(MENAFN- The Peninsula) The issue of sustainable development is influencing the decisions and behaviour of investors as it has gained importance in the corporate world. Speaking during a webinar, a top Doha Bank official said that Environmental, Social, and Governance (ESG) framework is getting redefined and reporting standards are being aligned to sustainable development.
Doha Bank organised a virtual event entitled 'Doha Private Banking Investment Outlook' during which experts shed light on various topics such as sustainability, ESG, and global investment outlook.
Dr. R Seetharaman, CEO, Doha Bank said“We live in a changing world, and we are witnessing in this pandemic extraordinary set of changes and challenges. When it comes to environmental impact as we are speaking COP26 is going on in Glasgow, the sustainable development goals are been aligned to human dignity. Vaccination administration has been the key and global vaccine across which is about 40 percent of the requirement. Qatar itself has administered to over two million people who are fully vaccinated, over 80 percent of the eligible population.”
Dr. Seetharaman said,“We are witnessing global wealth being redefined. Instead of shrinking, the wealth saw a growth of 8.3 percent last year and preserving the wealth has been the core norm. Looking at the Gulf states itself, six countries put together we expect, in the next three to four years, not less than 300 percent aggregate growth in terms of sovereign funds.”
“ESG framework is getting redefined, reporting standards are being aligned to sustainable development,” he added. Dr. R Seetharaman also shared a video presentation highlighting how different ESG frameworks have become key drivers of value, proving that financial performance is no longer measured only in terms of market size and profit. It noted that environmental responsibility includes energy use, waste management, and climate change; social responsibility includes labour relations, human rights, diversity and inclusion, and product liability; governance includes compliance, business ethics, controls, and procedures.
Slim Bouker, Head of Private Banking & Al Riyada, Doha Bank said,“This event is held to bring awareness to the local market and our clients as they are our number one priority, we bring them investment solutions tailored to their needs. Over the past weeks we have seen demand for bond funds as market volatility increases with potentially rising interest rates and in the near future, we remain very cautious in our equity and bond selection. In some cases, we have even reduced leverage in some portfolios for risk management.”
“Recently we started offering MSCI ESG rated bonds and ESG funds in our asset allocations. We also have diversified portfolios customised for our clients. Sustainability is driving investors' behaviour which is our main theme today as we will discuss about sustainability in its various shapes and forms,” he added.
Citing example about sustainability, he highlighted the two events that have taken place recently in Qatar - firstly, the rebranding of Qatar Petroleum to QatarEnergy reflecting a new brand identity and a strategy focusing on energy efficient and eco-friendly technology. Secondly the recent opening of Al Thumama Stadium whose architecture is inspired by the Gahfiya cap which is part of the local heritage of Qatar.“From a sustainability point of view the openings in Gahfiya shaped stadium allows air circulation for the wellbeing of the fans without disturbing the games themselves,” he said.
Alastair Bishop, Managing Director, Global Head of Sustainable Core Investing, BlackRock Portfolio Management Group, discussed on the topic 'Sustainable Investment Strategies'. He said,“Qatar has fantastic opportunity for growth, and we have seen a large-scale project go under construction that is intended to be starting up ahead of the World Cup next year – an 800-megawatt facility. So, there is a huge opportunity for installing renewable energy projects and transitioning the power grid but also to be seen as a base for manufacturing.” He added, there is an opportunity for Gulf to become a real source of green hydrogen for the world and decarbonizing and also for playing a part in the industrial revolution that is happening around sustainability.
Mansoor Mohi-Uddin, Chief Economist & Financial Market Strategist, Bank of Singapore discussed on the topic 'Global Investment Outlook' and elaborated on the status of global economy and Sameer Kaul, Director, Asia Equities Sales, Cantor Fitzgerald gave an introduction about SPAC (special purpose acquisition company).
According to IMF the global economy is recovering but the pandemic and persistent economic fault lines are holding it back. Projected economic growth is 5.9 percent in 2021, 4.9 percent in 2022 and inflation pressures are expected to decrease in 2022, amid great uncertainty. Many countries face difficult policy tradeoffs as they confront unemployment, climate change, inflation, and food security, rising debt, and educational losses. Speeding up vaccinations remain the top priority to save millions of lives and accelerate the global economic recovery.
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