Sobha Realty scores 91 in ESG performance assessment exercise

DUBAI, UAE, 25 November 2024: Sobha Realty said it has achieved a score of 91 in the 2024 Annual GRESB Assessment, marking a significant improvement from its 2023 score of 72. Making the announcement through a Press Release, Sobha said the achievement highlights its steadfast commitment to Environment, Social and Governance (ESG) pillars, strengthened by its second consecutive year of voluntary participation in the GRESB ESG benchmarking. The company said the advancement positions it among the top four per cent of global entities striving for excellence in ESG performance and sustainability leadership.

GRESB, Sobha said, is an independent organisation providing validated ESG performance data and peer benchmarks, enhancing industry-wide engagement, decision-making and business intelligence.

Sobha said that in the 2024 GRESB Development Benchmarking Assessment, it outperformed global and peer averages, attaining an exceptional development score of 65 out of 70. Sobha said that it ranked ninth among its peer group of 23 participants from over 14 countries, including Australia, Europe (as a collective), United Kingdom and the United States.

Francis Alfred, Managing Director, Sobha Realty, said: “Our significant progress in the GRESB Assessment exemplifies Sobha Realty’s dedication to sustainability and climate leadership. By centring our ESG goals on sustainable developments, we create meaningful and positive impact, especially in environmental sustainability. Our ambition is to set new standards for sustainable development that benefits our communities, stakeholders and the planet.”

Sobha said the success it encountered with the GRESB Assessment success exemplifies its leadership in sustainability and further reinforces its commitment to UAE’s vision for a sustainable future, such as the UAE Net Zero by 2050 strategic initiative, UAE circular economy policy and UAE’s Green Agenda. Over the past years, Sobha said, it has continuously pioneered high-quality climate reporting with its three comprehensive ESG reports and two Greenhouse Gas (GHG) assessments, which form the basis of its systematic emissions reduction strategy, further supporting the UAE’s climate goals.

Moreover, the company said, its Task Force on Climate-related Financial Disclosures (TCFD) report provides valuable insights into climate change impacts outlining robust governance and risk management strategies for a sustainable future.