New MENA Study Reveals Positive Transformation in Next-Gen Philanthropy

A recent report titled “Grounded in Tradition, Looking to the Future: Understanding Next-Generation Philanthropy in the Middle East” has shed light on emerging trends in philanthropy among the region's next generation. Launched during an exclusive event in the UAE, the report reveals a shift towards individual-driven philanthropy, marking a departure from the traditional family foundations-based approach.

Key Points:

• Research Collaboration: The report is the result of six months of pioneering research conducted by the Pearl Initiative, a business-led non-profit organization focused on corporate governance and accountability in the Gulf region, in collaboration with the Zovighian Partnership and the Bill & Melinda Gates Foundation.

• Investment in High-Impact Initiatives: According to the report, next-generation philanthropists in the Middle East are allocating an average of US$100,000 annually towards high-impact initiatives in education, healthcare, and women’s empowerment. Almost 20% of respondents contribute over US$1,000,000 annually.

• Shift in Giving Methods: The study highlights a move away from traditional family foundations and businesses, with over 45% of next-generation philanthropists employing non-traditional giving methods such as impact investing, microlending, and donor-advised funds.

• Focus on Governance and Accountability: Governance and accountability are prioritized among next-generation philanthropists, with nearly 50% of respondents believing they are supported by well-established governance frameworks for their giving.

• Positive Outlook: Despite challenges, over 65% of next-generation philanthropists hold a positive perception of the impact of philanthropy in the Middle East over the next five years.

• Actionable Insights: With the launch of the report, the Pearl Initiative and Zovighian Partnership aim to translate research insights into actionable strategies and initiatives to drive positive change and innovation in the region.

Quotes:

• Badr Jafar, Founder of the Pearl Initiative and CEO of Crescent Enterprises, emphasized the importance of data and research in enhancing the impact of philanthropy, particularly as the next generation of donors transforms the practice.

• Robert Rosen, Director of Philanthropic Partnerships at the Bill & Melinda Gates Foundation, highlighted the significance of insights from next-generation philanthropists in driving positive social impact.

• Lynn Zovighian, Founder of the Zovighian Partnership, expressed gratitude for the collaborative effort in delivering this groundbreaking research for the philanthropic community.

The report, aimed at supporting and empowering the giving community in the Middle East, provides valuable insights into the evolving landscape of philanthropy in the region. To access the full report, visit : www.zovpart.com/MENA-Philanthropy-report-2024-en