• The Abraaj Growth Markets Grant aims to support projects which will resolve a critical challenge in growth markets
• 178 applications received globally, 9 projects selected across 6 regions. Winning projects range from developing myoelectric prosthetic limbs in Kolkata to tracking crime patterns for a safer culture in Puebla.
• Find out more about the winning projects at https://www.abraaj.com/sustainability/next-generation
Dubai, UAE, 1 April 2015: The Abraaj Group (‘Abraaj’ or ‘The Group’), a leading investor operating in global growth markets, has today announced the recipients of its Growth Markets Grant.
The Abraaj Growth Markets Grant was launched in partnership with the Global Shapers Community, a network of over 4,600 young leaders under the age of 30 across more than 420 global cities, who are exceptional in their potential, their achievements and their drive to make a contribution to their communities. The Abraaj Group is a global community partner of the Global Shapers, an initiative of the World Economic Forum.
Abraaj launched the Abraaj Growth Markets Grant in January 2015, opening up applications to all Global Shaper Hubs. In just two months, Abraaj received 178 applications for a range of projects aimed at addressing some of the key challenges faced in growth markets. Working in close collaboration with the World Economic Forum to identify promising projects in each region, an internal selection committee consisting of designated Abraaj teams from each of the Group’s operating regions (Latin America, Middle East and North Africa, South East Asia, South Asia, Sub-Saharan Africa, Turkey and Central Asia), eventually chose nine projects, using quality, efficiency, sustainability, scale of impact, consistency of measurement, and replicability of the project as its key judging criteria.
The nine winning projects comprised two from Sub-Saharan Africa (Lagos in Nigeria and Nairobi in Kenya), two from South Asia (Indore and Kolkata in India), two from Latin America (Puebla in Mexico and Lima in Peru), one from Turkey (Ankara), one from South East Asia (Phnom Penh in Cambodia) and one from Middle East and North Africa (Rabat in Morocco). These projects address a range of issues such as empowering youth and women in Phnom Penh, Ankara and Rabat, developing myoelectric prosthetic limbs for disabled women and children living in rural areas of Kolkata, tracking crime patterns for a safer culture in Puebla, and generating electricity through solar power in Nairobi. [See ‘Notes to Editors’ for more information about the specific projects]
The Abraaj Growth Markets Grant has been funded entirely from personal bonuses, meaning that Abraaj employees have allocated a portion of their bonus to this grant in support of projects taking place in their region. This initiative stems from Abraaj’s unique 5+5+5 model, whereby the firm contributes 5% of its gross management fees, 5% of employees’ bonuses on a voluntary basis, as well as allowing for 5 days a year per employee for voluntary work, to help build sustainable communities.
Commenting on the awarding of the Abraaj Growth Markets Grant, Arif Naqvi, Founder and Group Chief Executive of The Abraaj Group, said: “By launching the Abraaj Growth Markets Grant, we are looking to directly address some of the challenges faced in the markets in which we operate, helping fund solutions proposed by the young leaders of tomorrow and turning them into reality. Providing support for these young leaders helps them both fulfil their own potential and facilitate the changes that will contribute to the ongoing development of their economies and societies.”
Over the course of the year, Abraaj employees will leverage their experience to provide guidance and mentorship to the winning teams to ensure timely and impactful implementation of the projects in their respective cities.