Forbes Middle East reveals its sustainability leaders
DUBAI, October 14, 2024
Forbes Middle East has released its second annual list of the region’s sustainability leaders, recognising the trailblazers and visionaries driving sustainable initiatives and innovations with the potential to reshape the world.
The list spans 12 major corporate sectors, with rankings based on a detailed assessment of each company’s sustainability efforts.
Forbes Middle East compared initiatives within each sector, factoring in ESG reporting, greenhouse gas emissions, waste management, water and energy usage, and the adoption of renewable energy and energy-efficient technologies. Only initiatives led by companies in the Middle East were considered.
In total, 107 leaders across 12 sectors and 105 companies were recognized for their contributions to advancing the region’s sustainability agenda.
The UAE led with 54 entries, followed by Saudi Arabia with 20, Egypt with 10, Qatar with eight, Bahrain and Kuwait with five each, and Oman with three.
Financial investments in sustainability initiatives have surged across organisations in the region, reflecting a growing focus on environmentally responsible practices. Sustainability commitments are gaining significant momentum across organizations in the region.
In the banking sector, First Abu Dhabi Bank facilitated $21.2 billion in sustainable and transition projects during the first half of 2024.
The QNB Group contributed $3.5 billion to green loans in 2023 and played a pivotal role in coordinating Qatar’s first $2.5 billion green bond issuance in May 2024.
Emirates NBD has facilitated over $20.4 billion in green, social, and sustainability-linked transactions since 2021, while Mashreq has set an ambitious goal to facilitate $30 billion in sustainable financing by 2030.
Saudi Awwal Bank, meanwhile, aims to grow its sustainable financing and investments to $9 billion by 2025.
In the renewable energy sector, Saudi Arabia’s Public Investment Fund (PIF) signed three joint ventures in July 2024 to localise renewable energy projects, with ACWA Power spearheading the development of 70 per cent of Saudi Arabia’s renewable initiatives under PIF’s program.
In Abu Dhabi, EWEC is working to meet 60 per cent of the emirate's total power demand from renewable and clean energy sources by 2035.
Additionally, in March 2024, Masdar acquired a 50 per cent stake in US-based renewable power producer Terra-Gen.
The Middle East’s Sustainability Leaders 2024:
Banking & Financial Services: Hana Al Rostamani - Group CEO, First Abu Dhabi Bank (FAB)
Environmental Services: Mohamed Al Ramahi - CEO, Abu Dhabi Future Energy Company – Masdar
Energy & Utilities: Jasim Thabet - Group CEO & Managing Director, Taqa Group
Food & Agriculture: Abdullah Albader - CEO, Almarai
Green Finance: Said Zater - Group CEO & Managing Director, Contact Financial Holding
Investment & Holding Companies: Yasir Al-Rumayyan - Governor, Public Investment Fund (PIF)
Manufacturing & Industrials: Yasser Zaghloul - Group CEO, NMDC Group
Oil & Gas: Amin Nasser - President & CEO, Saudi Aramco
Real Estate & Construction: Nadhmi Al-Nasr - CEO, Neom
Technology & Telecom: Hatem Dowidar - Group CEO, e&
Transport & Logistics: Sultan bin Sulayem - Group Chairman & CEO, DP World
Travel & Tourism: Ahmed Al Maktoum - Chairman & Chief Executive, Emirates Group -TardeArabia News Service
