The achievement of the highest possible rating positions Ittihad among the most sustainable industrial conglomerates in the UAE and globally. This announcement follows the development of a comprehensive ESG framework and roadmap, aligned with the UAE Federal Government’s vision for a more sustainable future. The provisional ‘AAA’ rating will support the acceleration of Ittihad’s sustainable growth trajectory.
Abu Dhabi, UAE, 8 October 2024: Ittihad International Investment LLC (“Ittihad”; the “Company”), a leading diversified investment conglomerate with a portfolio spanning four verticals, has received a provisional ‘AAA’ ESG rating from MSCI. This rating places the Company among the most sustainable industrial conglomerates both regionally and globally.
Ittihad’s portfolio encompasses four key sectors: Consumer Goods Manufacturing, including paper and tissue production and raw materials for detergent; Infrastructure and Building Materials Manufacturing, featuring copper rods, cement, and rebar; Business Services, covering operation and maintenance of infrastructure and environmental services; and Healthcare Services, which includes management of laboratories and radiology centers, as well as medical equipment and supplies.
With its ‘AAA’ rating, Ittihad ranks among the top five of the 36 industrial conglomerates listed in the MSCI All Country World Index (ACWI), marking it as one of the highest-ranked UAE-based industrial groups in 2024. In accordance with international sustainability standards, Ittihad has adopted a focused approach to identifying and managing key ESG-related risks and opportunities across all business levels.
Amer Kakish, Chief Executive Officer of Ittihad, stated, “We are immensely proud to receive a provisional ‘AAA’ ESG rating from MSCI, which reflects our commitment to the highest standards of corporate governance. This achievement aligns our operations with local and global efforts to drive environmental and social progress while creating sustainable value for our stakeholders. It marks a significant milestone in our sustainability journey, providing a foundation for further sustainable growth in the coming years.”
As an industrial conglomerate, Ittihad contributes 4% of the UAE’s non-oil manufacturing sector exports, supplying products and services to over 50 countries globally. The Company’s growth strategy is closely aligned with the UAE’s ‘Operation 300bn’ initiatives, aimed at advancing the industrial sector and diversifying the national economy.
Commenting on this milestone, Qais Saif, ESG and Sustainability Director at Ittihad, said, “This achievement is a testament to our dedication to enhancing our ESG practices and governance. Through our strategic sustainability roadmap, we have embedded ESG principles across our operations, fostering a cohesive approach across all subsidiaries. By leveraging cutting-edge technologies and investing in our people, we are committed to driving sustainable growth and making a meaningful impact.”
This rating is the culmination of an intensive process involving the development and implementation of a comprehensive Environmental, Social, and Governance (ESG) framework, along with the publication of the Company’s inaugural Sustainability Report for 2023.
