Emsteel secures key MSCI provisional ESG rating
Emsteel (formerly Emirates Steel Arkan) has announced that it has received a provisional ESG rating of 'AA' from MSCI, one of the highest among steel players globally, recognising the group as one of the few global steel and building materials manufacturers that stand out for their strong performance on Environmental, Social, and Governance (ESG) issues.
MSCI ESG Ratings evaluates over 9,000 companies worldwide, assessing their exposure to industry-material ESG risks and how well they manage them relative to peers.
The ratings range from 'leader' (AAA, AA), average (A, BBB, BB) to 'laggard' (B, CCC). This score reaffirms the Group's ESG leadership among its peers globally.
Reinforcing Emsteel's position as one of the industry leaders in managing key ESG risks and opportunities, MSCI's evaluation particularly highlights the group's efforts in managing its environmental impact through innovative responsible practices to abate carbon emissions, and enhancing well-being, health and safety practices for its workforce – with almost all categories significantly above the global average.
Group CEO Eng. Saeed Ghumran Al Remeithi said: "Our inaugural 'AA' ESG rating by MSCI is a powerful testament to Emsteel's commitment to sustainable industrial leadership. It reflects the strength of our governance, the resilience of our people, and our deep-rooted responsibility to the environment and communities we serve."
"As we align with the UAE's Net Zero 2050 vision, this recognition strengthens our resolve to lead by example, delivering lasting value to our shareholders, society, and future generations," he stated.
The 'AA' provisional ESG-rating follows the Groups announcement in May 2025 regarding its landmark Green Finance Framework, which is a cornerstone of Emsteel's broader Environmental, Social, and Governance (ESG) strategy.
The Framework's development was supported by key partners, including ING as Lead Sustainability Structuring Bank and First Abu Dhabi Bank (FAB) as Sustainability Structuring Bank. For the MSCI ESG rating, ING also acted as the ESG Rating Advisor.
Emsteel is driving industrial sustainability through an ambitious decarbonisation strategy. The Group aims to reduce emissions by 40% in its Steel Business Unit and 30% in its Cement Business Unit by 2030, using 2019 as the baseline year, and is firmly committed to achieving net-zero emissions by 2050.
Key initiatives include enhancing energy efficiency, integrating renewable energy, and advancing green hydrogen innovation all in alignment with the UAE's Net Zero 2050 agenda.
Emsteel reported total Scope 1 and 2 emissions of 4.5 million tonnes of CO₂ as of 2023 - representing a 23% reduction from the 2019 baseline - a milestone that earned the Group global recognition for its sustainability leadership.
Emsteel was recognised as the 2024 Steel Sustainability Champion by the World Steel Association for its pioneering efforts in decarbonising steel production.
The World Economic Forum also recognised Emsteel for its outstanding efforts in decarbonising the iron and steel industry, placing it among the top five leading steel companies worldwide that have received this recognition.
In September 2024, Emsteel was appointed as Co-Chair of the Alliance for Industry Decarbonisation (AFID) led by the International Renewable Energy Agency (Irena).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
2 hours ago
- Zawya
Ministry of Family celebrates graduation of 50 students
Dubai – Her Excellency Sana Suhail, Minister of Family, honoured 50 graduates from disability care and rehabilitation centres for people of determination during an inspiring graduation ceremony held yesterday at the Cultural Centre in Ajman. For the first time, this event brought together students from the centres for people of determination across Dubai, Ajman, Ras Al Khaimah, Fujairah, and Dibba Fujairah, along with students from the "Mashaghel Rehabilitation Centers " vocational training programme, celebrating their perseverance and remarkable achievements. Through their academic and professional journeys, these individuals have become inspiring examples of willpower and dedication. In her speech during the ceremony, Her Excellency praised the graduates for their determination and commitment. She emphasised that this achievement stands as a testament to their unwavering will and the profound positive impact of these programmes, which aim to build a more inclusive and equitable society. The ceremony was a celebration and reinforcement of inclusion and empowerment. It highlighted the importance of investing in the capabilities of people of determination and providing a supportive environment for them to contribute effectively to the nation's development. It also showcases the Ministry of Family's important work in promoting social inclusion and ensuring equal access to education, healthcare, and jobs for people of determination, in line with the National Policy for Empowering Persons with Disabilities. The UAE federal government runs rehabilitation centers for people of determination through the Ministry of Family. These centers are located in various emirates, including Dubai, Ajman, Umm Al Quwain, Ras Al Khaimah, and Dibba Al-Fujairah. They provide tailored education, training, and rehabilitation programmes for individuals aged 4 to 18. After completing these programmes, young people can transition into vocational roles, develop life skills, take on project-based work, or join the wider job market. One such initiative, the "Mashaghel Rehabilitation Centers Programme" workshops, equips people of determination with entrepreneurship and home-based business skills, further expanding opportunities for independence and personal growth. About the Ministry of Family On 8th December 2024, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the establishment of the Ministry of Family in the United Arab Emirates. This initiative, guided by His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, positions the Ministry as the principal authority for developing and implementing policies, strategies, and legislation aimed at fostering stable and cohesive families across the UAE. Its core remit includes bolstering the family's role in nurturing sound upbringing, reinforcing national identity, and promoting positive values and behaviours within society. Furthermore, the Ministry will play a crucial part in undertaking research and proposing vital policies and initiatives to boost family fertility rates and mitigate the risks and adverse societal impacts of family breakdown, working closely with all pertinent specialist agencies.
The National
2 hours ago
- The National
AI, investment and energy discussed during UAE meeting at White House with Vice President JD Vance
UAE officials met US Vice President JD Vance at the White House on Friday to discuss AI, recent investment initiatives and increased energy co-operation. Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and managing director and group chief executive of Adnoc, along with Yousef Al Otaiba, the UAE's ambassador to the US and Minister of State, took part in the meeting with the US Vice President. The discussions centred on the UAE's commitment to invest $1.4 trillion in the US for artificial intelligence infrastructure, semiconductors, energy and manufacturing. Earlier this week in Washington at the Atlantic Council's Global Energy Forum, Dr Al Jaber reflected on the unique opportunities unfolding for countries around the world – chiefly the burgeoning AI sector. In March, Mr Vance praised the UAE's focus on AI at the American Dynamism Summit. 'One of the things they [UAE] consistently hammer upon … is that if you want to lead in artificial intelligence, you have got to be leading in energy production,' he said. Over the past decade, the UAE − the Arab world's second largest economy − has been working to become an AI frontrunner as it diversifies its economy away from oil. The country's efforts have resulted in the establishment of start-ups as well as partnerships and investments with industry leaders like Microsoft, Nvidia and OpenAI. Through the creation of language models such as Falcon Arabic, the UAE has also sought to ensure aspects of Arabic culture are not left behind in the AI surge, with many large language models based on English-language data. In 2019, the UAE announced the establishment of a university dedicated to AI, Mohamed bin Zayed University of Artificial Intelligence. Several years before, the UAE was among the first in the world to appoint an AI Minister, Omar Al Olama.
The National
3 hours ago
- The National
Money & Me: ‘Raising Dh2 million in funding for my start-up is a milestone'
For Jennifer Cohan Solal, buying a home in Dubai and raising funds for her UAE-based retail start-up are major financial milestones. The French citizen, 37, who lives on Dubai's Palm Jumeirah with her husband and two children, is chief executive and co-founder of Hushday, a premium flash sales platform. The company offers limited-time flash sales from luxury and premium brands in a members-only space for the digital-first generation. In April, it raised more than Dh2 million ($550,000) in pre-seed funding. Launched just this year, Hushday offers members access to sales across fashion, beauty, accessories, electronics, home and leisure products. The company is already considering plans to grow beyond the UAE and expand operations into Saudi Arabia, Qatar and Kuwait. 'We're not here to patch a post-Covid inventory issue. We're here to open a new, scalable path for growth for brands who want to reach a younger, price-sensitive, digital audience,' says Ms Solal, who has lived in Dubai for more than two years. 'We found our paradise here as entrepreneurs. There's something very inspiring about the UAE's pace, vision and ambition. It's the best choice we've ever made.' Before moving to the Emirates, Ms Solal worked in fashion and e-commerce sectors for more than 12 years and studied marketing at a French business school. Did wealth feature in your childhood? What did you learn from it? I grew up in a fairly privileged environment. Both my parents were doctors, but nothing was handed to them. They arrived in France from Algeria with nothing, and built their lives through hard work and education. That influenced me the most, seeing first-hand how much it takes to succeed and how deeply independence and resilience are rooted in our family culture. So even though we never lacked anything, my parents always told me to be careful and thoughtful about money, and above all, to rely on myself. That mix of stability and drive has shaped every decision I've made. How did you first earn? My first job was with a start-up when I was 18. I launched a luxury concierge service company in Paris by procuration for a woman who had an amazing idea, but no time to execute it. So, I did everything from A to Z for her and gained more recognition and experience than money. I enjoyed the feeling of autonomy, the sense that if I wanted something, I had the power to go out and make it happen. My first real job was with The Other Store, and my job was to create and manage e-commerce websites for brands. I was 20 years old and got paid €1,000 ($1,154) a month. Any early financial jolts? The biggest financial setback was when I left the corporate world to launch my first start-up, L'Ultime, in Paris. I call it the first digital native vertical brand in pastry. Although the brand gained strong visibility in France, the media attention was incredible and the revenue looked exciting, I quickly learnt the difference between revenue and profit and between brand hype and sustainable growth. So, it was humbling, but also an incredible experience. I met a lot of inspiring people and understood the deeper mechanics of running a business. It made me a stronger and responsible entrepreneur. How do you grow your wealth? I'm in reinvestment mode, so I pour most of my capital into building a long-term vision for Hushday. I have also invested in Dubai real estate. My husband and I purchased a villa on Palm Jumeirah two years ago. We also have property investments in France. Are you a spender or a saver? I'm more of a spender now, but spend consciously. I invest in my business, in quality experiences with my family and in our lifestyle. But I aspire to become more of a saver in the years to come because I want to build a legacy and create a financial foundation that brings freedom, not stress. Have you been wise with money? Yes, I've always been careful with money. I don't take reckless risks such as big spending sprees or flashy purchases, apart from the occasional luxuries I need during sales or beautiful family trips. I've never lived beyond my means. I was raised to be intentional with money and that has stayed with me. Even now as I build my company, I make sure that every dirham I spend serves a purpose and receives a return on investment. What has been your best investment? My best investment was on my own education and self-development, in my children's education and in Dubai. We love this city and feel aligned with its energy and ambition. We are committed to creating something meaningful here for our family and the ecosystem. Any cherished purchases? Yes, everything in our home is a cherished purchase. All items, from the furniture to the decorations, have been chosen with intention. I spent a lot of time and energy to build our home. I love the feeling when people walk in and say it doesn't feel like a house, but a home. Every morning, my husband and I almost cry when we wake up and see the sun and sea in front of us. How do you feel about money? Money is just a consequence, it's not a goal. It gives you freedom, but it doesn't define success. For me, what matters most is creating an impact, leaving a mark and building something lasting. Being the richest person in the cemetery never interested me. I want to do something that lives beyond me and make my children and family proud. Any financial advice for your younger self? Start saving earlier, not out of fear, but to gain freedom. Understand that money buys you time, leverage and peace of mind. Use it to invest in skills, ideas and people who elevate you. Never confuse visibility with value. Also understand that growth is quiet, but compounding is magic. Any key financial milestones? Raising our first round of funding for Hushday was huge, not just because of the capital but the confidence it signalled from people who believe in our vision. Another milestone was buying our home in Dubai before we moved here from Paris. It was a statement of trust in ourselves, in our family and in the life we're choosing to build here. What luxuries are important to you? Spending quality time with family and friends, discovering new places and getting lost in different cultures. When we will eventually be free from work, my husband and I plan to do a world tour. So, it's not always about price, but about the richness of experience and emotions. What are your financial goals? Financial independence is non-negotiable. But right now, my main focus is on creating value and building Hushday into the future leader of premium private sales in the Gulf region. I want to create strong returns for investors and build a brand that resonates across borders.
