Raising the bar for corporate values

DUBAI — In an effort to promote corporate social responsibility (CSR) in the business sector, Dubai Technology and Media Free Zone Authority (DTMFZA), in partnership with two other organisations, has launched the Dubai Centre for Corporate Values (DCCV).

By A Staff Reporter

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Published: Mon 3 Jul 2006, 1:13 PM

Last updated: Sat 4 Apr 2015, 2:56 PM

The new organisation will work with enterprises to manage the integration of social, cultural and environmental concerns. It will develop a Dubai-based CSR 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. "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. "We [want] to cultivate corporate social responsibility values among organisations in the UAE. We will work to create an environment in which businesses will be appreciated not just for making good profits, but also for contributing to social causes."

The Dubai International Financial Centre (DIFC) and Dubai Airport Free Zone Authority (DAFZA), which have teamed up with DTMFZA to establish DCCV, will work on developing a joint corporate social responsibility report by the end of the first quarter of 2007. This report will feature CSR policies and activities.

"DCCV's aim is to build greater commitment for CSR. We plan to do this by understanding the link between long-term corporate profitability and the interests of society," explained Najeeb Al Ali, Executive Director of DCCV. "The society is a key [stockholder] for a company and it's important that the corporate world realises its responsibility in serving the society's interest," he added. The DCCV initiative has been launched in good faith and is optional, however, the founding members hope businesses will adopt some of the policies.

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