RIYADH, Saudi Arabia - Tuesday, 14. February 2023
(BUSINESS WIRE)--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.
About Clarity AI
Clarity AI is a sustainability technology platform that uses machine learning and big data to deliver environmental and social insights to investors, organizations, and consumers. As of February 2023, Clarity AI’s platform analyzes more than 70,000 companies, 360,000 funds, 198 countries and 199 local governments – which represents the broadest data coverage in the market with up to 13 times more than other leading players – and delivers data and analytics for investing, consumer research, corporate research and reporting for sustainability regulations worldwide. Clarity AI has offices in North America, Europe and the Middle East, and its investor client network manages tens of trillions in assets under management. Additionally, Clarity AI capabilities are delivered directly into clients' workflows through integrations with partners like BlackRock - Aladdin, Refinitiv an LSEG business, BNP Manaos, Allfunds, and SimCorp. Its consumer partnerships and client network allow it to be part of millions of daily ecommerce transactions and to reach hundreds of millions of consumers at over 400,000 merchants.
About Saudi Tadawul Group
The Saudi Tadawul Group, established in March 2021, is the parent company of Saudi Exchange, a dedicated stock exchange business, the Securities Clearing Center Company (Muqassa), the Securities Depository Center Company (Edaa) and Wamid – the innovation arm of the Group.
Saudi Capital Market Forum: www.scmf.events