In a groundbreaking move towards sustainability, Rawabi Holding Company has expanded its strategic partnership with World Wide Generation (WWG) by entering into a Joint Venture (JV) in Saudi Arabia. This partnership marks a significant milestone in the drive towards a sustainable future, leveraging the innovative G17Eco Platform to enhance sustainability services across various sectors.
Strengthening Sustainable Practices in Saudi Arabia
Overview of the Joint Venture
Rawabi has signed a multi-million GBP investment agreement with WWG, making Rawabi a shareholder in this sustainability fintech leader. This Joint Venture aims to:
- Streamline sustainability reporting across Rawabi’s operations.
- Fast-track sustainability performance, particularly in hard-to-abate sectors within Saudi Arabia and the wider MENA region.
This collaboration is part of the UK/Saudi Great Futures Campaign, reflecting strong support from Saudi ministries and the UK Government.
Comprehensive Infrastructure Support
As part of the JV, Rawabi will provide extensive operational support for WWG’s establishment in Saudi Arabia, including:
- Legal and HR services
- Recruitment and senior management expertise
- Local content guidance
- Financial setup and office infrastructure
This comprehensive support ensures that WWG can seamlessly integrate into the local market.
Aligning with Saudi Vision 2030
A New Umbrella of Sustainability Services
The Joint Venture aligns perfectly with Saudi Vision 2030, which aims to foster a thriving economy. Rawabi plans to develop a suite of sustainability services through the G17Eco Platform, including:
- Sustainability Education: Training and resources to foster awareness.
- Advisory Services: Expert guidance on implementing sustainable practices.
- Digital Reporting Tools: Streamlined methods for tracking sustainability metrics.
- Solutions and Financing Marketplace: Connecting clients with sustainable financing options.
These tools will be available to all Rawabi clients and will extend to international markets like Canada, the US, Singapore, and Indonesia.
Targeting Sustainable Development Goals (SDGs)
The partnership focuses on contributing to key Sustainable Development Goals (SDGs), particularly:
- SDG 5: Gender Equality
- SDG 7: Affordable and Clean Energy
- SDG 8: Decent Work and Economic Growth
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 11: Sustainable Cities and Communities
- SDG 12: Responsible Consumption and Production
- SDG 13: Climate Action
- SDG 17: Partnerships for the Goals
Commitment to Sustainability and Innovation
Voices from Leadership
Othman A. Ibrahim, Vice Chairman and Group CEO of Rawabi Holding, emphasised the importance of sustainability in their business strategy. He stated, “Sustainability at Rawabi Holding is a business strategy, and as leaders in various sectors, sustainability influences our decision-making.”
Ibrahim highlighted their success in raising significant funds for sustainable projects, reinforcing Rawabi’s commitment to creating value through technical excellence and progressive thinking.
Manjula Lee, CEO of WWG, shared her excitement about this collaboration. She noted how Rawabi is transitioning from its traditional oil and gas roots towards sustainable practices across its businesses. “Rawabi’s commitment to diversity and sustainability sets a benchmark for other companies in the region,” she said.
Government Support
The Saudi Government’s support for this initiative is evident. Abdulmalek Rashid, Director of Asset Management and Fintech Development at the Ministry of Investment, highlighted the speed and efficiency with which partnerships like this are formed in Saudi Arabia, furthering the goals of Vision 2030.
Peter Ashby, Country Director at the British Embassy in Riyadh, also expressed enthusiasm about the collaboration, stating that it exemplifies the strong ties between the UK and Saudi Arabia in advancing the sustainability agenda.
Conclusion: A Vision for the Future
The Joint Venture between Rawabi Holding and World Wide Generation is a significant step towards achieving a sustainable future. By leveraging the G17Eco Platform, this partnership is set to create a comprehensive framework for sustainability services, paving the way for innovation and sustainable development across various sectors.
With a strong commitment from both partners, and the backing of governmental support, this initiative promises to make a lasting impact on sustainability practices in Saudi Arabia and beyond. As we move forward, the collaboration aims not only to meet current needs but also to inspire future generations to prioritise sustainability in all aspects of business and development.
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