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MAJRA Launches the MAJRA Impact Stream, Digital Gateway for Sustainable Impact

by rachel
written by rachel

In an effort to direct private sector contributions towards implementing corporate social responsibility (CSR) initiatives aligned with ESG metrics and national priorities, MAJRA, the National CSR Fund, revealed the MAJRA Impact Stream – a innovative digital gateway.

The announcement was made during a press conference, which also marked the launch of the MAJRA Sustainable Impact platform, offering an array of services to support and guide the efforts and contributions of the private sector towards impactful CSR initiatives. 

The conference saw the announcement of partnerships between MAJRA and Dubai University, Umm Al Quwain University, and MBRSG, with the aim of providing a diverse range of knowledge content to enrich the Knowledge Square platform, including studies, articles, training programs, and specialised workshops.

“The launch of MAJRA Impact Stream marks a pivotal moment in the journey and dedication to fostering CSR principles and ESG practices, which are integral to our identity and heritage”, said H.E. Abdullah Al Saleh, Undersecretary of the Ministry of Economy and Vice Chairman of the Board of Trustees of MAJRA.

“This initiative empowers businesses to embrace innovative solutions and contribute meaningfully to our society, environment, and economy by prioritising CSR, ESG principles, and sustainability. We look forward to deepening our collaboration with the private sector unlocking new opportunities and fostering a positive, lasting impact.” 

MAJRA Impact Stream, the digital gateway for sustainable impact that focuses on four key principles – Listen, Unify, Magnify, and Certify, is a key component of MAJRA’s strategy to strengthen the CSR frameworks of companies, consolidating the UAE’s position as a global leader in this field.

“With the launch of MAJRA Impact Stream, our goal is to enhance transparency, accountability and trust across sectors in their CSR and ESG activities”, said Sarah Shaw, Director of MAJRA – The National CSR Fund.

“This will help unify efforts and amplify the impact of these initiatives. Additionally, through the MAJRA Community, we seek to create a collaborative space where individuals and organisations can share experiences, knowledge, and innovative ideas to elevate positive change.” 

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EnvironmentGovernanceLatest NewsSocial

Sustainable Square Unveils ‘2023 State of ESG in the GCC Report’

by rachel
written by rachel

A report by ESG advisory firm Sustainable Square has provided critical insights into the evolving sustainability landscape across the Gulf Cooperation Council (GCC) over the last six years – it highlights a significant shift toward stakeholder-driven and leadership-led ESG transparency, underscoring the region’s maturing approach to sustainability.

ESG Transparency 

According to the report, stakeholder expectations have emerged as the dominant driver for ESG disclosure in 2023, with an overwhelming 83 per cent of companies identifying it as a key factor. Regulatory compliance comes second, with 67 per cent of respondents acknowledging its influence, underlining the importance of robust regulatory frameworks in advancing ESG transparency. 

Among the stakeholders, internal leadership is playing an increasingly prominent role in driving ESG accountability. The Board of Directors (69 per cent) and Top Management (63 per cent) were identified as the primary forces behind ESG transparency in GCC organisations, indicating a strong internal commitment to aligning business strategies with sustainability goals. The influence of Leadership is followed by the push from Investors (61 per cent) and Government/Regulators (58 per cent). 

ESG Standards & Frameworks 

Global frameworks continue to play a critical role in shaping ESG practices in the GCC. Adoption of the GRI Standards has surged from 57 per cent in 2018 to 79 per cent in 2023, making it the dominant reporting standard in the region.

Similarly, participation in the UN Global Compact (UNGC) has grown from 17 per cent to 42 per cent, reflecting an increasing alignment with global principles of corporate responsibility. ESG disclosure, a key metric of transparency, has risen sharply, with 91 per cent of companies now publicly sharing sustainability-related information compared to 75 per cent in 2018. 

“Organisations in the GCC are at a pivotal moment where embracing ESG is about future-proofing their businesses and creating lasting value”, said Monaem Ben Lellahom, Founding Partner and Group CEO of Sustainable Square. 

“The rising influence of boards and top management demonstrate a deeper understanding of sustainability as a business imperative. This evolution is not only transforming the region’s corporate culture but also positioning GCC businesses as credible players in the global ESG landscape.”

According to the report, 67 per cent of GCC companies are aware of the new IFRS Sustainability Standards, with 51% planning to adopt them, signalling growing alignment with global ESG trends. Meanwhile, awareness of the European Union’s Corporate Sustainability Reporting Directive (CSRD) remains limited, with 44 per cent of respondents unaware of its implications.

As well, only 14 per cent of respondents reported understanding the potential implications of EU’s Carbon Border Adjustment Mechanism (CBAM), highlighting the need for increased education on how global policies could impact GCC businesses. 

Progress and Challenges in Net Zero and Climate Action 

The report highlights that UAE, Saudi Arabia, and Oman are leading the way in net-zero initiatives. Companies are adopting strategies such as developing long-term transition plans, implementing energy efficiency measures, and leveraging innovative technologies. However, the high cost of transition remains a significant barrier, cited by 68 per cent of respondents as a primary challenge. 

The Business Case for ESG 

ESG integration continues to yield tangible benefits. Enhanced brand reputation (72 per cent) and improved investor relations (68 per cent) were the most cited advantages of adopting ESG practices. Furthermore, 70 per cent of companies reported a clear shift in consumer preferences toward businesses adhering to ESG standards. However, challenges persist, with 49 per cent of respondents identifying a lack of standardisation as a major hurdle and 42 per cent struggling to quantify the return on investment from ESG initiatives. 

A Trusted Partner 

As a leading ESG advisory firm, Sustainable Square brings a wealth of expertise and a proven track record of delivering successful projects across more than 15 markets. The firm leverages innovative tools like SQUARELY an ESG tech platform that streamlines reporting processes, enabling companies to meet ambitious sustainability goals efficiently. With its deep regional knowledge and global perspective, Sustainable Square is uniquely positioned to guide GCC organisations through the complexities of ESG performance and disclosure. 

“At Sustainable Square, we remain committed to empowering organisations with the strategies, tools, and insights they need to thrive in this rapidly changing environment”, Monaem said. “Our report is designed to provide actionable insights that empower businesses to navigate the complexities of ESG while contributing to the region’s sustainable growth.” 

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Innovation & EducationLatest NewsPolicy & Finance

Sustainable Square: the Sole ESG Partner for the 2024 MEIRA Annual Conference

by rachel
written by rachel

Sustainable Square announced its participation as the sole ESG Partner of the Middle East Investor Relations Association (MEIRA) 16th Annual Conference. This event is set to take place at the Conrad Abu Dhabi Etihad Towers Hotel from 11-12th December.

More than 500 delegates are registered to attend the event in 2024, the MEIRA Annual Conference is the largest Investor Relations (IR) event in the Middle East, gathering Investor Relations Officers and professionals from the entire region. Regional and international corporates, investors, analysts and regulators will attend the conference.

“We are thrilled to support the MEIRA community and its members in embedding ESG into their investor narratives”, said Monaem Ben Lellahom, Founder and Group CEO of Sustainable Square. “At Sustainable Square, we recognise the value of equipping the investor relations community with best practices, emerging trends, and innovative tools to align ESG principles with financial success.”

“We are excited to engage in conversations that drive meaningful impact and help businesses create long-term value.”

Sustainable Square plan to engage participants through an exclusive ESG workshop aimed at equipping IR professionals with the tools to streamline ESG implementation for their clients, titled ‘ISSB Reporting, Ratings and Regulations. Integrating ESG Principles for Financial Success’. The session will be led by Monaem Ben Lellahom and Rach ElGolli, Senior Responsible Finance and Sustainability Advisor.

Sustainable Square reports a track record of over 380 successful projects and a 92.3 per cent customer satisfaction rate. The firm works to shape the ESG landscape by working closely with ESG teams, C-suite executives and IR officers. Sustainable Square uses an AI-driven ESG reporting software, SQUARELY, which is a platform that has accelerated data collection, management and analysis. The software auto-drafts reports aligned to global reporting standards and frameworks, enabling clients to boost investor confidence.

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Innovation & EducationOpinion

The Most Important ESG Questions – What Agencies and Firms Need to Agree

by rachel
written by rachel

ESG (environment, social, governance) has to be considered when looking at almost every PR brief.  For many companies it will be central for all proposals, or at least they may want it to be part of their plans.   

For any agency looking to take on an ESG brief this is the first question we need to answer – is ESG the right approach for the company?  This may seem very obvious but is often the point which is overlooked.  The client has asked for ESG communications and we just follow their request and find a way to deliver on the brief. 

In my experience this is where things can go wrong. 

If we look at the origins of ESG we have to go back to 2004 and the publication of the United Nations report ‘Who Cares Wins’, (Global Compact Initiative – Who Cares Wins. Connecting Financial Markets to a Changing World) which is generally seen as the first high level endorsement of the ESG concept.   

This is very important as ESG was very clearly linked to financial markets, and by implication firms working in or related to those markets, with the emphasis being on the ‘G’ governance element. 

We often get firms who are not public, or involved in financial work, asking for us to look at or write their ESG strategy.  This is all well and good, but is this the right approach for them, or would their actions in this area be better positioned as CSR (Corporate Social Responsibility) or as environmental initiatives.   

I read a comment from another communications firm which said that more and more companies are ‘adopting ESG as a framework for explaining their corporate responsibility goals and progress’.  Our advice is that unless your business is already structured to meet ESG reporting, it takes a lot of resource and work to make this happen. 

ESG requires data on environmental factors to show the impact on the planet which includes carbon emissions, waste management, and resource usage. You also have to report on the company’s relationship with its employees, customers, and community to show how you are addressing social factors and finally, governance looks at the internal structures that guide company decision-making, and the transparency of the reporting of these decisions.  

If as a firm these elements are not baked into the way you operate then there will be a problem in how you report against them. 

ESG has to be embedded into the culture of a company, and this does not happen overnight.  There needs to be a methodology for recording and reporting your ESG impact.  This should include, at the lowest level, aligning with a recognised sustainability impact reporting standard. And, this should have data going back over a significant period of time. 

If the firm has ESG embedded and they have a story to tell we look at communications, which are: 

  • Data led – using the information that the reporting standards provide.  In a sector which can be seen as aspirational rather than actual, the more hard data that can be used the stronger the positioning which can be delivered.  
  • Narrative based – all elements of ESG, even Governance, are best positioned through telling the stories of the people involved, the benefits delivered, and the actions taken.  ESG needs faces that make the results real. 
  • Talking change – there needs to be the ability to benchmark the data against what has happened before and future delivery.  This means that there is nowhere to hide!  As soon as firms start ESG reporting they have to maintain the process. 
  • Honest – ESG is not the place for vague statements and inaccurate reporting.  If this happens firms will either not get coverage or will be called out.  

If firms fail in any of the communication areas, they can get accused of ‘ESG or Green Washing’.  This immediately turns what the executive hoped would be a positive area of communications into a potential crisis scenario.  Companies accused of green-washing face a very difficult time and a lot of hard work to rebuild their reputations. 

This is why we always start the process by making sure that aligning to ESG is the right approach for a company.  If it is, and the company has invested in ESG and this is aligned to the business, then there are great opportunities to use ESG messaging to support financial results and show the strength of the strategy  

Going back to the reason why ESG was developed as a reporting standard, it was to show investors the ethical positioning and transparency of companies – to identify companies who care.  

If ESG is being used to misrepresent the work of a company and it is just ESG-washing the approach fails.  There is an increasingly large number of investors who are becoming disillusioned with ESG because of the lack of regulation and no clear standards These investors are questioning the true benefits of their investment in this sector. 

So, I will end with the comment from Larry Fink of BlackRock 

“I don’t use the word ESG anymore, because it’s been entirely weaponised … by the far left and weaponised by the far right.”  

If we are communicating ESG we need to make sure we are not just creating ESG-washing and becoming part of the problem.   Many firms can and should communicate on their CSR and environmental work but will need time to develop an ESG programme which can be effectively communicated.  

Effective ESG communications are rewarding, beneficial and for some companies’ game changing.  We love working in this area but are always pragmatic about what can be achieved.  

By Habib Bacha

Habib Bacha is founder of Credo Communications LLC – Media Consulting Company

For more op-eds, head here

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EnvironmentGovernanceSocialSpecial Reports

SEC Newgate: Global ESG Monitor | Report

by Madaline Dunn
written by Madaline Dunn

Communications and advocacy group SEC Newgate has released its Global ESG Monitor report, assessing emerging consumer sentiment toward the ESG performance and corporate environmental responsibility policies of businesses and governments globally. This year, SEC Newgate’s global survey gathered insights from 14,352 people across 14 countries and territories.

Globally, it was found that there is a “clear gap” between the standards communities expect governments and businesses to uphold on ESG matters and their performance in meeting those expectations.

Key findings include:

  • There are strong expectations for governments and large businesses to act responsibly in terms of ESG considerations and somewhat lower expectations for small to medium businesses. However, all were rated “relatively poorly” for their performance on this front.
  • The top five rated industries for conducting their business responsibly were renewable energy, supermarkets/grocery stores, technology and telecommunications, education and training, and hospitality.
  • In contrast, the worst rated were alcohol, mining and resources, nuclear energy, gaming, and the chemical industry.
  • The survey showed that 78 per cent think companies should act in the best interests of all stakeholders rather than prioritising shareholders.
  • Slightly over half said they were aware of the term ESG. However, only 21 per cent thought they had a good understanding of it.
  • Close to three in four people also want companies to communicate more clearly about what they are doing to improve their performance on ESG issues.
  • However, almost half indicate that they don’t trust what companies say about their ESG actions.

Looking through a more regional lens, the survey showed that in the UAE, businesses are failing to meet public expectations for ESG behaviour.

The survey, which polled 1,017 people, found that UAE residents have very high expectations for businesses to act responsibly on ESG issues.

A total of eighty-three per cent agree that companies can be profitable while also performing well on their ESG responsibilities and almost 70 per cent believe that companies should act in the best interests of all stakeholders rather than prioritising shareholders ahead of other stakeholders.

Further, eighty-four per cent agreed that companies should more clearly communicate what they are doing to improve their performance on ESG issues.

For the full report and regional insights, head here.

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EnvironmentLatest NewsPolicy & Finance

ESG Label Awarded to 27 Companies in Dubai

by Madaline Dunn
written by Madaline Dunn

Twenty-seven companies in Dubai have been awarded the Dubai Chamber of Commerce’s Environmental, Social, and Governance (ESG) Label, it was announced this week. 

The Label, launched in August and developed by the chamber’s Centre for Responsible Business, was designed to help organisations evaluate their ESG readiness and maturity levels and promote sustainable business practices. 

Among the 27 recipients of the Label are organisations such as ADNOC Distribution, ALEC Engineering and Contracting, Aramex, Bidfood Middle East, Canon Middle East, Chalhoub Group, DP World, Empower, and others. 

“The Dubai Chamber of Commerce ESG Label is designed to encourage the business community to adopt and develop practices that have a positive impact on society and the environment, as well as promote good governance, by recognising participants’ efforts to advance sustainability,” commented Maha Al Gargawi, Vice President of Business Advocacy at Dubai Chambers.

According to the Chamber, one of three chambers operating under the umbrella of Dubai Chambers, organisations of all sizes that have been established for at least two years are eligible to apply for the ESG Label. 

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FinanceLatest News

Emirates NBD, Landmark Retail Sign First Private Sector ESG-Linked Working Capital Facility Agreement in Saudi

by Madaline Dunn
written by Madaline Dunn

MENAT banking group Emirates NBD has inked an ESG-linked working capital facility with Landmark Retail, marking the first time a private sector company has signed a bilateral sustainability-linked loan in Saudi Arabia.

This is the second ESG-linked facility between Emirates NBD and Landmark Retail, following its decision to transition from its working capital facility to a sustainability-linked loan in 2022.

According to a statement this week, the ESG-linked objectives are:

  • Increasing the contribution of renewables in Landmark’s energy utilisation and
  • Increasing the composition of sustainable materials in its retail products.

Further details on these objectives were not shared.

“This milestone agreement underscores our shared commitment to environmental stewardship and driving meaningful change through ESG-linked solutions. By partnering with leaders like Landmark to formulate bespoke sustainability-focused structures, we are paving the way for sustainable transition and reinforcing our role as a leader in steering impact on business models contributing to a greener future in the Kingdom,” said Pri Mcnair, Group Co-Head of Corporate Coverage, Emirates NBD, said.

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IntelligenceSpecial Reports

KPMG CEO Outlook Report

by Madaline Dunn
written by Madaline Dunn

KPMG has released its 10th edition of the CEO Outlook Report. The report surveyed 1,325 CEOs worldwide, including 25 in the UAE and 75 in the Middle East.

The survey collected opinions across four themes: economic outlook and geopolitics, ESG, talent and technology.

Key findings include:

  • Fifty-six per cent of CEOs in the UAE and 51 per cent in the Middle East expect to see a significant return on their ESG investments within three to five years.
  • Fifty-two per cent of UAE leaders consider generative AI a top investment priority.
  • CEOs in the Middle East (55 per cent) and worldwide (64 per cent) are also focusing on increasing their organisations’ AI spending.
  • Twenty per cent of UAE CEOs said the greatest barrier to achieving Net Zero or similar climate ambitions is the complexity of decarbonising supply chains.
  • Twenty-nine per cent of CEOs in the Middle East are more concerned about the lack of appropriate technology solutions to gather and analyse data.
  • Eighty per cent of CEOs worldwide anticipate they will be required to balance centralised and devolved strategies in response to political conflict and climate change.
  • In the UAE, 52 per cent of CEOs agree.

For more insights, head here.

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EnvironmentGovernanceLatest News

Ducab Group, Schneider Electric Partner for ESG and Climate Strategy

by Madaline Dunn
written by Madaline Dunn

Ducab Group, an end-to-end solutions provider and manufacturing firm, has announced that it has appointed Schneider Electric’s Sustainability Business as a strategic advisor. 

Schneider Electric shared that through this partnership, it will “work closely” with Ducab Group to develop a comprehensive ESG and climate strategy to reduce emissions across Scopes 1, 2, and 3, aligned with the Science Based Targets initiative (SBTi). 

“While our business continues to thrive, meeting the global demand for sustainability is one of today’s greatest challenges,” said Charles-Edouard Mellagui, CEO of Ducab Cables Business.

According to Schneider Electric, as part of the partnership, it will conduct an ESG Double Materiality Assessment for Ducab and facilitate ESG reporting in compliance with global frameworks and GRI standards. 

“Our collaboration with Schneider Electric provides a powerful solution, and we plan to build on their expertise in energy management and decarbonization. We remain determined to support the global energy transition by deploying all our innovative products and solutions across all sectors, and this marks a crucial milestone in that journey,” added Mellagui.

Ducab will also use Schneider Electric’s EcoStruxure Resource Advisor—a cloud-based solution designed to monitor and track sustainability progress over the long term, integrating AI-driven data—to create comprehensive sustainability strategies.

Amel Chadli, President of Gulf Countries, Schneider Electric, commented: “This collaboration exemplifies Schneider Electric’s commitment to empowering companies to meet the challenges of today while securing a cleaner, more resilient future. It also marks a significant step towards implementing sustainable practices across Ducab’s operations.”

“Together, we are laying the groundwork for a comprehensive ESG strategy that will not only reduce carbon footprints but also set a new standard for industrial decarbonization in the region in line with the Dubai Clean Energy Strategy 2050. Sustainability is not just a corporate responsibility; it’s a solid commitment to future generations.”

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CommUnique, AXA Climate School Partner on ESG Training

by Madaline Dunn
written by Madaline Dunn

CommUnique, a provider of ESG leadership training and stakeholder engagement consulting has announced a strategic partnership with AXA Climate School, an arm of AXA group. The parties shared that the partnership is aimed at bridging the skills gap that organisations face in managing Scope 3 emissions.

This partnership comes against a backdrop of new and upcoming regulations requiring Scope 3 emissions reporting, including the EU Corporate Sustainability Reporting Directive (CSRD) and the UK’s Streamlined Energy and Carbon Reporting (SECR).

Indeed, as this regulation emerges, CommUnique noted that many companies point to a lack of personnel with Scope 3 knowledge and specialisation as a barrier to effectively managing Scope 3 emissions.

Correspondingly, the company cited the Green Skills Report 2023, which found that 85 per cent of sustainability professionals believe upskilling is “critical” or “very important” for tackling Scope 3 challenges.

To meet this demand, CommUnique explained that the partnership will facilitate “exclusive access” to AXA Climate School’s climate education courses, covering various topics, including climate risk management, sustainable resource use, and strategies for reducing environmental impact.

“By equipping our clients with the necessary skills to manage Scope 3 emissions, we are not only helping them comply with the latest regulations but also empowering them to lead in sustainability,” said Gihan Hyde, Founder & CEO at CommUnique.

Rushil Agarwal, Business Head – Asia Pacific at AXA Climate, added: “Our collaboration with CommUnique is perfectly aligned with our goal of expanding climate education to address global challenges. Together, we can amplify our impact, ensuring that businesses are better prepared to meet their ESG goals.”

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