Environmentally Conscious Or Profit-oriented? Looking At Arab Companies With CSR Goals
For a variety of reasons, big Middle Eastern companies are putting more of an emphasis on CSR (Corporate Social Responsibility). These reasons include strengthening customer retention, enhancing brand perception, attracting top business owners, and attracting investment opportunities as per apiday. In light of this, businesses have begun to place a great deal of importance on being socially and environmentally conscious rather than merely profit-oriented, making CSR more widely accepted across all industries.
Let’s then have a look at the major corporations that are implementing meaningful initiatives for the environment and serving as role models for other entities.
BMCE Bank of Africa, Morocco
In 2019, Shaikh Salem bin Sultan bin Saqr Al Qasimi, chairman of the Department of Civil Aviation in Ras Al Khaimah chose 28 companies to be honored with the Arabia CSR Awards according to Gulf News. Bank of Africa came out as first in the financial services category for its CSR goals. This entity has a strong commitment to its CSR goals which vary from respecting business ethics to promoting sustainable financing and social entrepreneurship. Also, it’s a bank that has a presence in more than thirty countries in Africa, Europe, and Asia, employing more than 14,800 staff across the world.
National Bank of Oman, Sultanate of Oman
National Bank of Oman (NBO) is one of the first publicly listed organizations in Oman to release its sustainability report, titled ‘Responsible Banking. For You. For Our Nation.’ Also, NBO held the “‘Kaderoon” Forum back in 2019 with an emphasis on the employment, training, and rehabilitation of people with disabilities. The bank’s active CSR program, which has so far committed about OMR324,000 to various community outreach efforts, includes sponsorship of such events.
RasGas, Qatar
At the sixth annual Arabian Business Qatar Awards in 2015, RasGas won the CSR Company of the Year Award. 157 local businessmen, opinion leaders, and influencers recognized the company as a prime example of CSR efforts among Qatar’s numerous industries and businesses. This honor follows the regional Arabia CSR Awards’ third-place finish in 2014.
Savola, Saudi Arabia
The Savola Group is a multi-award-winning innovator in Saudi Arabia as it signed five agreements with prominent social groups in Jeddah to support important research lab and training class equipment projects as part of the organization’s “Savola Bridges” social responsibility initiative.
Alba, Bahrain
Bahrain-based aluminum smelter has been awarded with the ‘Bronze Medal’ 2020 in recognition of its commitment and performance in terms of corporate social responsibility (CSR) by the international rating platform EcoVadis. The firm also has continued its eco push with an installment of its $397,877 donation, payable over three years, towards the purchase and installation of eco-friendly LED lights at the University of Bahrain campus in Sakhir.
Based on a Boston Consulting Group study, businesses that make efforts to be more environmentally conscious tend to outperform the market, therefore financial responsibility plays a significant part in the implementation of CSR. According to this study, companies that are regarded as leaders in environmental, social, or governance issues are valued 11% higher than their rivals.
