DUBAI: 2 July, 2006 (WAM) -- Dubai Centre for CorporateValues (DCCV), a new initiative that aims to promote the awarenessand practice of corporate social responsibility (CSR) in Dubai'sbusiness sector, has been set up. The Dubai Technology andMedia Free Zone Authority (DTMFZA), the Dubai International Financial Centre (DIFC) and Dubai Airport Free Zone Authority(DAFZA) today jointly announced the formation of the DCCV.

The new organisation will work to foster the integration of social,cultural and environmental concerns in the business activitiesof companies in Dubai. The initiative will primarily be targetedat the free zones of its founding members. At a later stage,it will be extended to companies in Dubai.

DCCV will develop a Dubai-based Corporate Social ResponsibilityModel that relates to the UAE's social and economic environment.

The model will be based on the European Foundation for QualityManagement's (EFQM's) CSR framework and draw from CSR best-practices of other global organisations.

"Jointly with our alliance partners, Dubai International FinancialCentre seeks to raise the importance of corporate social responsibilityin Dubai's business agenda," said Dr. Omar Bin Sulaiman, Governor,Dubai International Financial Centre. "DCCV will assist companiesto implement programmes that will enable them to become activeparticipants in the social development of the UAE and the region.

We hope to develop this initiative into one of the foremost centresof CSR excellence in the region," he added.

Leading by example, each of the founding members of DCCV - DTMFZA, DIFC and DAFZA - will work on developing a joint corporate social responsibility report by the end of the firstquarter of 2007. This report will feature the organisations'CSR policies and activities.

"Our commitment to corporate social responsibility is an expressionof Dubai's own core social values," said Dr Mohammed Al Zarouni,Director General of DAFZA. "Over the next few years, DAFZA willwork with TECOM and the DIFC to help Dubai-based companies translate this commitment into viable activities. Ultimately,we seek to raise the capabilities of Dubai's corporate worldto develop sustainable CSR programmes," he added.

"CSR is based on the principle of contributing to the welfareof the society and community that companies belong to, whichin turn benefits them in the long run," said Ahmad Bin Byat,Director General of DTMFZA. "TECOM, in cooperation with the DIFC and DAFZA, seeks to cultivate corporate social responsibilityvalues among organisations in the UAE. We will work to createan environment in which companies will be appreciated not justfor making good profits but for also contributing to social causes,"he added.

The scope of DCCV's work will span the entire gamut of social,environmental, cultural, ethical issues. Furthermore, it willcover corporate governance practices.

"DCCV's aim is to build greater commitment for Corporate SocialResponsibility among companies in Dubai," said Najeeb Al Ali,Executive Director of DCCV. "We seek to do this by building moreunderstanding about the link between long-term corporate profitabilityand the interests of society. The society is a key stakeholderfor a company and it is important that the corporate world realisesits responsibility in serving society's interests," he added.

The DCCV will actively cooperate with government bodies to builda pool of CSR resources that can eventually benefit not justcompanies in Dubai but the entire region.

The initiative will be funded by the three founding members,who will promote not just their own respective CSR programmesbut also actively work for the fulfilment of DCCV's larger goals.