The GCC Exchanges Committee, chaired by the Saudi Exchange, has announced a unified set of ESG disclosure metrics consisting of 29 standards aligned with the World Federation of Exchanges and Sustainable Stock Exchanges Initiative. The GCC ESG disclosure metrics are voluntary and will not replace existing disclosure guidelines in GCC markets. However, the new metrics do represent an important step towards the standardisation of ESG disclosure across the GCC, with the region having significant differences in standards of reporting. Saeed Hamad Al Dhaheri, Managing Director and CEO of Abu Dhabi Securities Exchange (ADX), said: “Exchanges play a pivotal role in enhancing governance and sustainability among the region’s companies and ADX is proud to take part in creating unified disclosure metrics for GCC listed companies. In 2020, we issued ESG disclosure guidelines for our listed companies which illustrates ADX’s commitment to drive sustainability in financial markets. Our participation in the establishment of the GCC ESG Metrics reinforces our support for the adoption of the highest reporting and disclosure standards across GCC markets.” The GCC Exchanges Committee comprises Abu Dhabi Securities Exchange, Bahrain Bourse, Boursa Kuwait, Qatar Stock Exchange, Muscat Stock Exchange, Saudi Exchange and Dubai Financial Market.
— Maaal Economy News (@Maaal_Eng) January 9, 2023