AFCM partners with Sustainable Square on driving ESG progress

The Arab Federation of Capital Markets (AFCM) has signed a memorandum of understanding with Sustainable Square, with the aim of collaborating on initiatives that advance the adoption of ESG and sustainability practices.

Launched in 1978, AFCM has as its mission to create an efficient and effective capital markets system across the Arab region, spanning the GCC, Levant and Arab African countries. The Beirut-headquartered institution currently oversees 17 exchanges and 8 Clearing Houses (CSDs/CCPs), as well multiple affiliate members.

With the capital markets sector at the epicentre of ESG progress within financial services and far beyond, AFCM is taking several steps to drive change and greener ways of operating.

Teaming up with Sustainable Square, a homegrown management consultancy that specialises in ESG-related topics, the two companies will work on a number of initiatives, including capacity building within AFCM and across members, thought leadership, learning & development initiatives such as trainings and webinars, and conferences.

“We are thrilled to announce a partnership with Sustainable Square,” said Rami El-Dokany, Secretary General at AFCM. “Together, we will join forces to champion ESG and sustainability across the Arab region. We're energised by the prospect of working alongside Sustainable Square’s dedication and expertise. We believe this partnership will be a catalyst for positive change, paving the way for a more sustainable Arab world.”

Monaem Ben Lellahom, CEO of Sustainable Square, said: “We are excited about the opportunities arising from our partnership with AFCM which, like Sustainable Square, is dedicated to fostering sustainable business growth in the Arab world and unleashing the potential of stock exchanges, listed companies and other members.”

The partnership comes hot on the heels of a KPMG study finding that banks, key players in the capital markets scene, are upping their commitment to sustainability and a greener world. 

Meanwhile, a 2023 study by Sustainable Square itself found that while GCC organisations are advancing on ESG, there is still much work that needs to be done.