Abu Dhabi investor Ittihad taps Renoir Consulting for ESG strategy

20 March 2023 Consultancy-me.com 3 min. read

Abu Dhabi-based Ittihad International Investment has tapped Renoir Consulting as its consulting partner for the development of its Environmental, Social, Governance (ESG) strategy and framework.

Founded in 2008, Ittihad International Investment is today one of the Gulf’s most influential investment groups. The company fully owns and operates 27 companies across sectors, including well-known brands such as Emirates Link (energy), FourMed (healthcare), Solv (waste treatment), and several industrial and paper processing subsidiaries.

With the ambition of ramping up its ESG impact, both at a corporate level as well as across its portfolio companies, the Abu Dhabi investor is launching an ESG framework – and multi-year roadmap to bring its key goals to life.

Abu Dhabi investor Ittihad taps Renoir Consulting for ESG strategy

“This initiative clearly demonstrates our dedication to promoting sustainability and responsible business practices,” said Zahi Abu Hamze, the CFO of Ittihad International Investment.

Notably, Hamze added that the alternative investment firm is not just embarking on the journey because “it is the right thing to do”, but more so because “we truly believe that practicing sustainability also creates long-term value for our businesses.”

While the private equity sector has traditionally been slow to embrace ESG as opposed to corporates and non-profits, the industry has off late been making large strides in its progress. With its move, Ittihad International Investment positions itself among the frontrunners in the Gulf region, with Hamze expecting that the company will ultimately reap the fruits from its commitment.

“By prioritising ESG factors in our operations, we are building trust with our stakeholders, including customers, investors, employees, and the wider community. We are excited to take this step towards promoting sustainability and responsible business practices and look forward to the positive impact it will have on our company and the wider community.”

Partner: Renoir Consulting

In developing its approach, Ittihad International Investment is working closely together with Renoir Consulting. The consultants are helping the investor develop its ESG strategy and framework, and will then stay on board for the execution phase, as Ittihad International Investment rolls out its approach to each of its portfolio companies.

Detailed timelines of the roll-out plan have not been disclosed.

“We are delighted to support Ittihad International Investment with the development of its ESG framework and roadmap,” said Imad Alfadel, ESG Practice Lead at Renoir Consulting. “This agreement reflects the strength of our ESG offering as well as rising demand for these services in the Middle East, as companies look to capitalise on the many benefits of managing ESG-related challenges, risks and opportunities.”

Having worked with dozens of organisations across the region on ESG in the past years, Alfadel said that, if done well, ESG can be a win-win for multiple facets of the business. “By developing and implementing an effective ESG strategy, companies can create sustainable value for all stakeholders, attract new investors, build greater trust, manage risks, access capital at lower cost, tap into growing consumer demand for responsible goods and services, and attract talent.”