Dubai launches ESG initiative

Sustainable investingDubai is attempting to forge a niche as the region’s leading financial hub for ESG investment through a newly convened, government-backed initiative. The Dubai Sustainable Finance Working Group was jointly launched by the Dubai International Financial Centre (DIFC) and Dubai Financial Market (DFM) where the first meeting of the multi stakeholder group took place. The group has a four pillar plan to develop green financial instruments, promote responsible investing, growing sustainable finance and increasing diversity and inclusion. In addition to the aforementioned bodies, the project involves 10 other participating companies including Nasdaq Dubai, Emirates NBD, Societe Generale, the Dubai Islamic Bank and HSBC as well as real estate developer, DP World, and shipping firm, Aramex. The project, which was inaugurated by Essa Kazim, chairman of the DFM and governor of the DIFC, is in line with Dubai’s 2021 Strategic Plan and the UAE’s Sustainable Development Goals 2030. “As we share the common goal of building a strong and sustainable financial services sector in Dubai, the Group brings together representatives of leading banks, financial institutions, as well as public and private companies in Dubai in order to orchestrate efforts to embed ESG into the financial services sector and transform Dubai into the most sustainable financial hub in the region,” said Kazim. ©2019 funds global mena

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