Saudi Arabia developing unified ESG guidelines to raise reporting standards, official says

Yara Sindi takes part in a panel discussion during the World ESG Summit in Riyadh. (AN Photo/Huda Bashatah)
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Updated 11 February 2025
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Saudi Arabia developing unified ESG guidelines to raise reporting standards, official says

  • Robust ecosystem will help prepare for sustainable future
  • Saudi companies need to improve accuracy of reports, says Sindi

RIYADH: Saudi Arabia is developing unified national environmental, social, and governance guidelines that aim to bring reporting up to international standards, an official said.

“By developing a robust ESG ecosystem, we can address current challenges while preparing for a more sustainable future,” Yara Sindi, general manager of monitoring, reporting, and policies for sustainability, and director of corporate sustainability at the Ministry of Economy and Planning said during a conference in Riyadh.

“With 30 percent of our top companies already reporting on sustainability and growing awareness globally, we have an incredible opportunity to capitalize on this momentum,” Sindi said.

Despite this progress, Sindi noted that the quality of these reports remains a challenge. Many are not aligned with international standards, resulting in weak ratings and limited investor engagement, she said.

While there are multiple existing national guidelines that have been developed by different jurisdictions, Sindi pointed out that there is still no unified approach.

She emphasized the need for Saudi companies to improve the accuracy and transparency of their sustainability reports.

“It’s essential to equip our corporates with the tools and frameworks they need to produce high-quality reports,” she said.

Sindi added that this will allow them to better translate their efforts into measurable outcomes that investors can trust.

To tackle these challenges, Saudi Arabia is developing its own national sustainability reporting standards.

“These guidelines, informed by international best practices, aim to provide a unified approach that simplifies reporting for companies while ensuring alignment with global expectations,” she added.

Sindi made the comments during a panel discussion titled “The Evolving Landscape of ESG: Trends, Challenges, and Opportunities” at the fifth World Environmental Social and Governance Summit in Riyadh this week.

She said that investors’ awareness of national ESG initiatives is not where it should be, due to the disconnect between companies and investors regarding sustainability efforts.

“We are working to bridge this gap by fostering conversations and knowledge-sharing between corporates and investors.”

Abdulaziz Al-Ghamdi, director of sustainability at Ardara, also participated in the discussion, emphasizing a critical aspect of proper ESG implementation.

“A lot is going on — the landscape on the policy and the implementation of the strategy — and there’s lots of effort and work to be thanked for.”

Al-Ghamdi added that where most companies fail to address proper ESG implementation strategy, and the way that it can aid decision-making, is in identifying, primarily, many different materiality topics and the sustainability mandate.

“That being said, ESG is a metric for those who have not been involved in it — to calculate, to measure, to track, and to assess the performance of a company towards this broader stakeholder engagement,” he explained.

Al-Ghamdi said that there is a lot of work that has been completed to do that, but there are significant challenges in implementing these kinds of ESG strategies.

Neil Atkinson, senior vice president and head of ESG and sustainability at Riyadh Bank, added further insights into how ESG opens new opportunities for Saudi Arabia’s rapidly transforming sectors such as construction, energy, and real estate.

“I’d say, with the mass transformation we have here in Saudi Arabia for all sectors, how ESG in collaboration with this transformation can provide new opportunities for us here in the Kingdom,” Atkinson said.

He identified four key trends shaping the ESG landscape from a banking perspective.

“The first one is the increasing growth of green, social, sustainability, and sustainability-linked instruments,” Atkinson said.

He noted that in the US, self-identified assets under management in ESG reached $6.5 trillion in 2024, reflecting a significant year-on-year rise.

Atkinson pointed to the scaling of clean energy technologies, particularly solar, hydrogen, and wind, as a second major trend.

The third trend Atkinson highlighted was the increasing demand from investors for measurable ESG metrics.

“There are innumerable macro studies that demonstrate the strong positive correlation between sustainability performance and financial performance,” he said.

This drives investor interest in companies’ ESG integration into corporate planning and strategy. Atkinson linked this trend to regulatory developments.

He added: “Sustainability performance equals financial performance, which equals financial stability. And that’s a trend we see continuing.”

Atkinson said that there are 3,000 Saudi companies impacted by the Corporate Sustainability Reporting Directive requirements.

“This will influence how businesses set up their exports and how we in the financial sector help companies transition to meet these requirements.”


Kingdom marks world’s anti-drug day

Updated 10 sec ago
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Kingdom marks world’s anti-drug day

  • More than 922 kg of banned substances seized in KSA over 12 months
  • A number of awareness events were held across the country on Thursday — the UN’s International Day against Drug Abuse and Illicit Trafficking

RIYADH: More than 922 kg of banned substances, including more than 20 million pills, have been seized in Saudi Arabia over the past year, the Kingdom’s customs authority announced on Thursday as officials marked the UN’s world anti-drug day.

One recent drug bust in cooperation with authorities from the Syrian Arab Republic thwarted an attempt to smuggle 200,000 amphetamine tablets from the Levant nation, a Ministry of Interior spokesperson said via the Saudi Press Agency.

The announcement was made as a number of awareness events were held across the country on Thursday — the UN’s International Day against Drug Abuse and Illicit Trafficking.

Events in the Riyadh and Asir regions will run until Saturday, educating members of the public about the dangers of drugs.

Smugglers have attempted to bring contraband into the country in various ways, by concealing the items in shipments of food, household utensils, vehicles, shoes and even inside their body cavities, the Zakat, Tax and Customs Authority said.

The organization places the fight against drugs as one of its top priorities and will continue to tighten security at the Kingdom’s borders, it added.

Jasim Mohamed Albudaiwi, the secretary-general of the Gulf Cooperation Council, said that the GCC countries see drug control measures as a top priority.

The GCC states have formed a united front to tackle the use and trade of illicit substances which endanger families and society, he added.

Albudaiwi also stressed the importance of reintegrating recovering drug addicts into society, and highlighted the role that schools, the media, religious leaders and civil society’s institutions play in stopping the use of drugs.

Meanwhile, the Naif College for National Security in Riyadh celebrated the graduation of 63 trainees of various courses on Thursday, including anti-drug programs.

The ceremony was attended by Maj. Gen. Muhammad bin Saeed Al-Qarni, the director general of narcotics control, who congratulated the graduates and stressed that the Kingdom’s anti-drug programs received the full support of the country’s leadership.

The Zakat, Tax and Customs Authority has called on members of the public to contribute to the fight against drug smuggling in order to protect society and the Kingdom’s economy.

Reports can be made to the domestic telephone number 1910, internationally via 009661910, or via email at 1910@zatca.gov.sa.

All reports are treated with confidentiality, the authority said, and accurate information will be rewarded financially.


Saudi foreign minister discusses Syria’s stability with US envoy

Updated 30 min 47 sec ago
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Saudi foreign minister discusses Syria’s stability with US envoy

  • Tom Barrack, US envoy to Syria, visited Riyadh on Thursday

LONDON: Prince Faisal bin Farhan, the Saudi minister of foreign affairs, received Tom Barrack, the US envoy to Syria, in Riyadh.

During the meeting on Thursday, officials discussed ways to support the Syrian Arab Republic in enhancing its security, stability, and economic recovery, reported the Saudi Press Agency.


Djibouti ambassador praises deep ties between African state and Saudi Arabia

Updated 38 min 1 sec ago
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Djibouti ambassador praises deep ties between African state and Saudi Arabia

  • Djibouti Embassy celebrates 48th anniversary of independence 
  • Ambassador reaffirms Djibouti’s unwavering support for the Palestinian cause

RIYADH: The Djibouti Embassy in Riyadh donned patriotic colors as its staff celebrated their national day on Wednesday night, hosting a befitting reception to mark the occasion.

On the occasion of the 48th anniversary of the National Independence of Djibouti, Dya-Eddine Said Bamakhrama, ambassador of the Republic of Djibouti to Saudi Arabia and the dean of the Diplomatic Corps, hosted an official reception at the Cultural Palace in the Diplomatic Quarter.

The event was attended by Prince Mohammed bin Abdulrahman bin Abdulaziz, deputy governor of Riyadh Region, as guest of honor and patron, and Prince Sultan bin Salman, the founder and chairman of the Saudi Aviation Club.

The reception was also attended by numerous princes, ambassadors, distinguished business leaders, media professionals, artists, and members of the Saudi and Djibouti community.

Addressing the gathering the ambassador highlighted Djibouti’s remarkable achievements over the past five decades, particularly in terms of security, stability, and sustainable development.

He also emphasized the deep and sincere fraternal relations that unite the leaderships and people of the two nations.

Furthermore, the ambassador reaffirmed Djibouti’s firm and unwavering position in support of the Palestinian cause, advocating for the restoration of the Palestinian people’s legitimate rights, including the establishment of an independent state with East Jerusalem as its capital.

Saudi Arabia also strongly supports the two-state solution as the path to resolving the Israeli-Palestinian conflict.

Palestine is officially recognized by 147 of the UN’s 193 member states and has observer status at the UN.

The ambassador also reiterated Djibouti’s commitment to a calm, constructive, and principled diplomacy, actively working to promote peace in the region and around the world, rejecting wars and advocating for dialogue, peaceful coexistence, and sustainable development.


Forecast of higher temperatures, rainfall in July and August in Saudi

Updated 16 min 44 sec ago
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Forecast of higher temperatures, rainfall in July and August in Saudi

  • 1 C rise in central, northern and eastern regions
  • Above-normal rain in south, west regions forecast 

JEDDAH: Higher temperatures are expected in July and August in the central, northern and eastern parts of Saudi Arabia, the National Center for Meteorology has announced.

In a seasonal forecast carried by the Saudi Press Agency on Wednesday, the meteorology authority expects a rise of 1 degree Celsius in parts of Riyadh, Qassim and Hail, as well as the eastern and Northern Borders regions.

It is expected to peak in August with a rise of 1.2 degrees Celsius in Jouf, Tabuk, Qassim, Hail and the eastern regions.

The NCM has also forecast higher-than-normal rainfall in Najran, Jazan, Al-Baha, Asir, parts of Makkah and Madinah, southern Riyadh and the eastern regions, particularly in July and August.

The rest of the Kingdom is expected to have normal rainfall.

The Summer 2025 forecast, covering the months of June to August, is based on climatic conditions from 1991 to 2020, the SPA stated.

According to the report, the highest temperature was recorded in Jeddah in June 2010 at 52 degrees Celsius, while Al-Ahsa recorded 51.3 in July 2024.

Dammam and Al-Qaisumah in the eastern part of the Kingdom recorded August highs of 51 in 1998 and 2021.

For rainfall, the southwestern region of Jazan recorded the highest daily amount in August 2024 at 113 millimeters. It also held the record for July at 67.6 in 1995.

For the month of June, Sharurah, in the southern province of Najran, recorded the highest daily amount in June 1996 at 53.8.


Governor of Qassim praises heritage center for preserving region’s culture and history

Updated 26 June 2025
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Governor of Qassim praises heritage center for preserving region’s culture and history

  • Prince Faisal bin Mishaal highlights the ways in which the Cultural Heritage Center helps boost national pride in the Kingdom’s historical and cultural identity
  • He tours exhibits that showcase the region’s various historical eras and feature a wide range of treasures, including prehistoric and pre-Islamic artifacts

RIYADH: The governor of Qassim, Prince Faisal bin Mishaal, praised a cultural center on Wednesday for the work it is doing to preserve and showcase the region’s rich history and heritage.

During a tour of the Cultural Heritage Center in Qassim he saw displays devoted to various historical eras and learned about the methods used to preserve the region’s historical and cultural assets, the Saudi Press Agency reported.

The prince highlighted the important role the facility plays in shining a light on the region’s cultural heritage, and showcasing key historical artifacts dating back as far as ancient times from sites closely linked to the history and evolution of the Saudi state.

The center, which is part of the regional branch of the Saudi Heritage Commission, has displays that showcase the different historical eras of the region and feature a wide range of exhibits, including prehistoric artifacts and pre-Islamic treasures.

One exhibition is dedicated to Islamic-era Qassim, others to historic pilgrimage routes, architectural heritage sites, and the region’s intangible cultural heritage. There is also an interactive room for children, and a handicrafts section.

Prince Faisal praised the work of the Heritage Commission and highlighted the ways in which its efforts contribute to national pride in the Kingdom’s heritage and its historical identity.

He was accompanied during his visit by Ibrahim Al-Mushaikih, director of the commission’s regional branch, and other officials.

Al-Mushaikih said the governor’s visit represented a significant step in the development of the facility. He invited people from all parts of Saudi society to pay a visit and see for themselves the comprehensive information it offers about Qassim’s archaeological and heritage sites through enjoyable experiences and interactive displays.