UAE: Ittihad receives provisional ‘AAA’ ESG Rating from MSCI

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Ittihad International Investment, a leading diversified investment conglomerate with a portfolio across four verticals, has received a provisional ‘AAA’ ESG rating from MSCI. This highest rating positions the Company among the most sustainable industrial conglomerates, both regionally and globally.

Ittihad’s portfolio spans four key verticals: Consumer Goods Manufacturing, including paper and tissue production, as well as raw materials used in detergent production; Infrastructure and Building Materials Manufacturing, including copper rods, cement, and rebar production; Business Services, including operation and maintenance of infrastructure, and environmental services; and Healthcare Services, including laboratories and radiology centres management, as well as medical equipment and supplies.

With ‘AAA’ rating, Ittihad ranks among the top five of the 36 industrial conglomerates included in the MSCI All Country World Index (ACWI), making it one of the highest ranked UAE-based industrial groups in 2024. In line with international sustainability standards, Ittihad adopted a focused approach to identify and manage key ESG-related risks and opportunities at all levels of the business.

Driving ESG progress

Amer Kakish, Chief Executive Officer at Ittihad, said: “We are immensely proud to receive a provisional ‘AAA’ ESG rating from MSCI, reflecting our commitment to highest standards of corporate governance. This achievement aligns our operations with local and global efforts to drive environmental and social progress while creating sustainable value for our stakeholders. It marks a significant milestone in our sustainable journey, providing a platform for further sustainable growth in the coming years.”

As an industrial conglomerate, Ittihad generates 4% of the UAE's non-oil manufacturing sector exports, supplying products and services to over 50 countries globally. The company’s growth strategy is firmly aligned with the UAE's 'Operation 300bn' initiatives, aimed at advancing the industrial sector and diversifying the national economy.

Qais Saif, ESG and Sustainability Director at Ittihad, said: “This achievement is a testament to our dedication to advancing our ESG practices and governance. Through our strategic sustainability roadmap, we have embedded ESG principles across our operations, fostering a cohesive approach across all subsidiaries. By harnessing cutting-edge technologies and investing in our people, we are committed to driving sustainable growth and making a meaningful impact.”

This rating is the culmination of an intensive process, which involved development and implementation of a comprehensive Environmental, Social, Governance (ESG) Framework along with the publication of the Company’s inaugural Sustainability Report for the year 2023.--