DCCV aims to raise importance of corporate social responsibility in Dubai's business agenda

DUBAI: 2 July, 2006 - The Dubai Technology and Media Free Zone Authority (DTMFZA), the Dubai International Financial Centre (DIFC) and Dubai Airport Free Zone Authority (DAFZA) today jointly announced the formation of the Dubai Centre for Corporate Values (DCCV), a new initiative that aims to promote the awareness and practice of corporate social responsibility (CSR) in Dubai's business sector.

The new organisation will work to foster the integration of social, cultural and environmental concerns in the business activities of companies in Dubai. The initiative will primarily be targeted at 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 Responsibility Model that relates to the UAE's social and economic environment. The model will be based on the European Foundation for Quality Management's (EFQM's) CSR framework and draw from CSR best-practices of other global organisations.

"Jointly with our alliance partners, Dubai International Financial Centre seeks to raise the importance of corporate social responsibility in Dubai's business agenda," said Dr. Omar Bin Sulaiman, Governor, Dubai International Financial Centre. "DCCV will assist companies to implement programmes that will enable them to become active participants in the social development of the UAE and the region. We hope to develop this initiative into one of the foremost centres of 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 first quarter of 2007. This report will feature the organisations' CSR policies and activities.

"Our commitment to corporate social responsibility is an expression of Dubai's own core social values," said Dr Mohammed Al Zarouni, Director General of DAFZA. "Over the next few years, DAFZA will work 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 world to develop sustainable CSR programmes," he added. 

"CSR is based on the principle of contributing to the welfare of the society and community that companies belong to, which in 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 responsibility values among organisations in the UAE. We will work to create an environment in which companies will be appreciated not just for 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 will cover corporate governance practices.

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

The DCCV will actively cooperate with government bodies to build a pool of CSR resources that can eventually benefit not just companies 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 programmes but also actively work for the fulfilment of DCCV's larger goals. 

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© Press Release 2006