Gulf companies feature in MENA ESG index top 10

Seven companies in the UAE and Saudi Arabia have been listed in Hawkamah and S&P’s ESG index for the MENA region.

The environmental, social and corporate governance index covers 11 markets of the MENA region and ranks the top 50 companies based on their ESG practices.

Thirty-two of the top MENA 50 companies are from Qatar, KSA and the UAE with four from the UAE and three from Saudi Arabia in the top 10.

From the UAE, the National Bank of Abu Dhabi, DP World Ltd. and Abu Dhabi Commercial Bank featured and from Saudi Arabia, Saudi Basic Industries Corp, Saudi Investment Bank and SAVOLA Group made the top 10.

The index includes the top 50 pan Arab companies based on their performance on nearly 200 ESG metrics.

Dr. Ashraf Gamal, CEO of Hawkamah, said, “as part of our work on the Index, Hawkamah has monitored the disclosure practices of regional listed companies for the past nine financial years, and it is encouraging to witness substantial year-on-year improvements.” This is significant because companies that incorporate ESG considerations into their business models tend to be more successful in the long run.”

Hawkamah, The Institute for Corporate Governance is an international association of corporate governance practitioners, regulators, and institutions advancing home grown yet globally integrated corporate governance best practices in the region.