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Calls for UAE businesses to adopt integrated reporting

The Dubai Chamber of Commerce and the Pearl Initiative call for United Arab Emirates based companies to adopt integrated reporting and enhanced transparency practices.

The Dubai Chamber of Commerce and the Pearl Initiative, a privately founded not-for-profit organisation, held a conference in Dubai last week that focused on how integrated reporting 'can help businesses take more sustainable decisions and also enable investors and other stakeholders to understand how an organisation is really performing'.

Dubai Chamber senior director of economic research and sustainable business development sector Belaid Rettab said integrated reports link companies' financial and sustainability performance in a way that gives stakeholders a "holistic view of the organisation."
He stressed the importance of integrated reporting because it ultimately leads to better management of reputational risks while also strengthening the confidence of stakeholders.

Speakers at the conference included delegates from Kuwait-based logistic company Agility and private equity manager firm Abraaj Capital, which have both already prepared sustainability reports using the Global Reporting Initiative (GRI) G3 guidelines.

"It is important for us to share good practice experiences between GCC-based [Gulf Cooperation Council] companies, so that we can spread locally-relevant practical experience lessons learned," Pearl Initiative executive director Imelda Dunlop said.

The aim of the Pearl Initiative is to create a culture of greater transparency and accountability within the Arabian Gulf region and foster competitive economic growth and sustainable social development.

Its founding partners include organisations such the above mention Abraaj Capital, Big Four firms PwC, KPMG and Ernst & Young, national oil company Crescent Petroleum and the Bank of Sharjah.

Dunlop added working with organisations such as the Dubai Chamber allows interaction with a wider business community "who are committed to improving their integrated reporting practices right across the region."

Related links
Dubai Chamber of Commerce
Pearl Initiative

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