Gulf Exchanges Announce Unified ESG Metrics for GCC Listed Companies

Riyadh – 09 Jan 2023: The GCC Exchanges Committee, chaired by the Saudi Exchange, published a unified set of ESG Disclosure Metrics today. The metrics are aligned with the World Federation of Exchanges (WFE) and the Sustainable Stock Exchanges (SSE) initiative, and include categories across GHG emissions, energy usage, water usage, gender pay, employee turnover, gender diversity, data privacy, professional ethics and more.

The GCC ESG Disclosure Metrics are an important step towards standardizing ESG disclosure across the GCC region, due to differences in standards of reporting. The metrics are voluntary and serve as a guideline for companies wishing to embark on their ESG disclosure journey. The metrics do not replace existing ESG disclosure guidelines for GCC stock exchanges.

Mohammed Al Rumaih, CEO of Saudi Exchange, and Chairman of the GCC Exchanges Committee, said: “The Saudi Exchange, as the chair of the GCC Exchanges Committee, is pleased to lead this initiative to unite the region’s capital markets and encourage issuers to align with global standards. As the Gulf IPO boom continues, it is important that issuers are cognizant of the priorities of local, regional, and international investors. The GCC ESG Metrics will serve to unify reporting across capital markets, encouraging issuers and industries to look at value beyond the balance sheet and operate as responsible businesses.”

The GCC Exchanges Committee comprises Bahrain Bourse, Boursa Kuwait, Qatar Stock Exchange, Muscat Stock Exchange, Saudi Exchange, Abu Dhabi Securities Exchange and Dubai Financial Market. The committee aims to support the development of regional capital markets, create an advanced capital market ecosystem in the GCC region, and elevate their position on the global stage.

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