Mubasher: The Saudi Exchange (Tadawul) has signed a memorandum of understanding (MoU) with e& enterprise, a subsidiary of the listed e& telecom company, at the United Nations Framework Convention on Climate Change (COP28).
The two sides aim to form a collaborative relationship focused on improving and encouraging joint sustainability efforts within the Saudi capital market, according to a press release.
Head of Clients Relations Development at Tadawul, Bandar Al Blehed, said: "Our MoU with e& enterprise represents one of many initiatives we have implemented to support the listed companies in the Saudi Exchange in their ESG [environmental, social, and governance] reporting.”
Furthermore, the cooperation between Tadawul and e& enterprise will help advance the goal of Saudi Arabia’s stock market to endorse the local capital market in line with international sustainability standards.
Al Blehed added: “In recent years, the number of issuers on the Saudi Exchange who disclose their ESG practices has increased significantly, helping to improve their ESG rating as indicated by global ratings agencies. We expect this number is set to increase in the years ahead, and we remain committed to guiding our issuers through their ESG reporting journey."
Tareq Alangari, the CEO at e& enterprise KSA, said: "Our collaboration [with Tadawul] marks a significant milestone in integrating sustainability into the financial fabric of Saudi Arabia. By leveraging our expertise in sustainable services and solutions, we aim to create a ripple effect of positive environmental and social impact across the Saudi capital market."
In May 2023, e& enterprise unveiled plans to acquire a stake between 61% and 69% in Beehive at an enterprise value of $35 million.
Later in June, the e&’s subsidiary joined forces with Maxbyte Technologies to deliver solutions for Industry 4.0 in the MEA region.
