Saudi-based Construction Products Holding Company (CPC) has signed a memorandum of understanding (MoU) with the Pearl Initiative, a private sector-led organisation developed in collaboration with the United Nations Office for Partnerships to promote best business practices in the Gulf region.

The agreement was signed by Faysal Alaquil, the CPC director of business development and head of Corporate social responsibility (CSR) and official spokesman, and Imelda Dunlop, the executive director of the Pearl Initiative.

As per the MOU, the Saudi company will sponsor various projects for Pearl Initiatives in 2015.

After signing the deal, Alaquil said the agreement is aimed at providing a framework of co-operation and facilitate collaboration between the two organisations, in areas of mutual interest.

As a first step, CPC will sponsor the inaugural United Nations Global Compact Regional Forum to be held in Dubai, UAE, during the first quarter of 2015.

The company will also be the sole sponsor for the roundtable discussion event on Good Business Practices in Anticorruption, taking place in the second quarter of 2015 in Saudi Arabia besides another roundtable discussion event on Women in Business to be held in the third quarter.

It will also offer financial support for the printing of Pearl Initiative's programmes reports for next year.

On the deal, Dunlop said: "In 2012, CPC had joined our growing regional network of business leaders committed to driving joint action, sharing knowledge and experience and today it has proved its commitment for further co-operation."

"We are glad to have reached an agreement with a reputed company such as CPC and we hope that our co-operation will benefit not just our own company, but our respective countries and the entire region," she added.

Alaquil said the agreement shows CPC's commitment to continuing its performance and implementation of well-defined sustainable development initiatives.

"It is in our core strategy to develop transparency, accountability, anti-corruption and corporate responsibility standards, reflected in our board diversity, capability and responsible business plans," he added.-TradeArabia News Service