Doing its part to support the arts, private equity manager The Abraaj Group launched a scholarship for students at London's Royal College of Art, which calls itself the world's most influential university of design and art.
Abraaj Group will support five students a year from Africa, Asia, Latin America, the Middle East, Turkey and Central Asia for the next five years. It's part of a wider program that is about investing in and supporting students from growth markets at a grass-roots level, said Frederic Sicre, Dubai-based managing director, in an e-mail.
The scholarship comes from the Abraaj Strategic Stakeholder Engagement Track, which is an effort to build sustainable communities. ASSET is largely funded by Abraaj's 5+5+5 program, which contributes 5% of Abraaj's gross management fees, 5% of employee bonuses on a voluntary basis and a minimum of five days a year of volunteer work per employee, Mr. Sicre stated.
Abraaj and its employees have invested $75 million in programs and volunteered 10,000 hours in the past three years.