Dalma Capital Management and Emirates Foundation Sign Donation Agreement
22 Oct, 2014, 05:00 GMT
22 Oct, 2014, 05:00 GMT
DUBAI, UAE, October 22, 2014 /PRNewswire/ --
Dalma Capital Management ('Dalma Capital'), a DIFC registered and DFSA regulated entity, today announced the finalization of an innovative donation agreement - possibly the first of its kind - with Emirates Foundation, the national foundation of the UAE.
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Describing the agreement, Howard Leedham, the CEO of Dalma Capital, said: "The ingenuity of our agreement is that it is specifically structured to permit qualified UAE institutions, citizens and residents to trigger a donation by Dalma Capital to Emirates Foundation without it costing the investor a single Dirham. This is a unique way of undertaking our Corporate Social Responsibility and in doing so provide our clients with an indirect way to participate."
Leedham elaborated: "Dalma Capital manages a hedge fund here in the UAE so we thought it appropriate to correlate our own UAE generated business growth with giving to Emirates Foundation that works to develop youth in the UAE. To that end we have agreed to donate 15% of the UAE-sourced fees that our fund generates for our company, to the Foundation."
The Chief Executive Officer of the Emirates Foundation, Clare Woodcraft-Scott stated, "We were delighted when Dalma Capital approached us with this unique form of support which is the first of its kind for Emirates Foundation. We work to guide, inspire and empower youth and believe that connecting with the private sector in this area is critical. As a result we are always happy to partner with financial institutions who can provide funding and insights into youth development notably around employment opportunities. We are also keen to promote innovation in philanthropy so are delighted to see innovation coming from a local finance house keen to give back to the community in which it lives and operates."
Leedham commented: "At Dalma Capital we are keen to create an opportunity that enables our company to contribute to the local community inside the UAE." Leedham emphasized: "We appreciate that our fund must be taken on its own merits but this programme specifically ensures that any return of investment to which the investor is entitled is completely unaffected by our donation, it is solely Dalma Capital that bears the cost of donation. We are delighted to have the opportunity to give back to the community to support such a critical area as youth development."
Salem Al Matroushi, an Emirati shareholder in Dalma Capital, stated: "I am delighted that Dalma Capital is supporting the development of the social fabric of the UAE and their choice to work with the national foundation of the UAE, Emirates Foundation."
Woodcraft-Scott concluded: "We are very grateful that Dalma Capital is offering to support our work. Without funding from the private sector we would not be able to work with the over 40,000 young people that we currently do. We do hope that this can turn into a long term commitment to help us deliver on our mission of creating positive and permanent impact on the lives of young people in the UAE."
Background:
About Dalma Capital Management Limited
Dalma Capital Management Limited is an Asset (Hedge Fund) Manager that is based in the Dubai International Financial Centre and regulated by the Dubai Financial Services Authority. It currently manages the Dalma Unified Return Fund that is only open to institutional and qualified high net worth investors.
For their services to investors hedge fund managers typically charge a 2% Management Fee based on the amount invested and a 20% performance gain on added value to an investment. In the case of Dalma Capital it has agreed to donate 15% of the fees it receives from any qualified Emirates based institution or individual.
About Emirates Foundation for Youth Development
Emirates Foundation was launched in April 2005 as an initiative of His Highness General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. It is chaired by HH Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs.
In 2012, the Emirates Foundation was re-launched under the name "Emirates Foundation for Youth Development" as an integrated national initiative that seeks to invest in UAE youth. The new strategy uses the model venture philanthropy with a view to impacting the lives of young people in the UAE positively and permanently. To achieve this, the Foundation will work in three key focus areas: social inclusion; community engagement; and leadership and empowerment. It will seek to identify, educate and inform the public about challenges facing UAE youth while developing sustainable, enterprise-based solutions to social issues and motivating young Emiratis to volunteer, participate and give back to society.
Emirates Foundation works to enhance partnerships between private and public sectors, in order to develop sustainable ways of helping young people in the UAE make an active contribution to the country's development. EF is funded through contributions from the Abu Dhabi government and private sector companies.
Points of Contact:
Howard Leedham - CEO Dalma Capital Management - +971-(0)-43756060 - howard.leedham@dalmacapital.com
Clare Woodcraft-Scott - CEO Emirates Foundation - cwoodcraft@emiratesfoundation.ae
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