• The new classification reflects a systematic framework and comprehensive plans for environmental, social and corporate governance practices, in line with the UAE government's vision to build a more sustainable future.
• The initial “ AAA ” rating will accelerate the company’s sustainable growth path.

Abu Dhabi, United Arab Emirates: Al Ittihad International Investment, a group comprising a diverse portfolio of companies operating across four vital sectors: consumer industries (paper and tissue manufacturing, raw materials used in detergents), construction industries (copper rods, cement, and rebar), services (infrastructure operation and maintenance, and environmental services), and healthcare services (management of radiology centers, laboratories, equipment, and medical supplies), announced that it has received the initial "AAA" rating for environmental, social, and corporate governance, the highest rating ever from the MSCI index. This consolidates the group's position among the most sustainable major industrial groups in the region and the world.

With its AAA rating, Etihad ranks fifth among the 36 major industrial conglomerates included in the MSCI All Country World Index (ACWI) , making it one of the highest-ranked companies in the UAE for 2024. In line with international sustainability standards, Etihad has adopted a focused approach to identifying and managing key risks and opportunities related to environmental, social, and governance practices across all levels of the company's business.

On this occasion, Amer Fayez Qaqish, CEO of Ittihad International Investment Company, said: “We are proud to have received the initial rating for environmental, social, and governance practices from MSCI . This achievement confirms our commitment to applying the highest standards of sustainability and governance and supports ongoing local and global efforts to drive progress in this field, as well as to achieve sustainable value for various partners and stakeholders. The new rating represents an important milestone for the company, enabling it to achieve further sustainable growth in the coming years.”

As a leading industrial group, Etihad contributes 4% of the UAE's non-oil manufacturing sector exports and provides its products and services to more than 50 countries around the world. The company's growth strategy aligns with the initiatives of Project 300 Billion, the country's national strategy for industry and advanced technology, which aims to strengthen the industrial sector and diversify the national economy .

Commenting on this achievement, Qais Bakr Saif, Director of Sustainability, Environmental, Social and Governance Practices at Al Ittihad International Investment, said: “This achievement is tangible evidence of our continued efforts to advance our environmental, social and governance practices and enhance our corporate governance standards. In this context, we have developed comprehensive strategic plans that outline our sustainability path and have integrated these priorities and principles into all our operations, ensuring a strong and responsible approach across all our subsidiaries. We will continue to harness the latest technologies and invest in the development and growth of our employees, stemming from our unwavering commitment to driving sustainable growth and making a positive and meaningful impact.”

The new classification is the culmination of an integrated process that included the development and implementation of a comprehensive framework for environmental, social, and corporate governance practices, along with the publication of the company's first sustainability report for 2023 .

About the Union :

Founded in 2008, Etihad is a private company headquartered in Abu Dhabi. It has investments in the UAE, Saudi Arabia, and Egypt, and exports products and services to more than 50 countries worldwide. Etihad employs a distinguished team of more than 8,000 professionals from over 57 different nationalities, possessing extensive experience across various vital sectors and a firm commitment to operational excellence .

Since 2015, the Union's strategy has focused on investing in leading local companies in the UAE and the Gulf Cooperation Council (GCC) that possess promising potential for international export. The company's focus is on long-term investments, specializing in business-to-business (B2B) export businesses, leveraging the unique value proposition and significant opportunities in the UAE and the region .

The Union is committed to enhancing wealth-building efforts through its assets, which combine profitability and sustainability, achieving positive results and benefiting the economy, society, and the environment .

About MSCI Environmental, Social and Governance (ESG) Ratings

MSCI is one of the world's leading rating agencies for environmental, social, and governance (ESG) practices. Its ratings aim to assess and measure companies' management of financial-related environmental, social, and governance (ESG) risks and opportunities. The company uses a rules-based methodology to identify industry leaders and laggards based on their exposure to ESG risks and their success in managing those risks compared to their peers. ESG ratings include: Leader ( AAA , AA ), Average ( A , BBB , BB ), and Laggard ( B , CCC ).

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