The Saudi Investment Bank Releases 1st Integrated Annual Report among Banks in the Middle East
The Saudi Investment Bank (SAIB) released on 29 March 2018 its first integrated annual report and the first Integrated Report issued by a bank globally in Arabic. Structured and written to provide readers a comprehensive yet succinct account of the Bank’s record of value creation, the release of this report marks a significant milestone for the Bank as well as for the financial services sector in the Middle East.
Being a recipient of the King Khalid Awards for Responsible Competitiveness (RC) in the Kingdom of Saudi Arabia year-over-year progressing from 3rd place in 2014 to 2nd place in 2015 to 1st place in 2016, SAIB was admitted as an Ambassador for the RC Award last year. These positions recognise the consistent demonstration of responsible sustainability practices. "Sustainability is but one half of our value creation story. It is the story of how SAIB delivers value to each of its stakeholders. By adopting integrated reporting, we are now able to complete the other half of the story. That is the story of how each of the stakeholders in turn become valuable to the Bank in driving its future earnings.” said SAIB’s AGM Corporate Communication Group - Ishraq Al Thebiani.
International investors are now increasingly considering the overall impact that a business is having on all its stakeholders. Vision 2030 that is driving Saudi Arabia’s economic, social and environmental development towards making the Kingdom a global hub encourages businesses to become world-class players in their respective sectors.
Richard Howitt, CEO of the International Integrated Reporting Council (IIRC) - the global coalition that is promoting integrated thinking and reporting, sent his congratulations to the Bank saying, “On behalf of the IIRC, I would like to take this opportunity to congratulate SAIB for its leadership in taking the first steps towards integrated thinking and reporting. As practice develops, we are confident that integrated reporting can play an important role in the Region's efforts to be a solid long-term investment proposition and I hope other businesses will be inspired by SAIB's innovative approach."
From service delivery standards to external reporting, quality and efficiency is an overarching theme that is woven into the very fabric of the Bank. It became the first bank in Saudi Arabia to win the King Abdulaziz Quality Award (KAQA). Holding true to this legacy, SAIB’s Integrated Annual Report was concurrently released in PDF as well as on-line HTML formats on the same day. The HTML format of the annual report enables users to better navigate through the content, annotate and share with greater ease.