Private companies in the UAE will need to declare their charitable initiatives and earmark funds as part of a giving scheme in the coming year.

CSR (Corporate Social Responsibility) is part of a Year of Giving strategy introduced today along with 11 other initiatives to encourage businesses to give back and take part in philanthropic work.

Corporate Social Responsibility will be compulsory for 400,000 companies across the UAE 

This will generate approximately AED 500 million for charitable initiatives. According to the Khaleej Times, Mohammed Ahmed bin Abdelaziz Al Shehhi, Undersecretary of the Ministry, said ‘Auditors will be required to present financial statements to verify CSR involvement,’ and that these declarations will be part of the necessary paperwork for business license renewal.

A minimum percentage, yet to be announced by the ministry, will also need to be allocated to CSR.

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Registration will start in July

It’s still not clear how much companies will need to contribute or what charitable work will be accepted along with the contribution. 

Companies who excel and prove themselves as outstanding will be up for awards and benefits. 

Main image credit: juliasuarezok