(MENAFN-FGS Global) Riyadh – 13 December 2023: In a landmark move towards enhancing sustainability and supporting Environmental, Social, and Governance (ESG) disclosures, the Saudi Exchange and e& enterprise have officially signed a Memorandum of Understanding at the United Nations Framework Convention on Climate Change (COP28).
This significant partnership aims to establish a cooperative relationship focused on developing and encouraging joint sustainability efforts within the Saudi capital market.

Speaking on the occasion, Bandar A. Al Blehed, Head of Clients Relations Development at the Saudi Exchange, 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 reporting. 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, CEO at e& enterprise KSA said: "We are thrilled to partner with the Saudi Exchange in this vital endeavor. Our collaboration 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."

Through this partnership, Saudi Exchange and e& enterprise will work together to enhance the sustainability landscape in the Kingdom. Using combined efforts, the two entities aim to set a precedent for environmental stewardship, social responsibility, and robust governance in the region. The collaboration will help advance Saudi Exchange’s goal to enhance and develop the Saudi capital market in line with the international sustainability standards.