The latest report on Corporate Social Responsibility (CSR) in the Mena region has revealed that a vast majority of business leaders, around 84 per cent, now consider CSR metrics an essential part of their strategic planning. This focus on CSR is seen as crucial for ensuring responsible and sustainable business practices. The report, prepared by Cicero & Bernay in collaboration with CARMA International, indicates that companies that prioritize CSR are experiencing an increase in consumer trust and loyalty, highlighting the growing preference for brands with strong ethical values. It also shows that 71 per cent of firms in the region have active CSR programs, with an additional 24 per cent planning to launch their initiatives.
The survey for the 2023 Mena CSR report included over 340 C-suite and senior executives from various sectors across the UAE, KSA, Egypt, the Levant, and other GCC countries. It reveals a significant engagement in CSR initiatives across sectors such as technology, banking, oil & gas, construction, healthcare, automotive, and real estate. The report has been enhanced this year to provide more in-depth analysis, including industry-specific insights and detailed responses based on seniority and decision-making roles within companies. It offers a comprehensive look at CSR impacts and trends across different sectors and regions.
One notable finding from the report is the increase in awareness and understanding of CSR in Egypt, which grew from 84 per cent to 94 per cent this year. The survey also shows that over 80 per cent of executives believe that CSR has a positive impact on customer engagement, profitability, and competitive positioning. This sentiment reflects a significant increase compared to the previous year, indicating that CSR plays a vital role in enhancing business outcomes.
As businesses globally face mounting pressure to operate sustainably and ethically, the Mena region is taking steps towards integrating environmental, social, and governance factors into their core business operations. The 2023 report captures this shift, marking a significant milestone in how regional businesses approach ESG moving forward. Ahmad Itani, Founder and CEO of C&B, emphasized the importance of transitioning from CSR to ESG, stating that it is not just a trend but a transformative journey towards a sustainable future.
Looking ahead, the report predicts that by the end of 2024, over 90 per cent of Mena businesses will have fully integrated CSR strategies into their operations. There are also anticipated advancements in environmental sustainability measures and governance transparency. The report also highlights a growing trend towards using advanced CSR metrics to track and report on sustainability efforts, providing stakeholders with clear insights into corporate performance. Mazen Nahawi, Founder and CEO of CARMA International, expressed optimism about the region’s progress and emphasized the importance of highlighting CSR achievements and paving the way for future advancements in ESG and responsible business practices.
