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Companies in the UAE should develop and adopt holistic strategies to better engage public and private sector stakeholders onkey sustainability matters and involve them in shaping new strategies, business leaders speaking at Dubai Chamber of Commerce’s CEO Dialogue event said.

The event, recently hosted at Dubai Chambers’ headquarters, was organised as part of Dubai Chamber of Commerce Sustainability Week 2022, under the theme Increasing Impact and Enhancing Value Through Stakeholders’ Engagement in Sustainability.

Ms. Maha Al Gargawi, Executive Director – Business Advocacy, Dubai Chambers, and Mr. Massimo Falcioni, CEO, Etihad Credit Insuranceshared their insights on the topic as they addressed attendees at the event.

For her part,Al Gargawi spoke about the tremendous value that stakeholders can add to organisations, which can come in many forms such as expertise, idea generation and business connections.

“Any effective sustainability approach requires the buy-in and commitment of business leaders and external stakeholders in order to create a real impact. Beyond that, businesses need to create the right channels and platforms that can foster constructive dialogue and cooperation between organisations and stakeholders structured around strategic objectives,” she said.

Al Gargawi noted that the objective of CEO Dialogue and Dubai Chamber of Commerce Sustainability Week go far beyond awareness as the initiative is designed to mobilise various segments of the business community to take practical actions to engage stakeholders with the aim of creating positive change.  

She added that stakeholder engagement is a key part of Dubai Chambers’ new strategy and direction as the organisation involves public and private sector stakeholders in its business advocacy agenda.

During his keynote speech, Mr. Massimo Falcioni, CEO, Etihad Credit Insurance, stressed the importance of managing stakeholders’ expectations as these relationships can significantly contribute towards companies’ sustainability missions and agendas. He added that companies often must change their approach to communicating with key stakeholders in order to leverage the benefits of such relationships.

The speeches were followed by a panel discussion joined by Mr. Brian Long, Managing Director, Middle East and North Africa, Boeing, Mr. Abbas Panju, Managing Director, Middle East & Central Asia, UPS, and Dr. Nairouz Bader, CEO, Envision Partnership.

Panellists highlighted the importance of identifying, mapping and prioritising different key stakeholders to create connections, build trust, confidence and boost stakeholder involvement in company’s sustainability initiatives. Building partnerships that promote knowledge sharing between stakeholders and businesses and establishing communication strategies targeting stakeholders were identified as practical steps that companies can take to ensure the success of sustainability efforts.

Taking place November 21-25, Dubai Chamber Sustainability Week 2022 features a series of events, including a roundtable on opportunities, challenges and solutions related to the customers engagement, a multi-stakeholder discussion highlighting innovative technologies can foster stakeholder’s engagement and an exhibition showcasing sustainable business initiatives and solutions.

In addition, a campaign titled Let’s Engage Stakeholder’s in Sustainability was launched as part of the week-long initiative, which aims to encourage companies to take practical actions within their business to increase their engagement with stakeholders.