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Meet the sustainability champions making the Middle East a blueprint for green practices

14:19
13/10/2024
ASHRAF ALHADY
By

• 107 listees span 12 categories and 105 companies.
• UAE-based leaders reign with 54 entries, followed by Saudi Arabia with 20.

Forbes Middle East has released its second annual list of the region’s sustainability leaders, recognizing 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 organizations 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 localize renewable energy projects, with ACWA Power spearheading the development of 70% of Saudi Arabia’s renewable initiatives under PIF’s program. In Abu Dhabi, EWEC is working to meet 60% of the emirate’s total power demand from renewable and clean energy sources by 2035. Additionally, in March 2024, Masdar acquired a 50% stake in US-based renewable power producer Terra-Gen.

Click here for the full list of the Middle East’s Sustainability Leaders 2024.

The Forbes Middle East Sustainability Leaders’ Summit 2024 will be held in Abu Dhabi from October 17-18. To find out more and secure your place, click here.

The Middle East’s Sustainability Leaders 2024

Sector Top-Ranking Sustainability Leader
Banking & Financial Services Hana Al Rostamani

Group CEO, First Abu Dhabi Bank (FAB)

Environmental Services Mohamed Jameel Al Ramahi
CEO, Abu Dhabi Future Energy Company – Masdar

Energy & Utilities Jasim Husain 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 Othman Al-Rumayyan
Governor, Public Investment Fund (PIF)

Manufacturing & Industrials Yasser Zaghloul
Group CEO, NMDC Group

Oil & Gas Amin H. Nasser
President & CEO, Saudi Aramco

Real Estate & Construction Nadhmi Al-Nasr
CEO, NEOM

Technology & Telecom Hatem Dowidar
Group CEO, e&