Financial

From Vision to Action: How Finance & Procurement Drive ESG in the Middle East

Published

1 year ago

April 9, 2025

Contributors: Kush Ahuja, Head of Eurasia and Middle East at ACCA; and Sam Achampong, Regional Director of CIPS

As global challenges – from climate change to resource scarcity – intensify, regional businesses are increasingly recognising the strategic imperative of embedding Environmental, Social, and Governance (ESG) principles into their operations. In this context, finance and procurement teams are playing a crucial role in aligning corporate strategies with sustainability goals. Here, Kush Ahuja, Head of Eurasia and Middle East at ACCA, and Sam Achampong, Regional Director of CIPS, provide valuable insights into how these functions can collaborate to advance ESG priorities.

Collaboration between finance and procurement: A new imperative

As sustainability becomes a top priority for businesses globally, the integration of ESG criteria into corporate strategies is essential. In this transition, both finance and procurement teams are emerging as critical partners, leveraging their distinct yet complementary expertise. Finance teams bring their proficiency in quantifying the value of sustainable investments and aligning them with long-term profitability, while procurement professionals ensure these investments are underpinned by ethical and sustainable sourcing practices. This collaborative dynamic is instrumental in embedding ESG principles across entire value chains and achieving meaningful sustainability outcomes.

Ahuja highlights: “Finance professionals are critical in quantifying the value of sustainable investments, enabling businesses to make informed decisions that balance profitability with long-term impact. Through transparent ESG reporting and risk management, accountants can guide organisations toward greener pathways.”

Achampong adds: “Procurement professionals are in a position of responsibility to ensure ethical and sustainable sourcing. By working closely with finance teams, they can align procurement policies with broader ESG goals, ensuring the entire value chain contributes to a company’s sustainability agenda.”

This collaboration is particularly significant in the Middle East, where mega-projects and transformative initiatives such as NEOM and Masdar City are setting global benchmarks for sustainable development. Finance teams can identify and allocate capital for green projects, while procurement ensures these investments are executed responsibly through sustainable supply chains.

The evolving ESG compliance landscape

The regulatory environment surrounding ESG is rapidly evolving, with governments across the Middle East introducing stricter compliance requirements. From the UAE’s Net Zero by 2050 initiative to Saudi Arabia’s Vision 2030, organisations are under increasing pressure to demonstrate their commitment to sustainability.

“The demand for consistent ESG reporting standards is growing,” explains Ahuja. “At ACCA, we encourage finance professionals to adopt frameworks such as those developed by the International Sustainability Standards Board (ISSB) to ensure transparency and comparability in ESG disclosures. This is critical for attracting investment and building trust among stakeholders.”

The numbers are compelling. A 2023 report by the World Economic Forum highlights that $2.4 trillion annually is required to transition to a low-carbon economy globally by 2030. Additionally, green bond issuance has surged, reaching a projected $500 billion in 2024, reflecting growing investor appetite for sustainable projects.

Achampong highlights the importance of embedding ethical procurement practices to meet these compliance requirements. “Procurement functions must integrate ESG criteria into supplier selection and contract management processes. This means prioritising suppliers who adhere to fair labour practices, reduce carbon emissions, and minimise environmental impact,” he says. Recent studies also indicate that companies with strong ESG practices see a 10-20% increase in valuation compared to peers who lag behind.

Key challenges and opportunities

Integrating ESG principles into finance and procurement is not without challenges. One of the primary hurdles is resistance to change within organisations. Achampong comments: “Implementing new ethical procurement policies often requires a cultural shift, which can face pushback from stakeholders who are accustomed to traditional practices. However, with the right training and leadership, this resistance can be overcome.”

Ahuja agrees that ESG brings fresh ethical challenges but sees financial professionals as uniquely well-placed to help businesses manage the ethical dilemmas they regularly encounter. A recent ACCA report on ethical dilemmas highlights that 54% of finance professionals have faced pressure to act unethically in their roles, underscoring the need for strong ethical leadership. “With the right frameworks and governance in place, finance teams can play a pivotal role in navigating these challenges, ensuring ESG commitments translate into real-world impact while maintaining business integrity,” Ahuja comments.

Another challenge is the lack of consistent ESG data. “Without reliable metrics, it becomes difficult to measure progress and make informed decisions,” says Ahuja. “Finance professionals must advocate for the adoption of robust data collection and reporting systems to bridge this gap.”

Despite these challenges, the opportunities are immense. Organisations that successfully integrate ESG into their strategies can unlock new revenue streams, enhance brand reputation, and mitigate risks. For example, businesses that adopt sustainable procurement practices often realise cost savings through improved resource efficiency and reduced waste. Moreover, the shift towards ESG compliance is increasingly demanded by consumers, 76% of whom say they prefer brands aligned with their ethical values.

Practical steps toward ESG best practice

To align financial reporting and procurement practices with ESG goals, Ahuja and Achampong recommend the following steps:

Adopt comprehensive ESG frameworks: Finance teams should leverage internationally recognised frameworks, such as the ISSB standards, to ensure consistent and transparent ESG reporting. This helps build credibility with investors and stakeholders.
Adopt relevant learning strategies: As ESG is an evolving discipline, professionals must continuously enhance their knowledge and skills. Organisations should invest in education and training to equip teams with the expertise required to navigate ESG complexities. Recognising this need, ACCA has launched the Professional Diploma in Sustainability to help finance professionals develop essential sustainability competencies.
Develop an ethical procurement strategy: Procurement functions should implement policies that prioritise sustainability and ethics. This includes sourcing from suppliers who meet rigorous environmental and social criteria, conducting regular audits and ensuring transparency across the supply chain.
Enhance collaboration across functions: Breaking down silos between finance and procurement teams is essential. Joint training sessions and cross-functional task forces can foster collaboration and ensure alignment on ESG goals.
Leverage technology: Digital tools can play a significant role in tracking and reporting ESG performance. From blockchain for supply chain transparency to AI-driven analytics for risk assessment, technology enables organisations to make data-driven decisions.
Engage stakeholders: Engaging employees, suppliers and customers in sustainability initiatives can create a culture of accountability and drive collective action toward shared goals.
Quantify long-term benefits: Organisations should calculate the long-term financial and social returns of ESG investments. For example, studies show that energy-efficient buildings can reduce operational costs by up to 30%, while ethical sourcing practices can mitigate reputational risks.

Achieving thorough ESG goals requires concerted efforts from finance and procurement professionals. Ahuja concludes: “The finance function holds the key to directing investments toward impactful projects, while procurement ensures these investments are executed sustainably. Together, they can drive meaningful change.”

Achampong echoes this sentiment, stating: “By embracing ethical and sustainable practices, businesses in the Middle East can not only meet regulatory requirements but also position themselves as global leaders in ESG.”

Through collaboration and a firm commitment to embedding ESG principles into core business strategies, finance and procurement teams have the power to drive tangible and lasting change. By aligning investments with sustainability objectives and ensuring ethical practices across supply chains, they can mitigate climate risks, foster economic resilience, and enhance social equity.

Financial

RAKBANK LAUNCHES THE “SHE MEANS BUSINESS” PACKAGE TO BACK FEMALE ENTREPRENEURS AT EVERY STAGE OF THEIR JOURNEY

Published

6 hours ago

June 24, 2026

Integrator Web-Admin

As RAKBANK marks its 50th anniversary year, the Bank has launched a one-of-a-kind Female Entrepreneurs Package in celebration of International MSME Day, reinforcing its long-standing commitment to empowering female entrepreneurs.

Beyond just Banking

Launched under the theme “Empowering Women to Start, Grow and Scale with Confidence” the She Means Business Package reflects the growing contribution of female entrepreneurs to the UAE economy and the need for solutions that support them across different stages of their business journey. From managing banking costs, accessing finance and day-to-day operations, female founders often require support that goes beyond traditional banking. RAKBANK brings together its best-in-business banking solutions, practical business tools, financial protection and community support into one integrated package designed to simplify banking, reduce friction and enable female entrepreneurs to grow with confidence.

Limited time offer: As part of the launch, female entrepreneurs who activate their account by 10 December 2026 can enjoy the She Means Business package free for 12 months, subject to terms and conditions.

What entrepreneurs get:

1. Digital banking foundation

A zero-balance business account, available in both Islamic and Conventional variants
Multi-currency capability in AED, USD, GBP and EUR
Digital onboarding in as little as 48 hours, enabling faster speed to market and seamless access to banking services

2. Everyday business tools

WPS-enabled payroll processing
QR-based payments powered by AANI
Complimentary access to a cloud-based app for up to four users, helping entrepreneurs manage accounting, banking, payroll and VAT from a single platform.

3. Cost savings and financial benefits

Four complimentary international remittances per month
Preferential USD foreign exchange rates
Monthly maintenance fees fully covered for 12 months, supporting early-stage growth

4. Built-in protection in Partnership with RAKInsurance

Essential insurance/Takaful coverage including:
Workmen’s compensation (including employer liability)
Public liability protection of up to AED 1 million

5. Community, learning and growth – Beyond banking, the package extends into capability building and community engagement, with access to:

Learning and business development opportunities, covering topics such as AI, leadership, pricing, cash flow management, marketing and business growth
Curated networking opportunities and knowledge-sharing forums with ecosystem partners and industry experts
AED 1,500 off the annual CrunchMoms membership — a community that connects female entrepreneurs with like-minded women, mentors, and new opportunities.
A complimentary Personal Banking Financial Needs Assessment to help founders align their personal finances with their business ambitions

Who the Package is for

The package is available to new RAKBANK customers who are female founders operating as Sole Proprietors and Individual LLCs.

How to apply

Eligible founders can apply by visiting quickapply.rakbank.ae and selecting the RAKStarter Account.

Vishal Shah, Managing Director & Head of Business Banking Group, RAKBANK, said:

“For 50 years, RAKBANK has supported over 250,000 SMEs across the UAE, helping founders transform ambition into action and we proudly bank over 20,000 female-led businesses.

Female entrepreneurs are playing an increasingly important role in shaping the UAE’s economic future, contributing to the country’s entrepreneurship agenda, and access to the right ecosystem makes a meaningful difference in enabling founders toreach their full potential. Understanding the needs of entrepreneurs has long been at the heart of how we design and evolve our propositions, reinforcing our commitment to being the financial partner of choice for SMEs across the UAE. Through She Means Business, we are bringing Digital with a Human Touch to life by combining seamless digital banking, relationship-led financial partnership and ecosystem access.”

Financial

Why Personalisation Is the New Currency in Wealth Management

Published

6 days ago

June 18, 2026

Integrator Web-Admin

By Kalpesh Khakhria, Group Chairman at Klay Group

Everyone in the wealth management industry claims to offer “personalisation.” Yet, for most traditional institutions, it remains a hollow buzzword, a superficial exercise of sorting investors into predefined “conservative” or “aggressive” risk boxes. This transaction-led and product-pushing model is fundamentally broken for today’s ultra-high-net-worth families, whose lives, businesses, and assets span multiple global jurisdictions. Real personalisation is a structural necessity that requires a radical overhaul of how advice is delivered.

We are operating in an era where wealthy families are building complex, cross-border portfolios. A business might be headquartered in the GCC, hold properties in Europe, and have beneficiaries residing across continents. The most critical point is “What does this capital need to achieve across generations?” Traditional banking silos, driven by high client-to-advisor ratios and transactional commissions, simply lack the agility and independence to answer this effectively.

While personalisation is a growing trend across the broader service industry, in wealth management, it has become the new currency. It is the primary driver of growth and retention, shifting the industry standard from generic products to trust-based, tailored advice. The future of wealth management will be exclusively influenced by trust and deep customisation. True personalisation relies on two specific, uncompromising differentiators: structural independence and relationship-plus-data intelligence.

First, it is impossible to fully understand a family’s cross-border tax realities, liquidity needs, or succession plans if an advisor manages multiple different accounts. Personalisation requires time and undivided attention. That is why boutique advisory models that deliberately cap an advisor’s roster, such as limiting it to just 20 families, are so critical. By removing the pressure of aggressive sales targets and replacing transaction-led commissions with a transparent advisory fee structure, advisors gain the freedom to ask the “why” behind a client’s wealth. This structural independence aligns the advisor’s interests directly with the client’s long-term outcomes, enabling the advisor to act as a true partner.

Second, modern personalisation demands the seamless integration of advanced financial technology. We have entered the era of “Wealth 3.0,” where artificial intelligence and data analytics are fundamentally changing how the industry forecasts risk and segments clients. AI must be utilised to codify a family’s complex constraints, such as multi-currency exposures, jurisdictional rules, and legacy holdings, into actionable, real-time portfolio adjustments and proactive stress testing.

However, the industry must draw an uncompromising line between automation and autonomy. While AI powerfully accelerates scenario analysis, it cannot replace the human connection. The nuanced human judgment, discretion, and contextual understanding required to navigate complex, multi-generational wealth remains absolutely irreplaceable. Technology provides the speed and the insight, but seasoned human strategists must retain ultimate autonomy to ensure that personalisation scales without compromising suitability or compliance.

Wealth management today must transcend simple market timing. It is about actively building multi-generational partnerships. The families that succeed over time are those who partner with independent advisors who are unconditionally in their corner. By combining bespoke human expertise with cutting-edge data intelligence, true personalisation transforms wealth from a static collection of assets into a powerful, coherent legacy that thrives across generations.

Financial

ATHAR+ LAUNCHES 2ND HACK4IMPACT HACKATHON IN ABU DHABI

Published

3 weeks ago

June 3, 2026

Integrator Web-Admin

Athar+, Abu Dhabi’s first purpose-driven hub dedicated to accelerating social impact, operated by the Authority of Social Contribution – Ma’an, has launched the second edition of its HACK4IMPACT hackathon, bringing together changemakers to develop practical solutions that address key social priorities and contribute to positive social impact across Abu Dhabi.

Launched in line with the objectives of the UAE’s Year of Family, this edition of the hackathon focuses on addressing family-related challenges through innovative and community-driven approaches. Taking place from 16-18 June 2026 at Athar+, the three-day programme brings together aspiring entrepreneurs, innovators, professionals, and community members to develop solutions addressing three family-centred priorities: building stronger family foundations, enhancing financial wellbeing for parents, and supporting families caring for aging parents.

Guided through a structured innovation journey, participants will apply design thinking methodologies to explore challenges, validate ideas, develop prototype concepts, and present their solutions to a panel of judges.

High-potential concepts emerging from the hackathon have the opportunity to be considered for further support through Athar+’s incubation ecosystem, enabling participants to continue developing their solutions beyond the event. Through these challenge areas, the initiative aims to advance family wellbeing, strengthen social cohesion, and support the development of solutions that respond to the evolving needs of families in Abu Dhabi.

This initiative aims to strengthen practical innovation skills among participants while identifying high-potential ideas and scalable concepts capable of addressing key social priorities. It also encourages collaboration by bringing together individuals from diverse backgrounds and expertise. The hackathon provides an accessible entry point for youth and first-time innovators to contribute to solving community challenges through entrepreneurship and social innovation, inspiring them to play an active role in shaping impactful and practical solutions.

His Excellency Salem AlShamsi, Executive Director of Social Incubation and Contracting at Ma’an said: “HACK4IMPACT reflects Athar+’s commitment to empowering innovators and aspiring entrepreneurs to develop practical solutions that address real social priorities and enhance quality of life across our communities. By empowering future talent through Athar+, we are strengthening Abu Dhabi’s position as a regional hub for social entrepreneurship while advancing the Authority’s vision of fostering a culture of giving, participation, and measurable social progress.’’

Aligned with the objectives of the UAE’s Year of Family, the initiative also supports broader national efforts to strengthen family wellbeing, social resilience, and community cohesion through collaborative innovation and inclusive engagement.”

Through dedicated workspaces, expert mentorship, professional services, and tailored growth programmes offered by Athar+, participants will be supported in transforming ideas into prototype concepts while gaining access to opportunities within Abu Dhabi’s innovation and entrepreneurship ecosystem.