Umm Al Qura for Development issues 2024 ESG report

Logo of Umm Al Qura for Development and Construction Co. (MASAR)

Umm Al Qura for Development & Construction Co. issued its 2024 environmental, social, and governance (ESG) report, prepared in accordance with the global reporting initiative (GRI) 2021 standards.

The report serves as a key reference reflecting the company’s commitment to promoting transparency and sustainability across its various operations, while outlining the progress made in integrating ESG principles into its operational strategy.

The report covers the period from Jan. 1 to Dec. 31, 2024, and reviews the company’s efforts to fulfill its commitments to stakeholders by adopting responsible business practices that go beyond compliance requirements, aiming to create a measurable positive impact on the environment, employees, and local communities.

In addition, the report highlights the company’s approach, which is based on effective partnerships, periodic evaluation of key issues, and the adoption of leading international standards related to sustainability.

Commenting on the report's release, CEO Yasser Abuateek said: "This report represents a significant step in translating the company's ambitions into measurable actions. It reflects our commitment to transparency and highlights our performance in environmental, social, and governance aspects." He added, "For us, sustainability is not an isolated initiative; it is essential for the company's success long-term success. We are working to establish Masar as a new benchmark for sustainable development in the Kingdom."

The report reflects the company's vision of becoming a leading model for sustainability within the urban development sector. It sets out its methodology for integrating sustainability principles across all phases of its operations, from planning to implementation. Furthermore, it showcases the company's achievements to stakeholders and informs them of the progress made in applying ESG standards, strengthening its investment appeal and corporate credibility.

The issuance of this report represents an important milestone that enhances the culture of disclosure and accountability within the company, and demonstrates its commitment to continuously improve its ESG performance. By publishing regular reports, the company provides stakeholders with clear insight into its progress towards achieving its strategic goals, in line with the objectives of Saudi Vision 2030 for a sustainable economy and a vibrant society.