DUBAI – Interactive sessions highlighting the viable opportunities that could be leveraged to achieve sustainability and greater profitability for businesses and regional economies concluded the Second Regional Forum hosted by Pearl Initiative and United Nations Global Compact (UNGC) that drew the participation of prominent business leaders from across the GCC region.
Held under the patronage of Sheikh Nahyan bin Mubarak Al Nahyan, UAE Minister of Culture and Knowledge Development, the regional forum drew attention to the UN Sustainable Development Goals (SDGs), a key component of the 2030 Agenda for Sustainable Development. Themed ‘Sustainability in Action: Business and the Sustainable Development Goals’, the forum convened more than 700 delegates to debate and discuss actionable targets across the five pillars of Prosperity, People, Peace, Planet, Partnerships.
The engaging panel discussion on People, featured prominent panelists such as Dr Mohamed Al Zuhair, Chairman, Kuwait National Fund for SME Development, Dr Patrick Allman-Ward, Group CEO, Dana Gas, Patrick Chalhoub, CEO, Chalhoub Group and Professor Christoph Loch, Director, Cambridge Judge Business School. The session was moderated by Clare Woodcraft-Scott, CEO, Emirates Foundation.
Speaking on the private sector’s contribution to sustainability, Professor Christopher Loch, said: “Sometimes companies face difficulties in including sustainability as part of their core business strategy due to a concern that it might affect their competitive edge. Some look at investing in sustainability as an unnecessary luxury.”
He added: “The problem is not only limited to companies. Some investors have a short-term vision. Consumers, for their part, might claim to prefer sustainability and yet choose a product that contradicts the basic principles of sustainability. Young generations need to exert their influence and mobilize the public about the long-term benefits of sustainability. Consumers are an important group that needs to be influenced as companies monitor consumer behavior more than anything else.”
Loch stressed the importance of investing in talent and developing such talent to enhance sustainability. He also reiterated the importance of innovation in driving sustainability activities.
Patrick Chalhoub, CEO of Chalhoub Group, said: “Companies are thinking short-term about how to achieve sustainability. We have to realize that we cannot achieve profits and growth in the long-term if our world is not sustainable, and that we cannot preserve our customer base if consumers are dissatisfied with our performance.”
He added: “Our company strives to be a role model in showcasing the benefits that can be achieved through focusing on sustainability instead of only looking at short-term profitability. We also need to focus on environmental and human sustainability as well as on investing in education.”
The interactive Planet session saw participation from various prominent speakers that included Razan Al Mubarak, Secretary-General, Environment Agency Abu Dhabi, Khaled Al Huraimel, Group CEO, Bee›ah, Fahd Al Rasheed, Group CEO & Managing Director, King Abdullah Economic City, Sami Khoreibi, CEO, Enviromena, Dr H Jeffrey Leonard, CEO, Global Environment Fund, Manoelle Lepoutre, Senior Vice President Civil & Societal Engagement, Total. The session was moderated by Ida Tillisch, Director General, EWS-WWF.
During the session, the panelists examined how the private sector could remain profitable while securing the health of the planet for future generations.
Razan Al Mubarak, Secretary-General, Environment Agency Abu Dhabi, said: “The community at large must have a clear understanding of the environmental issues that the world is facing today, so that they can better determine how to contribute towards positive and more long-term change. A starting point to the journey towards a sustainable planet lies in collaborations between the public and private sector, as we’ve been hearing throughout the forum today. This will serve as a step towards enhancing awareness and accountability across individuals and corporations.”
As part of the same panel discussion, Fahd Al Rasheed, Group CEO & Managing Director, King Abdullah Economic City, said: “People used to believe that environmental sustainability was a luxury, something that was not of immediate urgency as compared to economic or social sustainability - which needed to be addressed. Today, that understanding has largely changed as we are on the brink of an energy challenge and have commenced investing heavily in research and technology to find a way to create and sustain a greener planet.”
In line with the key pillars of the event, a separate parallel session on Peace explored the significant role of the private sector in building effective, accountable and inclusive institutions that could lead to strong and peaceful societies. The session was headlined by Dr Faysal Alaquil, Director Business Development, CPC, Alia Al Rifai, CFO, Siemens Middle East, Lance Croffoot-Suede, Partner & Head of International Governance, Linklaters, Dr Bjorn Kjerfve, Chancellor, American University of Sharjah, and Dr Ashraf Gamal El-Din, CEO, Hawkamah. The discussion was moderated by Melissa Powell, Chief of Staff, United Nations Global Compact.
During the session, Alaquil said: “It is important we look at sustainable development as an integral part of operations and policies. When as a company, you don’t have integrity, nothing else matters. Good business practice is important to be competitive and elevate the performance through a code of conduct.”
He added: “Perhaps government should implement rules and regulations that force each company to adhere to sustainable practices. Yes, money is incredibly important for a business to survive but these initiatives will benefit and secure the long-term future, and help build economic resilience to promote social stability.”
Dina Sherif, CEO, Ahead of the Curve & Director, Centre of Entrepreneurship, AUC said: “When we talk about corporate governance we refer predominantly to multinationals or large companies. I’ve not seen anyone ask hard questions related to governance to the small businesses. So this is a problem with regard to the SME sector, which is a key contributor to economic growth in the region.”
Dr Ashraf Gamal El-Din said: “Several companies are now looking at best business practices from a value creation stand point rather than just as risk mitigation. However, boards should change their company strategies to encourage more sustainability. Usually, boards evaluate management according to KPIs that are more often than not based on the financial performance of a company. It is tremendously important that boards add KPIs to management – indicators that focus on sustainability such as human rights, labor rights, less energy consumption, gender equality, among others.”
The panelists of the session also stressed that better transparency is happening with more effective regulations now.
Meanwhile, in a one-on-one session, Abdullah bin Hammad Al Attiyah, Chairman of Abdullah Bin Hammad Al Attiyah International Foundation for Energy and Sustainable Development and former Qatari Deputy Prime Minister and Minister of Energy, said: “In the GCC region, we have done a great job with regard to developing trust and attracting investors that work synergistically.”
He added: “However, we need more for the future. I don’t want our next generation to blame us for what we could have done better.”
Highlighting the work of his foundation, Al Attiyah hoped that the sustainable development operations would continue beyond his time. The foundation, he pointed out, holds workshops, roundtables and thought sessions encompassing the past, present and future with a view to advising governments and institutions about the prospects of demand and supply. It also provides solutions on how to manage a crisis.
Arif Naqvi, Founder and CEO of Abraaj Group, in an on-stage interview with Carla Koffel, Executive Director of Pearl Initiative, said: “At the heart of the 17 Sustainable Development Goals (SDGs) of the United Nations is the objective of being good individually and collectively as corporate citizens and societies. Looking at our region, Pearl Initiative is a fantastic effort in mobilizing critical thinking around the concept of sustainability.”
He added: “Sustainability and corporate governance is where we can make a difference. We can take a good people approach into business and recognize that two thirds of an individual’s time is spent on any average day with one’s work colleagues. When one considers the corporate culture and DNA of the organization and then embraces it holistically, that in a sense is what paying oneself first is all about. In such an environment, sustainability will acquire a life of its own.
“Do I feel enough is being done right now, No. But that makes the journey ahead even more exciting. Because more and more people, more and more organizations like the Pearl Initiative and gathering like this one will build that awareness outwards.” — SG
