October 2022

Mohammad Anas Wahaj | 31 oct 2022

According to the new report 'Giving in the Gulf Cooperation Council (GCC): Evolving Towards Stretegic Philanthropy' by University of Cambridge and LGT Private Banking Group, 'Philanthropy and charitable donations by private individuals and families in the Gulf Cooperation Council is estimated at US$ 210 billion and expected to grow...Wealthy individuals and family offices in the region are increasingly deploying capital with a focus on social or environmental impact...As Millenial and Generation Z family members emerge to take the helm of family businesses and philanthropic activities, their aspirations will shape the evolution of the sector in the coming years.' H.S.H. Prince Max von und zu Liechtenstein, Chairman of LGT, says, 'What the study has shown is that there is plenty of opportunity and there is a need to go deeper in this segment.' Professor Mauro Guillén, Dean of Cambridge Judge Business School (UK), says, 'A particularly noteworthy finding is the growing interest in strategic philanthropy, inspired by the view held by philanthropists that more strategic, collaborative and evidence-based approaches can have a greater impact in society.' Read on...

Reuters: Gulf's $210 bln philanthropy pot expected to grow - Study
Authors: Rachna Uppal, Josie Kao

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