DUBAI — Malabar Gold & Diamonds, one of the world’s largest gold and diamond jewelry retailer, donated AED10 million ($2.72 million) to Al Jalila Foundation to support research in genetic diseases and disorders, as part of the company’s strong Corporate Social Responsibility initiatives.
Malabar Gold & Diamonds operation is spread across 9 countries in the world. As a CSR strategy, they spend 5% of their earnings from the business back to the same society. In the UAE, as the basic necessities are taken care of by the government, the Group sees the need is in the field of medical research.
The contribution for research will ultimately reach to the entire world population, in particular to the developing countries as the genetic diseases are more severe in these countries.
Genetic diseases and disorders, coupled with rare diseases are a major cause of concern for mankind. More than 350 million people worldwide – that is more than the total population of the Middle East and higher than the US population – suffer from rare diseases, 80 per cent of which are linked to genetic disorders.
According to globalgenes.org – a web portal, 80 percent of rare diseases are genetic in origin, and thus are present throughout a person’s life, even if symptoms do not immediately appear.
“Approximately 50 percent of the people affected by rare diseases are children and 30 percent of children with rare disease will not live to see their 5th birthday. These diseases are responsible for 35 percent of deaths in the first year of life,” a report said.
MP Ahammed, Chairman of Malabar Group, handed over a check of AED10 million to the Board of Trustees of Al Jalila Foundation at a ceremony.
“It gives me immense pleasure to announce our small and humble contribution of AED10 million ($2.72 million) to Al Jalila Foundation to support research in genetic diseases and disorders in the United Arab Emirates – a nation that has developed so much in such a short time,” MP Ahammed further said.
“The move reflects our gratitude to the United Arab Emirates – a great nation of great people that are blessed with visionary leadership. As a major retailer in gold and diamond jewelry, Malabar Gold & Diamonds has benefitted from the world-class infrastructure, ease in doing business, safety and security provided by the government of the UAE.
“Needless to say that we are also blessed with and inspired by the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai – who has created a safe haven for businesses and people to live and work in harmony regardless of their cultural, religious and social differences.”
Malabar Gold & Diamonds is the flagship company of Malabar Group, a leading diversified Indian business conglomerate. The company, owned by more than 1,700 shareholders, which excels in quality products and services, has more than 9,000 professionals working for its continued success. It was ranked among the top 5 jewelry retailers globally.
Established in 1993 in South Indian state of Kerala, Malabar Gold & Diamonds today has a strong retail network of 145 outlets spread across nine countries, 10 wholesale units in addition to offices, design centers and factories spread across India, Middle East & Far East. With an annual turnover of $4 billion, the company currently ranks among the world’s top five jewelry retailers in terms of annual turnover.
The company, which has a strong corporate social responsibility scheme embedded in its system, is committed to make a difference in human lives.
The move is part of the company’s three-year AED50.31 million (Rs850 million/US$13.70 million) Corporate Social Responsibility (CSR) program.
Dubai is a melting pot of cultures, societies and religions, Ahammed, himself a visionary entrepreneur, said. “This is our way of saying a big ‘Thank you’ to our brothers and sisters of the UAE – who have remained so hospitable to us,” he added.
“The contribution is part of our corporate culture of sharing and caring with our stakeholders – the customers and the society – and our continuous efforts in giving back to the society.”
Al Jalila Foundation, a global philanthropic organization dedicated to transforming lives through medical education and research, was founded by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the United Arab Emirates (UAE) and Ruler of Dubai in April 2013, to position Dubai and the UAE at the forefront of medical innovation.
Al Jalila Foundation promotes medical education and research by investing in the UAE’s medical treatment capabilities; it provides scholarships to nurture a home-grown generation of medical professionals and supports ground-breaking research that addresses health challenges prevalent in the region.
The Al Jalila Foundation Research Centre, set to open in 2017 in Dubai Healthcare City, will be a beacon for regionally-relevant medical innovation produced by home-grown biomedical researchers. The UAE’s first independent multi-disciplinary medical research center will focus on five of the most pressing regional health challenges: cancer, cardiovascular diseases, diabetes, obesity and mental health.
Benefitting from the Foundation’s global outreach, the Al Jalila Foundation Research Centre will bring together international best practice and regional expertise in a cultivating environment with state-of-the-art facilities. — SG
