Waterfront to donate $1.8 million to NGOs
CSR initiative to fund NGOs with best community development purpose
Waterfront City, a major mixed-use development in Dbayeh, announced it will donate $1.8 million to support NGO projects that apply for funding. This is part of MAF's corporate social responsibility initiative: ‘Waterfront City Cares’.
The initial sum available to start the initiative is $180,000.
“This sum is part of the revenue generated from selling 180 units in Waterfront City in Dbayeh,” said Alain Bejjani, head of business development at Majid Al Futtaim Properties and member of Waterfront City’s board. Waterfront City intends to donate $1,000 from the price of each apartment sold. The project will house a total of 1,800 residential units.
The criteria for choosing which projects to fund will be based on one of two criteria: "Environmental sustainability or geographical proximity to the project," said Bejjani. “Only projects able to demonstrate a core community development purpose via the corporate social responsibility pillars will be eligible for Waterfront City Cares.”
Reported bu Rana Freifer
Date Posted: May 11, 2012