, is wealth being shared equally?

More and more corporates are starting their CSR initiatives and community engagement. With the vision of the UAE government and the efforts of Emirates Foundation in promoting CSR, there will certainly be significant growth in this field in the near future.

Social enterprise is not a new concept and demand for social enterprise solutions will only increase. The key now is to focus on how social enterprise can sustain its growth and generate more social and economical value. UAE flag carrier Etihad Airways’ core operations in Europe contributed a total of $1 billion to the combined GDP of the European Union’s (EU) economy and supported up to 11,000 jobs, the airline said, quoting a report by Oxford Economics.

Meanwhile, the Abu Dhabi airline’s capital spending on aircraft and other aviation equipment pumped $2.6 billion into the European economy last year while supporting 28,100 jobs.

Etihad’s operations also contributed around $6.1 billion over the last 10 years to the EU, the airline said. Most Dubai residents – up to 82 per cent – faced a rental increase during their last contract renewal, according to a new survey.

While 28 per cent saw rents rise more than 15 per cent, 23 per cent witnessed an increase of between six to 10 per cent, the survey by comparison site MoveSouq.com found.

About 18 per cent said rents went up by one to five per cent while 13 per cent faced rental growth of between 11 to 15 per cent, the survey said. However, tenants who renewed their lease in Q1 2015 faced a smaller rate of increase than those who renewed their lease six to 12 months ago.