Sustainability tech platform, Clarity AI, has entered into a Memorandum of Understanding (MoU) with the Saudi Tadawul Group, the top stock exchange in the Middle East and North Africa (MENA) region, which has a market capitalization close to $3 trillion. The purpose of this MoU is to educate companies in the Kingdom of Saudi Arabia and the wider MENA region on important sustainability issues.
“Our mission is to bring societal impact to markets, and we are thrilled to be in an understanding to do that with the Saudi Tadawul Group, which sits at the center of company communication for trillions of dollars of market capitalization trading in MENA,” said Rebeca Minguela, Founder and CEO of Clarity AI. “This position represents a strong opportunity for us to help bring additional tech-powered sustainability capabilities to these global corporations.”
Clarity AI aims to assist businesses and investors in comprehending, monitoring, and analyzing their sustainability performance using its tools and services, both in accordance with international and national frameworks. The company’s platform caters to both established corporations and small to medium-sized enterprises that are still in the initial stages of their sustainability journey. Additionally, the platform enables the comparison of data with industry peers for benchmarking purposes.
The partnership between Clarity AI and the Saudi Tadawul Group, which holds over 300 listed securities with a total market value of $2.7 trillion, will allow international investors to monitor and report in accordance with existing and future national regulations. Clarity AI’s technology and services will aid companies in improving their ESG and sustainability disclosure and comprehension, promoting a more sustainable future for both the region and the globe.
About Clarity AI and Saudi Tadawul Group
Clarity AI is a sustainability technology platform that uses machine learning and big data to provide environmental and social insights to investors, organizations, and consumers. With a coverage of over 70,000 companies, 360,000 funds, and 198 countries, Clarity AI offers the broadest data coverage in the market. The platform integrates with partners like BlackRock, Refinitiv, BNP Manaos, and SimCorp to deliver data and analytics for investing, consumer research, corporate research, and sustainability regulations. Clarity AI has offices in North America, Europe, and the Middle East, and its investor clients manage trillions of assets under management. Additionally, the platform reaches hundreds of millions of consumers through its partnerships and client network, making it part of millions of daily e-commerce transactions.
The Saudi Tadawul Group, established in March 2021, is the parent company of Saudi Exchange, a dedicated stock exchange business, the Securities Clearing Center Company (Muqassa), the Securities Depository Center Company (Edaa) and Wamid – the innovation arm of the Group.