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Qalaa Holdings wins 2019 Sustainability, CSR Award
Qalaa Holdings, an African leader in energy and infrastructure, announced that it has won the 2019 sustainability and corporate social responsibility award and has been recognized among the top 100 companies on the Egyptian Stock Exchange for the fifth consecutive year at the Amwal El Ghad annual award ceremony.
Egypt’s Minister of Public Enterprise Hisham Tawfiq and Minister of Trade and Industry Dr. Nevine Gamea granted the award to Qalaa Holdings in appreciation of the company’s unique responsible investing model, its 15-year sustainable contribution to the Egyptian economy, environment and the surrounding communities.
Ghada Hammouda, Qalaa’s Chief Marketing and Sustainability Officer, received the award in the presence of government officials and leading members of the business community.
The ceremony was held under the patronage of Egyptian Prime Minister Dr. Mustafa Madbouly and attended by Ministers Dr. Mohamed el Assar of Military Production, Nabila Makram Ebeid of Immigration and Egyptians Abroad, Dr. Hala el Saeed of Planning and Administrative Reform, Dr. Rania el-Mashat of International Cooperation and Dr. Nevine el Qabbaj of Social Solidarity.
The ceremony was also attended by more than 700 executives representing Egypt’s most prominent businesses who have contributed to the country’s economic growth plans and supported the government’s economic reform program.
Commenting on the award, Hammouda expressed pride for winning the award for Qalaa’s contributions to sustainability and community development, reiterating Qalaa’s commitment to upholding environmental, social and governance (ESG) principles across its investments.
Since establishment, Qalaa has pursued a responsible investing model and built businesses sustainably and responsibly making an overall positive impact on the economy, the environment and society as well as the company’s employees and ensuring that the interests of all stakeholders are met. The company has also worked to align its vision with international best practices, Egypt Vision 2030, and the UN Sustainable Development Goals (SDGs).
“Qalaa aims to continue implementing its responsible practices and working to achieve a balanced, competitive economy. In cooperation with a number of key partners, the company is acutely focused on human capital development by affording Egyptian youth educational and vocational programs that help close the skills gap and train future leaders of the economy. To date, 300,000 Egyptian men and women have benefited, both directly and indirectly, from Qalaa’s human capital development programs.”
Hammouda highlighted the importance of the role of the private sector in promoting the growth of the Egyptian economy. “Achieving the Sustainable Development Goals will require collaboration among all players in crucial areas such as investing in the development of human capital, maximizing the efficient use of resources, and tackling climate change to ensure a sustainable future for generations to come.”
The award came alongside the selection of Qalaa as a participant in the American University in Cairo’s Business Forum on “responsible investing” within the framework of Qalaa’s interest in highlighting the link between sustainability and entrepreneurship while developing students’ perception of the idea of citizenship, supporting a common interest, and sustainable awareness.
Qalaa recently announced that it has signed a pledge that will see the company commit to 1.5°C science-based emissions reduction targets aligned with a net-zero future in response to the latest climate science recommendation to limit the worst impacts of climate change. Qalaa became the only Egyptian company and one of 177 pioneering early adopters of the campaign to address climate change in a more urgent and quantifiable manner.
Additionally, Qalaa created the position of Chief Sustainability Officer, currently held by Hammouda, and has established a sustainability committee that is responsible for making sure that Qalaa and its subsidiaries are committed to implementing health, occupational safety, governance and environmental best practices.
It is worth noting that Qalaa was one of the first Egyptian companies to adopt the UN SDGs since their launch in 2015. The company has chosen to focus on eight of the goals in order to achieve maximum impact; Quality Education, Affordable Clean Energy, Decent Work and Economic Growth, Industry Innovation and Infrastructure, Responsible Production and Consumption, Gender Equality, Climate Action, and Partnerships for the Goals.
Hammouda expressed her gratitude for being part of an ambitious and progressive institution like Qalaa that has been a pioneer in not only sustainability but also gender equality. Qalaa currently has 25% female representation on its Board of Directors and nearly 40% of its leadership and management positions are held by women.
Four of Qalaa’s female executives were included on the list of 50 Most Influential Women in Egypt in 2016 and 2017; they include, Marianne Ghali, Chairperson and Managing Director of Grandview, Halah Abu Bakr, Chairperson and Managing Director of City Gas and Chief Financial Officer of TAQA Arabia, and Pakinam Kafafi, CEO of TAQA Arabia, Qalaa’s subsidiary in the energy sector.
Since its inception 15 years ago, Qalaa has successfully established and developed 50 companies and provided more than 40,000 job opportunities within the various strategic sectors in which it has invested, including energy, waste management, and Nile transportation, while establishing factories in line with the highest technological standards. The company has also worked on strengthening Egypt’s export capabilities and developing import substitutes to achieve sustainable economic development and promote economic growth.
“Qalaa aims to continue implementing its responsible practices and working to achieve a balanced, competitive economy. In cooperation with a number of key partners, the company is acutely focused on human capital development by affording Egyptian youth educational and vocational programs that help close the skills gap and train future leaders of the economy. To date, 300,000 Egyptian men and women have benefited, both directly and indirectly, from Qalaa’s human capital development programs.”
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