Clarity AI, the leading global sustainability tech platform, has signed a Memorandum of Understanding (MOU) with the Saudi Tadawul Group, the largest stock exchange in the Middle East and North Africa (MENA) region with a market capitalization nearing $3 trillion, to facilitate the education of companies in the Kingdom of Saudi Arabia and the broader MENA region on relevant sustainability topics.
“Our mission is to bring societal impact to markets, and we are thrilled to be in an understanding to do that with the Saudi Tadawul Group, which sits at the center of company communication for trillions of dollars of market capitalization trading in MENA,” said Rebeca Minguela, Founder and CEO of Clarity AI. “This position represents a strong opportunity for us to help bring additional tech-powered sustainability capabilities to these global corporations.”
Eng. Khalid Al Hussan, CEO of the Saudi Tadawul Group said: “With investors around the world using ESG metrics to inform their decisions, Saudi Tadawul Group has an important role to play in driving adoption of transparent and purposeful ESG reporting. This MoU will help us to embed innovation within our ESG infrastructure and introduce dynamic new platforms providing investors and issuers more granular access to data and benchmarking in ESG practices. In turn, this will support our ambitions for the Saudi capital market to become a global destination in line with the Financial Sector Development program and Saudi Vision 2030.”
Clarity AI will provide its tools and services to help companies and investors better understand, track and make sense of their sustainability performance across international and national frameworks, and benchmark their data across peers. Clarity AI’s platform will serve both larger companies and support those earlier in their sustainability journey, including small and medium enterprises.
This collaboration between Clarity AI and the Saudi Tadawul Group – home to more than 300 listed securities with a market capitalization of more than $2.7 trillion (SAR 10.2 trillion) – will enable international investors to screen and report based on current and upcoming national requirements. Clarity AI’s tools and services will help companies enhance their disclosure and understanding of ESG and sustainability, supporting a transition to a more sustainable future for the region and the world.
The MOU will also leverage both parties’ relationship with other key stakeholders, such as the Kingdom of Saudi Arabia’s Ministry of Economy & Planning (MEP), with which Clarity AI signed an MOU in early January of this year.