Drives regional private sector engagement on sustainability principles

Dubai, 6th October 2011: Abraaj Capital, a leading alternative asset manager investing in the rapidly growing economies of the Middle East, Africa, South Asia and South East Asia announced today its entry into a Memorandum of Engagement (MoE) with the Pearl Initiative.

In signing the MoE, and joining the Pearl Initiative as a founding partner, Abraaj Capital re-states its commitment to the principles of transparency, accountability and corporate social responsibility. 

Abraaj Capital, which recently issued its first integrated sustainability report, believes that by embedding sustainability management into its business and adopting global best practice environmental, social and governance principles (ESG), it is possible to enhance long-term value creation for investors, shareholders and wider stakeholders.

The Pearl Initiative, which has been developed in cooperation with the United Nations Office for Partnerships, is committed to improving corporate values in the region through a focus on good governance, ethical business and the creation of a more open and transparent business environment. 

By emphasizing dialogue between the public and private sector, encouraging broad stakeholder engagement, and promoting best in class corporate governance, the Pearl Initiative is making a significant contribution towards enhancing the economic and social landscape of the region.

Commenting on the MoE, Arif Naqvi, Founder and Group Chief Executive of Abraaj Capital and a member of the Board of Governors of the Pearl Initiative said, Our strategic relationship with the Pearl Initiative is a demonstration of Abraaj Capitals commitment to creating value through the adoption of a broad and diverse stakeholder engagement approach. By joining the Pearl Initiative, Abraaj Capital has highlighted its practice of, and commitment to, the principles of good corporate governance, sustainability and ethical business. We believe that by joining forces with the Pearl Initiative, we can encourage corporates in the region to adopt a wider stakeholder management approach that drives both shareholder and societal value and returns.

Badr Jafar, co-initiator of the Pearl Initiative, and President of Crescent Petroleum, said upon welcoming Abraaj Capital to the Pearl Initiative: Abraaj Capital represents a new generation of private equity firms that are committed to delivering superior returns to their shareholders whilst also making a sustained and positive contribution to the markets and communities in which they operate. Abraaj Capital is committed to corporate social responsibility and will be able to spread the message, lead by example, and demonstrate actions over words - making the Pearl Initiatives principles more widespread within the wider region.

The Pearl Initiative which had its soft launch at the United Nations headquarters in September 2010 and its Inaugural Board Meeting at the American University of Sharjah (AUS) on April 19th 2011 is currently preparing for a launch and engagement forum in the Gulf later this year and is expanding its team of partners and collaborators.

- Ends  -

About Pearl Initiative:
Pearl Initiative is a private sector-led initiative established under the Patronage of His Highness Dr Sheikh Sultan bin Mohammad Al Qasimi, and with His Highness Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Higher Education of the UAE, as its Honorary Chairman, Pearl Initiative is developed in cooperation with the United Nations Office for Partnerships with the aim to creating a greater culture of transparency and accountability in the GCC, The Initiative creates a regional network of business leaders and policy makers within the GCC countries in order to improve corporate governance and achieve better public reporting and accounting of their activities, leading to a more open and transparent business environment.

For further information, please contact:
Farah Al-obaidi
SAHARA Communications
Tel: +971 4 3298996
Fax: +971 4 3298995
Email: farah@saharagcc.com
Website: www.saharagcc.com

Press Release 2011