Dubai, United Arab Emirates – 12 December 2017: In the spirit of the Year of Giving 2017, UAE Exchange and Dubai Cares have signed a Memorandum of Understanding (MOU) that will see UAE Exchange commit AED 10 million to the UAE-based philanthropic organization.

The MoU was signed by Tariq Al Gurg, Chief Executive Officer of Dubai Cares, and Promoth Manghat, Chief Executive Officer of UAE Exchange Group, in the presence of Binay Shetty, Director of UAE Exchange, at the UAE Exchange Office in Dubai.

This commitment, over a period of 10 years, by the leading global money transfer, foreign exchange and payment solutions brand will support Dubai Cares' overarching mission to positively impact the lives of underserved children and young people in developing countries through the transformative power of education. UAE Exchange will continue its annual commitment to Dubai Cares global programs with high impact on youth development and education for children. Additionally, UAE Exchange will promote Dubai Cares' volunteering and community engagement initiatives among its employees and customers.


Promoth Manghat (CEO of UAE Exchange Group), Binay Shetty (Director of UAE Exchange) and Tariq Al Gurg (CEO of Dubai Cares) during the agreement signing ceremony.

Welcoming this generous contribution by UAE Exchange, Tariq Al Gurg, Chief Executive Officer at Dubai Cares, said: "We are very grateful to UAE Exchange, whose generosity will certainly make a valuable contribution to our goal of impacting the lives of as many children and young people as possible by providing them with the opportunity to go to school and learn. This commitment truly reflects the values of the UAE's 'Year of Giving 2017' as declared by His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE. What we aspire to achieve over the next 10 years and beyond, only becomes possible through the generosity and support of partners like UAE Exchange, who genuinely believe in, and support, our noble cause and mission."

Promoth Manghat, Chief Executive Officer of UAE Exchange Group, said: "Creation of a liberal world starts with access to education, the cornerstone of a progressive society. There are children deprived of their basic right to education. We are proud to partner with Dubai Cares, part of Mohammed Bin Rashid Al Maktoum Global Initiatives, to provide these children access to quality education through various initiatives globally. This collaboration fits well with our sustainability agenda guided by United Nations' Sustainable Development Goals (SDGs), and the indicators of the UAE National Agenda leading to UAE Vision 2021 and UAE Centennial 2071. As a home-grown business, this partnership reinforces our efforts towards the UAE's Year of Giving initiative, as we believe the act of 'giving' starts a domino effect to impact positive change."