Saudi Awwal Bank wins Euromoney Best Bank for ESG award for third consecutive year

22/05/2025 02:18 AST

Saudi Awwal Bank (SAB) has once again been named "Best Bank for ESG" in Saudi Arabia by Euromoney for the third consecutive year, reaffirming the bank's leadership in driving sustainable finance and advancing ESG principles across the Kingdom's banking sector.

This prestigious recognition reflects SAB's continued commitment to embedding environmental, social, and governance (ESG) values into its operations, reporting, and stakeholder engagement.

The bank's sustainability strategy focuses on creating long-term value while supporting Saudi Arabia's Vision 2030 goals and the global sustainable development agenda.

Tony Cripps, Managing Director & CEO of SAB, stated: "Receiving this award for the third consecutive year is a powerful validation of our journey toward responsible banking. At SAB, sustainability is not an initiative-it is a core part of how we serve our clients, support our communities, and steward the future."

Over the past year, SAB has strengthened its ESG reporting, expanded green financing initiatives, supported community resilience programs, and partnered with leading institutions to champion sustainable innovation-including in sectors such as regenerative agriculture, clean energy, and Fintech.

As part of its green finance efforts, SAB issued its inaugural USD 650 million Additional Tier 1 Green Sukuk, to be eligible to environmental projects. This is the first green-labelled Sukuk issued by a bank in Saudi Arabia, as it aligns with Shariah principles and international green finance frameworks and was validated by a Second Party Opinion from S&P Global Rating.

This latest award follows a series of accolades SAB has earned, including but not limited to "Sustainability Program of the Year 2024" at the Capital Markets Forum, "Best Bank in Saudi Arabia" and "Best Private Bank" by Euromoney.

SAB continues its leadership role as the first bank in the Kingdom to implement a comprehensive sustainability strategy, including commitments to achieve Net-Zero operational emissions by 2035 and Net-Zero including financed emissions by 2060. The Bank also aims to allocate SR34 billion by 2025, in line with its commitment to support the Kingdom's strategic ambitions.

Saudi Gazette