UAE – Mubasher: Aldar Properties has signed a strategic agreement with the Authority of Social Contribution (Ma'an) to invest AED 2 million in the GCC’s first social impact bond by Ma'an.

As part of the agreement, Aldar and Ma'an will cooperate in establishing social impact bond to face social challenges through social contracting, which operates on a pay-for-success basis, according to a press release on Sunday.

Expected to be launched later in 2020 in Abu Dhabi, the social impact bond aims to fund the delivery of public services by using multi-party partnerships through which organisations will cooperate in tackling social challenges.

In this regard, director general of Ma’an, Salama Al Ameemi, 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.”

Meanwhile, the chief financial and sustainability officer of Aldar, Greg Fewer, remarked: “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.”