Abu Dhabi has hit out at the UAE private sector and wealthy individuals for skirting their “social duty”, claiming the overwhelming majority are failing to invest any of their money into socio-economic development schemes.The Department of Planning and Economy (DPE) said in a report on Saturday that corporate and individual earnings had soared over the last few years thanks to the UAE’s booming economy, record oil prices and tax-free environment, but very little was being put back into the community.
The DPE said profits of UAE-listed companies were expected to hit 70 billion dirhams ($19 billion) by the end of this year, while the number of millionaires living in the Gulf state, which currently stands at around 75,000, was increasing by 15% annually.
“…private sector ‘social duty’ has not yet taken roots deep enough to translate into [a] tangible contribution to Abu Dhabi, and the UAE in general,” the DPE said in its weekly report carried by the official Wam news agency.
“This role is strictly limited to a slim 10% of private firms, and the government continues to be the sole guarantor and sponsor of social development.”
The DPE said it was time for companies and individuals to step up and meet their socio-economic responsibilities in order to address the growing gap between the rich and the poor.
“With the government share of socio-economic development plans receding, it is no longer possible for the private sector to ignore its obligations towards the community,” it said.
The rich “should be brought face to face with their social and ethical obligations towards a generous, all-giving community”, the DPE said.
The department said there needed to be “heated discussions” by the Federal National Council (FNC) and the media to come up with a “clear, all-out vision on how to organise and set social work in motion”.
The DPE also called for a board made up of companies, the chamber of commerce and prominent figures to be established to help support social programmes.
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