Aldar – the leading Real Estate Developer in Abu Dhabi – will invest AED2 million in Abu Dhabi’s first social impact bond as part of a strategic agreement with The Authority of Social Contribution – Ma’an.

The agreement will see both entities work to address priority social challenges through social contracting, according to a statement released today. As part of the pact, Aldar and Ma’an will build a Social Impact Bond, expected to launch later this year. Abu Dhabi becomes the first in the GCC to introduce this funding method for social services.

Dr. Saif Alshaali, Executive Director – Social Incubator and Contracting (Acting), Ma’an, and Greg Fewer, Chief Financial & Sustainability Officer, Aldar, signed the Memorandum of Understanding at a signing ceremony in the presence of H.E. Salama Al Ameemi, Director General of Ma’an, and Talal Al Dhiyebi, Chief Executive Officer, Aldar.

Speaking on the pact,  Her Excellency Salama Al Ameemi, Director General of Ma’an, said: “Social Impact Bonds are a game-changer for how we think about the delivery of social programs, putting a relentless focus on specific and measurable outcomes for the people of Abu Dhabi.

“We are proud to be leading the way in the region for introducing this internationally-recognised method of financing and delivering solutions for social challenges. It is part of our wider mission to encourage the third sector to flourish in Abu Dhabi and deliver solutions to social challenges in partnership with government, the private sector and civil society.”

Greg Fewer, Chief Financial & Sustainability Officer, Aldar, said that they were proud to be partnering with the Authority of Social Contribution – Ma’an to create Abu Dhabi’s first social impact bond. “This is a fantastic example of how the public and private sectors can work together in an innovative way to create outcome-driven programmes that address matters of critical importance to our society and communities at large. This partnership is a clear example of how Aldar is delivering on its sustainability strategy, launched last year, to create a positive impact on our economy, community, people, and environment.”