logo
stc group advances to 'A' in MSCI ESG ratings, strengthening global sustainability position

stc group advances to 'A' in MSCI ESG ratings, strengthening global sustainability position

Saudi Gazette6 days ago
Morgan Stanley Capital International (MSCI), an investment research firm and a leading global Environmental, Social, and Governance (ESG) index provider, has upgraded stc group from 'BBB' in 2024 to 'A' in 2025 in its latest ESG ratings, marking a significant leap for the leading digital enabler from the 2024 rankings.
stc group is now among the top 31% of telecom companies worldwide to receive an 'A' rating, out of a total of 62 telecom companies ranked by MSCI. This ranking reflects the group's consistent progress in embedding sustainability, governance, and transparency across its operations.
In the MSCI report, findings on stc group's improvements highlighted strengths in data privacy and cybersecurity. This included a comprehensive framework for external IT audits, robust emergency response protocols, and continuous oversight at the highest levels of the group's digital infrastructure. The data protection strengths extended across stc's supply chain and tailored training for employees and contractors.
Commenting on the ranking, Olayan Alwetaid, stc group's CEO remarked: 'This upgrade reflects stc group's sustainable growth and strong commitment to the highest ESG standards. It also recognizes our leading role and our positive contribution to advancing sustainability and transparency globally.'
It is noted that the classification of the stc group in the MSCI index has witnessed rapid increases in recent years, as the group has been keen to enhance its efforts related to environmental protection, social responsibility, data security, and privacy. This is through adopting the best local and international standards and practices, employing sustainable technologies and innovative digital solutions, and empowering individuals and communities, along with adhering to the highest standards of integrity and transparency in all its practices.
stc group is a digital enabler, offering advanced solutions and driving a role in the digitalization process. The group provides a comprehensive suite of services encompassing digital infrastructure, cloud computing, cybersecurity, Internet of Things (IoT), digital payments, digital media, and digital entertainment. The group comprises 13 subsidiaries across the Kingdom of Saudi Arabia, the Middle East, North Africa, and Europe.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

GASTAT, stc Group Sign Agreement to Broaden Statistical Data Sources
GASTAT, stc Group Sign Agreement to Broaden Statistical Data Sources

Leaders

time2 days ago

  • Leaders

GASTAT, stc Group Sign Agreement to Broaden Statistical Data Sources

The General Authority for Statistics (GASTAT) has signed a memorandum of cooperation with stc Group to boost collaboration and coordinate efforts in diversifying and strengthening statistical data sources. The agreement aims to foster integration between the two entities, enabling them to achieve shared objectives and exchange expertise in their respective domains. The signing ceremony was attended by GASTAT President Fahad Al-Dossari and stc Group CEO Olayan Alwetaid. This partnership is part of GASTAT's broader initiative to build ties with public and private sector organizations to improve the availability and quality of statistical data and indicators. It also supports the adoption of advanced technologies to enhance service delivery. The memorandum aligns with Saudi Arabia's digital transformation goals, contributing to the national economy and sustainable development in line with Saudi Vision 2030. Related Topics : Saudi STC Launches Major Lending Push Backed by Western Union GASTAT Reports 13.4% Growth in Non-Oil Exports in Q1 2025, 10.7% Increase in March Saudi Arabia Welcomes Foreign Real Estate Investors Outside Holy Cities All You Need to Know about Hajj Rituals: A Step-by-Step Guide Short link : Post Views: 8 Related Stories

Pakistan delegation concludes UAE visit under governance exchange program
Pakistan delegation concludes UAE visit under governance exchange program

Arab News

time3 days ago

  • Arab News

Pakistan delegation concludes UAE visit under governance exchange program

ISLAMABAD: A high-level Pakistani government delegation on Thursday concluded an official visit to the United Arab Emirates as part of a program aimed at sharing knowledge and best practices in governance and public sector modernization. The delegation, led by Bilal Azhar Kayani, Pakistan's Minister of State for Finance and Railways and Head of the Prime Minister's Delivery Unit, participated in the UAE Government's Experience Exchange Programme (EEP). The initiative is aligned with Pakistani Prime Minister Muhammad Shehbaz Sharif's wider push for institutional reform and better service delivery across the country's public sector. During the visit, the eight-member team held detailed sessions with senior UAE officials to learn about digital governance, tax system modernization, leadership development, and innovation in public service. 'Kayani expressed gratitude to the UAE Government for facilitating valuable knowledge-sharing engagements in areas such as digital governance, public service delivery, and tax system modernization,' the Pakistan Embassy in Abu Dhabi said in an official statement. On the final day of the program, the Pakistani delegation met senior Emirati officials including Mohammad Al Sharhan, Managing Director of the World Governments Summit, Khalid Ali Al Bustani, Director General of the UAE Federal Tax Authority, Saeed Al Eter, Chair of the UAE Government Media Office, Dr. Waleed Al Ali, Secretary General of The Digital School and Khalfan Belhoul, CEO of Dubai Future Foundation. The sessions focused on the UAE's approach to future foresight, media communication, and performance management in governance. Kayani 'underscored Pakistan's commitment to adopting global best practices in digital governance, efficiency, and public sector competitiveness to enhance service delivery and institutional performance,' the statement added. The visit builds on a Memorandum of Understanding signed on June 16, 2025, between the UAE Ministry of Cabinet Affairs and Pakistan's Ministry of Planning, Development and Special Initiatives. The agreement aims to strengthen cooperation in governance excellence and institutional capacity-building. The UAE is one of Pakistan's largest trading partners and an important source of foreign remittances, with more than 1.7 million Pakistani expatriates living and working in the Emirates. According to Pakistan's Bureau of Emigration and Overseas Employment, the UAE is the second-largest destination for Pakistani migrant workers after Saudi Arabia. In recent years, bilateral trade has grown steadily, reaching nearly $10 billion in 2024, driven by energy imports, textiles, and other goods. Pakistani workers in the UAE sent home over $5 billion in remittances last fiscal year, providing vital foreign exchange for the country's economy. The two countries maintain close ties in investment, defense cooperation, and people-to-people exchanges, underpinned by shared commitments to economic development and regional stability.

Saudi Awwal Bank named best bank in Saudi Arabia for 2025 by Euromoney for financial performance and innovation
Saudi Awwal Bank named best bank in Saudi Arabia for 2025 by Euromoney for financial performance and innovation

Saudi Gazette

time4 days ago

  • Saudi Gazette

Saudi Awwal Bank named best bank in Saudi Arabia for 2025 by Euromoney for financial performance and innovation

Saudi Awwal Bank (SAB), one of the leading banks in the Kingdom of Saudi Arabia, has been named 'Best Bank in Saudi Arabia for 2025' by Euromoney, recognizing the bank's strong financial performance, continued digital advancement, and commitment to social responsibility over the past year. In 2024, SAB reported a net profit of SR8.07 billion, a 15% increase over the previous year. Operating income reached SR14 'million, supported by a 16% return on tangible equity, reflecting consistent performance and effective capital deployment. Lending remained a key area of growth, with net loans and advances rising by 20% to reach SR259 billion, in line with SAB's strategy to support the financing needs of individuals and businesses across the Kingdom. SAB continued to strengthen its digital capabilities, expanding its share of the digital payments market to 17.3%. The bank launched SAB 360°, an AI-powered platform offering clients real-time financial insights and streamlined onboarding processes through an enhanced KYC platform, reducing processing time by 40%. It also maintained its focus on convenience and security by being one of the early adopters of Samsung Pay in the local market. In support of Vision 2030, SAB expanded its mortgage portfolio to SR35 billion, enhancing access to homeownership. The bank also progressed its ESG agenda, financing renewable energy projects generating a combined 4.5 GW of clean energy capacity, and introduced Shariah-compliant ESG investment solutions for private banking clients. Tony Cripps, Managing Director & CEO of SAB, commented: 'This award reflects the strength of our business model, the dedication of our people, and our commitment to leading with purpose. We are proud to play a key role in shaping the future of banking in the Kingdom and supporting national transformation.'The recognition reinforces SAB's position as a trusted financial partner, focused on delivering long-term value to its customers, shareholders, and the broader financial ecosystem in the Kingdom.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store