Heirloom is launching the Baynta Fund (“our home” in Arabic) to support the happiness, health, and education of migrant laborers who come to the GCC to work.
It is a sad truth that many people must leave their homes and families in search of economic opportunity. The Gulf Cooperation Council (GCC) states are one of the largest providers of such economic opportunity to migrant workers, who typically earn more than 10 times their home wage, in addition to being provided with food, shelter and basic medical care.
Despite solid safety standards and human rights, these migrant workers often suffer from family separation and loneliness and also a lacking sense of community, made harder when they frequently don’t speak the native language.
“Happiness is the ultimate goal of the UAE Government. Through its policies, plans, projects and services, the government is committed to creating an enabling environment for the happiness of individuals, families and society.”
– UAE Government’s National Program for Happiness & Positivity
Heirloom, as part of its Ethical Investing Initiative, is launching Baytna, a $100 million Fund to acquire labor accommodations in the GCC, delivering both financial and impact return by improving the physical and community environment for its residents.
This initiative is a furtherance of the vision of GCC governments, led notably by the UAE, to improve accommodation quality and overall well-being and happiness for migrant laborers.
The goal of this fund is to earn an attractive risk-adjusted financial return, while positively impacting more than 100,000 people from disadvantaged situations and the environment. The Fund is Labor Accommodations is a low-risk model that begins generating positive cash flow immediately. Impact value on a risk-adjusted basis is very high, making this an excellent first-step into Impact Investing.
The Baytna Fund intends to achieve impact returns in multiple areas:
- Health and Hygiene
- Personal Happiness
- Personal Development
- Platform for Related Impact
Increased happiness and empowerment for our residents will directly impact their lives. Focus on resource efficiency will also provide environmental impact.
Enhancing the personal development of the workers, through language and vocational training, will allow them to positively impact their home countries upon return.
Impact will be magnified by justifying through enhanced productivity and brand value – the increased expenditure by employers on their workers’ accommodation and by testing new technologies.