A new environmental, social and governance (ESG) intelligence report, produced by Oxford Business Group (OBG) in partnership with the Social Development Bank (SDB), charts Saudi Arabia’s progress towards socio-economic and sustainable development objectives.
Titled “Responsible Social Development in KSA”, the report provides an in-depth analysis of the Kingdom’s efforts to empower its citizens and support entrepreneurship through a host of ESG-aligned projects. In an easy-to-navigate and accessible format, the narrative is supported by key data and infographics.
The publication shines a spotlight on key initiatives of the Kingdom’s Vision 2030 roadmap, including the National Transformation Programme – designed to empower small and medium-sized enterprises, in a move to raise their contribution to GDP and boost employment, and to promote digital development.
The Saudi Green Initiative – which focuses on protecting the environment, steering the energy transition and implementing sustainability programmes – and Saudi Arabia’s commitment to net zero by 2060 are among the other strategies explored, as well as the role earmarked for solar power in the Kingdom’s renewable energy diversification strategy.
OBG’s latest publication tracks SDB’s ESG progress through a series of case studies, mapping out the bank’s long-term contribution to Saudi Arabia’s social development.
This includes a focus on financial products and programmes for micro-, small and medium-sized enterprises, as part of broader efforts to encourage entrepreneurial activity, integrate home-based businesses to the formal economy and raise financial self-sufficiency.
Subscribers will also find details of SDB efforts to foster an environmentally sustainable internal culture and promote green operations within the bank, as well as measures to strengthen corporate governance through collaboration and reporting frameworks.
The report contains an interview with Ibrahim Al Rashid, CEO, SDB, in which he discusses the measures stakeholders can implement to prioritise sustainability in business operations and the opportunities for development banks to support socio-economic development.
“Within the Kingdom, creating opportunities for employment is crucial to the social pillar of ESG under Vision 2030,” he said. “As such, this is of central concern to national development funds, government entities and players in the private sector.”
Jana Treeck, OBG’s Managing Director for the Middle East, said that Saudi Arabia is increasingly focused on making responsible social development and economic expansion a priority – with moves gathering pace to transition away from fossil fuels, sharpen the focus on financial empowerment and risk mitigation, and create an inclusive business ecosystem.
“These and other targets defined in the Kingdom’s Vision 2030 roadmap dovetail with the UN Social Development Goals, at a time when ESG is of growing global relevance,” Treeck said. “Our report outlines that Saudi Arabia’s commitment to putting sustainability at the heart of its economic diversification efforts is setting the scene for years of post-pandemic growth over the coming years.”
The ESG intelligence report on Saudi Arabia forms part of a series of tailored studies that OBG is currently producing with its partners, alongside other highly relevant, go-to research tools, including a range of Future Readiness reports, country-specific Growth and Recovery Outlook articles and interviews.
COMMENTS