Dubai’s stock exchange eyes Middle East sustainability crown

The Dubai Financial Market has launched a blueprint to promote environmental, social and governance (ESG) issues among listed firms, pledging to become the region’s leading sustainable financial market by 2025.

The Sustainability Strategic Plan 2025, which underpins the Dubai exchange’s efforts to promote ESG best practice among PLCs and other stakeholders, comprises four main pillars – Sustainability Reporting and Disclosures; Sustainable Investment Education; Green Products and Listings and lastly, Gender Balance and Empowering People.

To enact the
strategy, a sustainability committee has been formed that will create awareness
of ESG practices among local and regional investors. The committee’s objective
is to solidify Dubai’s position as a regional investment hub and contribute to
the UAE’s agenda for sustainable development.

The committee
will play a critical role in embedding sustainability policy and processes
across the Dubai Financial Market’s operations, to ensure long-term corporate
survival. This will include material risk mapping, along with environmental and
social development initiatives.

Committee leaders
will also launch initiatives to promote the importance of ESG investing and
encourage listed firms to adopt ESG reporting practices. The Dubai Financial
Market said these factors will reinforce adopters’ ability to attract
investments, access finance and enter new markets through robust governance
practices.

Chairman Essa
Kazim said: “Since 2016, the Dubai Financial Market has been actively promoting
best practices of sustainability among market participants. We are looking to
become the region’s leading sustainable financial market by 2025.”

Founded in 2000,
the Dubai Financial Market is the best-known trading venue in the United Arab
Emirates, with a market cap in excess of US $90 billion.