Grant Thornton Champions Sustainability Initiatives in Bahrain and the GCC Region

Bahrain, January 2025 – As sustainability becomes a cornerstone of corporate strategy in the GCC region, businesses are embracing transformative initiatives aligned with national visions such as Bahrain's Economic Vision 2030, Saudi Arabia's Vision 2030, and the UAE’s Net Zero 2050 commitment. These efforts reflect the region’s dedication to advancing energy diversification, circular economy principles, sustainable infrastructure, and water conservation, while adhering to global sustainability reporting standards.

Jassim Abdulaal, Managing Partner at Grant Thornton Bahrain, emphasized the importance of this transition:

"Sustainability is no longer a choice, it’s a business imperative. Companies in Bahrain and across the GCC are recognizing that embedding ESG principles into their operations drives innovation, builds trust, and creates long-term value. At Grant Thornton, we are proud to support organizations on this journey, helping them align with both local regulations and global standards while unlocking opportunities for growth."

With the Central Bank of Bahrain (CBB) introducing mandatory ESG reporting for licensees and listed companies in 2025, organizations face significant changes in their reporting and governance practices. These regulations aim to promote transparency, enhance corporate governance, and achieve social and climate-related objectives.

However, the road to compliance is not without its challenges. Jatin Karia, Senior Partner at Grant Thornton Bahrain, highlighted a key concern:

"Transitioning to a sustainable model requires substantial investment and a shift in mindset, which can be daunting for many businesses. The high cost of adopting renewable energy, implementing eco-friendly technologies, and ensuring compliance with evolving regulatory frameworks are significant hurdles. Companies need tailored strategies to manage these challenges effectively while staying competitive."

Sunil Thakkar, Business Risk Solutions Partner at Grant Thornton Bahrain, further elaborated on the dual nature of ESG compliance as both a challenge and an opportunity:

"Conducting a robust materiality assessment is a crucial step for companies striving to align with ESG requirements. While many organizations approach it as a compliance exercise, it holds far greater potential. A well-executed materiality assessment helps identify critical risks and opportunities, providing valuable insights to build a resilient and sustainable business model. At Grant Thornton, we guide businesses through this process, ensuring it adds value by increasing stakeholder engagement and driving long-term growth."

To assist businesses in navigating this evolving landscape, Grant Thornton provides comprehensive support, from baseline assessments and developing sustainability strategies to conducting materiality assessments and training board members in ESG-related expertise.

"Boards must lead from the top to ensure sustainability strategies are integrated into core business operations," Karia added. "By proactively engaging with materiality assessments, companies can transform ESG compliance from a regulatory requirement into a catalyst for innovation and value creation."

Grant Thornton remains committed to driving sustainable change across the GCC region, leveraging its expertise to align businesses with national and international goals. By partnering with Grant Thornton, organizations can navigate the complexities of sustainability, build stakeholder trust, and achieve long-term success.