The GCC’s first Social Impact Bond will be piloted in Abu Dhabi as part of an agreement signed between the Department of Community Development, DCD, the Authority of Social Contribution – Ma’an, Aldar Education, Aldar Properties, and the Zayed Higher Organisation for People of Determination, ZHO, to support the employment of People of Determination
ABU DHABI, (Pakistan Point News - 14th Apr, 2020) The GCC’s first Social Impact bond will be piloted in Abu Dhabi as part of an agreement signed between the Department of Community Development, DCD, the Authority of Social Contribution – Ma’an, Aldar Education, Aldar Properties, and the Zayed Higher Organisation for People of Determination, ZHO, to support the employment of People of Determination.
The five partners will use the mechanism of a Social Impact Bond to launch a new vocational pilot training programme, "ATMAH", designed to equip People of Determination in Abu Dhabi with employability skills and help them secure permanent employment.
Social Impact bonds are an internationally established and successful way to finance the delivery of public services, first introduced in the United Kingdom. They involve the government, a social service provider and a social investor - using multi-party partnerships to bring together the right organisations to solve social challenges.
The contract operates on a pay-for-success basis, whereby social service providers have the freedom to innovate and come up with a solution that delivers the social outcome. Private investors, such as high net worth Individuals or investment funds, will then invest in the Social Impact Bond and the government will pay back the investor - with interest – but only if the outcomes are achieved.
Through the "ATMAH" programme, the DCD is the commissioner of the service (the government), supporting one of its key priorities to increase employment opportunities for People of Determination. The Authority for Social Contribution – Ma’an facilitates and arranges the contract, acting as the Primary liaison for all parties and setting measurable social outcomes to be achieved.
Aldar education is the social service provider, developing the curriculum and employing teachers to deliver the programme. The ZHO will adopt a supervisory role and will support the programme through the provision of comprehensive evaluation services.
Furthermore, it will also assign a number of experienced and specialised employees, trainers and experts to ensure sharing of knowledge and expertise in working with People of Determination and their families in the field of rehabilitation and vocational training. Aldar Properties is the social investor, committing AED2 million to kick-start the project, which will be repaid by the DCD if the social outcomes are achieved.
This will be the first Social Impact Bond anywhere in the world that is focused on People of Determination.
The aim is that, through the programme, students will benefit from gaining life skills, vocational training, work placement and a permanent job. Their families will gain a better quality of life as their child becomes increasingly independent and employers in Abu Dhabi will benefit from a more diverse workforce. In addition, it gives teachers the opportunity to improve their skills and confidence with People of Determination, as well as testing a new curriculum.
The pilot will be assessed at the end of a 15-month programme to determine its success and the next steps will be decided.
On this occasion, Dr. Mugheer Khamis Al Khaili, Chairman of DCD, said this strategic step was directed by the wise leadership, which is keen on empowering People of Determination.
He stressed his pride in implementing the first social impact contract of this kind in the Gulf region to further the UAE’s pioneering role in empowering and supporting People of Determination, integrating them in their communities, and strengthening their skills to create influential and productive individuals who will contribute to the UAE’s achievements in all fields and forums.
Mohamed Khalifa Al Mubarak, Chairman of Aldar, said, "Social impact has never been so entrenched in corporate values and priorities as much as it is today. Businesses are increasingly expected to contribute to addressing social challenges as part of their commitment to creating value for stakeholders."
Salama Al Ameemi, Director-General of Ma’an, said, "It is a great privilege to announce that our first Social Impact Bond will be piloted to focus on training People of Determination and providing them with job opportunities – a hugely important social priority.
