Hawkamah is Founding Member of “Dubai Sustainable Finance  Working Group”
Hawkamah is Founding Member of “Dubai Sustainable Finance Working Group”
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In line with the UAE Sustainable Development Goals 2030 and Dubai’s Strategic Plan 2021, the Dubai Financial Market (DFM) and the Dubai International Financial Centre (DIFC) today launched the “Dubai Sustainable Finance Working Group”, with Hawkamah Institute as one of its founding members.

His Excellency Essa Kazim, Governor of the DIFC and Chairman of the DFM inaugurated the Group in the presence of His Excellency Saeed Mohamed Al Tayer, Managing Director & CEO of Dubai Electricity & Water Authority (DEWA), Abdulfattah Sharaf, CEO of HSBC UAE, Mohamed Al Muallem, CEO & Managing Director of DP World, and senior representatives of the Working Group members.

In addition to the DFM, DIFC and Hawkamah, the other founding members of the Group are; Nasdaq Dubai, DEWA, the Dubai Islamic Economy Development Centre, Aramex, DP World, HSBC, EmiratesNBD, Dubai Islamic Bank and Société Générale.

The multi-stakeholder Group held its first meeting at the DFM premises to discuss the action plan that will focus on combining Dubai’s finance sector’s initiatives to create a sustainable financial hub in the region, particularly in the areas of Environment, Social and Governance (ESG) integration, cultivating sustainable companies and green financial instruments, and encouraging responsible investing.

Commenting on this initiative, His Excellency Essa Kazim, Governor of the DIFC and Chairman of the DFM said: “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. We are proud to launch this initiative that underlines the constant commitment of both DFM and DIFC to work collectively with various stakeholders to further attract investments to Dubai and reinforce its position as a leading financial hub and global Islamic finance capital. Various aspects of sustainability are amongst the main objectives of Islamic Sharia and combined have the potential to provide a blueprint for a sustainable global economy”.

The initiative draws strong support from the founding members

The Group has been widely welcomed by the founding members as senior representatives of the institutions expressed their strong support to this significant initiative as part of the efforts to further strengthen the sustainability of the financial sector in Dubai.

HE Saeed Mohammed Al Tayer, Managing Director and Chief Executive Officer, Dubai Electricity and Water Authority (DEWA), commented: “In line with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to adopt green economy strategies for economic, social and environmental development, we are delighted to be part of the Dubai Sustainable Finance Working Group. This aligns very well with our vision to become a globally leading sustainable innovative corporation. Together, we intend to transform Dubai into a global centre for clean energy and green economy, through our sustainable initiatives, projects and programmes, notably the Mohammed bin Rashid Al Maktoum Solar Park.”

Abdulfattah Sharaf, Group General Manager and Chief Executive Officer UAE, HSBC Bank Middle East Limited, commented: “Sustainable finance is at the heart of the region’s ambitious economic transformation agenda and HSBC is proud to support that ambition for its customers and through the Dubai Sustainable Finance Working Group.

Dr. Adnan Chilwan, Group Chief Executive Officer, Dubai Islamic Bank (DIB), commented: “Responsible investing with sustainability in mind has been effectively driving DIB’s growth strategy historically. We congratulate DFM on launching this key initiative and remain committed to Dubai’s sustainable development ambitions.”

Fahad Al Qassim, Chief Executive Officer, Emirates NBD Capital, commented: “Emirates NBD Capital is proud to support the Dubai Sustainable Finance Working Group in its important mission of embedding environmental, social and governance best practices into the financial services sector. Aligned with the sustainability strategy of Emirates NBD Group, we remain committed to helping Dubai achieve its vision of establishing itself as a sustainable financial hub in the region.”                                                                                                                                                        

Dr Ashraf Gamal ElDin, Chief Executive Officer, Hawkamah, The Institute for Corporate Governance, commented: An important initiative reflecting the strategic direction of the UAE to attract responsible investors and confirms the pioneering role of the UAE in promoting sustainability.

Hamed Ali, Chief Executive of Nasdaq Dubai, said: “As an established venue for green Sukuk listings, with issuers including the Indonesian government and Majid Al Futtaim, Nasdaq Dubai looks forward to further promoting the green and sustainable capital markets sector. The Dubai Sustainable Finance Working Group is an excellent launch pad for new initiatives and activities.”

Raji Hattar, Chief Sustainability Officer at Aramex, commented: "We are proud to be part of this great initiative and to share our expertise in Sustainability, to support the UAE’s Sustainable Development Goals 2030 and Dubai’s Strategic Plan 2021.”

The Dubai Sustainable Finance Working Group will convene periodically to address key developments and discuss potential initiatives to promote best practices of Environment, Social and Governance (ESG) in the financial sector. The Group’s workplan will focus on four key pillars including; responsible business operations, responsible investing, growing sustainable finance and diversity and inclusion.

Testimonials

  • The certified Board Secretaries Workshop provided by Hawkamah and Dubai Financial Market is an essential course for learning corporate governance, scope and responsibilities of the board secretary and understanding the governance and disclosure requirements of the Dubai Financial Market and the Securities and Commodities Authority. It is a practical course which combined recent best practices and key learning lessons. I would highly recommend it for people involved in corporate governance and in particular in a listed company.

    Omran Al Zamani - Senior Legal Counsel - Dana Gas PJSC

  • Great program! Very well done and very useful information delivered in an excellent manner. The workshop was very inspirational, energizing, bringing lots of ideas, with both substantial and in-depth knowledge together with case studies. Well-balanced composition of participants, which contributed to interesting and focused discussions and exchanges. I would highly recommend it to anyone that is interested in improving their proficiency and core competencies.

    Hassan Murad Agha - Group Head of Compliance & Internal Control - Gulf General Investment Co. (PSC)

  • All companies should promote their boards, executive managers or staffs who have board responsibilities for subsidiary companies to attend corporate governance training. Hawkamah provides the ability for people and companies in the GCC to upskill in the area of corporate governance and directorship through a comprehensive programme teaching international best practice which has been tailored to regional specific governance issues.

    Alastair Mulligan - VP Asset Management - National Central Cooling Company PJSC (TABREED)

  • I am truly honored to attain this certification and I recommend the Compliance Heads of all DFM listed companies to participate and achieve this certification.

    Nabeel Mirza - Senior Director & MLRO - Compliance - GFH Financial Group B.S.C.

  • The workshop has added a level of professionalism to my practice. It addressed and discussed  the right concepts to promote better governance and effective support for business in line with rules and procedures.

    Osama Issaq Al Haj - Head of Legal & Board Secretary - Dubai Islamic Bank

  • A very interesting and informative course which has helped me to adapt my Board Secretary knowledge further to my role as Company Secretary.

    Hamad Al Hosani - Group Company Secretary - Emirates NDB Bank

  • Anyone who wants to enter the world of boards and governance; this is your passport.

    Jehad A. Kazim - Director - Legal Services Dubai Chamber

  • The Directors Development Program was one of the most beneficial programs I attend during my career life. The strength of the program comes from the way it was structured as each part covered very important aspects of the required management role.

    Nada Ishaq Abdul Karim - Manager - The Secretary of The Board of Directors - Bahrain Islamic Bank BSC

  • The DDP offered by the Hawkamah Institute is an excellent course to prepare directors to understand and fulfil their obligations properly as members of the board. I have benefitted immensely from this program and have started to implement some of the best practices taught on the boards that I am involved in.

    Amir Arab - Director - Havenvest Private Equity Middle East Limited

  • The Director Development Program is great way to gain insight and improved understanding in areas such as corporate governance and board functionality. I would highly recommend the program as a foundational step before they begin their board experience.

    Bindu Ann Joseph - Chief Operating Officer - 3W Networks

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