By Industry Expert Murtaza Manji

An Exclusive Viewpoint for Economist Dubai Readers

Over the past decade, “Sustainability” has become more than a trendy tagline that sophisticated brands include in their mission statements. Today, research has proven that it is a crucial part of every successful business around the world; it has become a strategic concern driven by market forces. Keeping the ‘Greater Good’ in mind when designing business practices is more than just the right thing to do; it is also good for your business. Whether it’s making your supply chain more environmentally-friendly, launching a cruelty-free product, decreasing your company’s carbon footprint, giving back to the community, or adapting an equal pay policy, sustainability can add significant value to your business. Although every industry and business have their own motives to embrace sustainability, here are some universal benefits of becoming more sustainable.

Sustainability Improves a Brand’s Perceived Value

Perception is reality – in life and in business. Businesses that are perceived by their target market to be good for the larger ecosystem will have a much better position compared to their competitors. And this positioning is not only for consumers – according to the Stanford Innovation Review, more than 90% of CEOs believe that sustainability is significant to their company’s success. When customers, management, the society, the media, the government, and all other stakeholders respect a brand for its commitment to sustainability, the brand equity is unmatchable.

Sustainability Helps Build Customer Loyalty

Sustainability makes a business look attractive and responsible in the eyes of customers. According to a CSR study: “People are less likely to do business with companies that are perceived as irresponsible. On the other hand, companies that are able to visibly demonstrate their ethics and show a commitment to the environment are more likely to have a stronger reputation and attract customers who care deeply about what a business stands for.” It’s become a fact that consumers favour sustainable brands. With the right messaging and responsible initiatives, businesses can leverage their reputation to develop a high level of customer loyalty and differentiate themselves from competitors.

Comparatively Cost-Effective Investment

Millennials, the large majority of today’s consumer base, are very sophisticated in the way they pick their brands. They want more than a product; they want an emotional connection, a story, and a cause. Most importantly, they are more appreciative of sustainable brands. In 2015, Neilsen conducted a study to understand consumer behaviour and its relationship with brand connection. A surprising insight from the report was that 66% of global consumers are willing to pay more for sustainable goods, with Millennials representing the majority of this percentage. Consumers today are willing to spend extra to ensure that what they are spending money on is actually good for the planet and the people on it. In our interconnected world, it’s becoming a norm to think critically about where products are sourced from. And if that means customers will have to pay an extra amount to ensure the supply chain is ethical, they happily do it.  

Business sustainability contributes to the protection of the environment

According to the World Bank Group, current global waste generation levels are approximately 1.3 billion tonnes per year, and are expected to increase to approximately 2.2 billion tonnes per year by 2025. In the Middle East alone, the annual waste produced is estimated at more than 150 million tons. Bahrain, Saudi Arabia, UAE, Qatar and Kuwait rank in the top-ten worldwide in terms of per capita solid waste generation. Compare this number with the annual waste produced in Sweden, where – since 2011 – the country has run out of waste to process, and now are able to process and recycle waste from other countries, for the benefit of the environment.

Businesses around the world and in the Middle East, regardless of size or industry, can – and should – improve environmental sustainability, at least incrementally if not in transformative ways. Every positive achievement is important to saving our planet, our lives, and our businesses. Whether via appointing sustainability ambassadors within the organisation, pledging to adopt greener supply chains, or implementing best practices for decreasing damaging or unnecessary waste, businesses that endorse environmental sustainability can become pioneers in the drive to create a sustainable planet, society, and economy for future generations.

Here are a few steps that businesses can take to become more sustainable:

The problems facing the planet today are greater than any one person or business can tackle. Together, however, we can bring about massive change. Here are a few suggestions to start implementing immediately in your businesses:

In the long term

• Conduct an audit of the environmental impact of the company: utilities usage, waste created, types of waste, and so on.

• Create a cross-company team of environment champions that push lowering waste in every department.

• Be innovative and encourage the sharing of ideas for initiatives. Run a quarterly workshop, and have prizes for people with the best ideas.

In the short term

• Make recycling a non-negotiable practice, embed it into culture. Make it easy for people to recycle, more convenient than a garbage bin.
• Set short-to-medium term goals for every department. For example, lower electricity costs for an office, or reducing packaging waste for a department. Set targets, and have team members that will be accountable for it.

• Celebrate wins. If the company saves $100,000 through lower utilities costs, pay that out as bonuses to the whole team. That way, you build momentum and good environmental practices are positively reinforced.

• Encourage initiatives like #trashtag, and run a team event to do a beach or desert clean-up activities.

There is an age-old saying: Nothing Worth Having Comes Easy. The same applies for building a sustainable business environment. It takes commitment, dedication and consistency from the top down to embrace the sustainability cause and make it happen. The return, however, is manifold: building customer loyalty, increasing brand equity, building pride for the employees, and – ultimately – a healthier planet.

It’s time to start focusing on the People, the Planet, and the Profit.

Ras Al Khaimah Economic Zone (RAKEZ) has welcomed Ravi Shastri, Head Coach
of the India National Cricket Team, former India Cricketer and TV
commentator, as its exclusive Corporate Ambassador to the Indian business
community. As the face of RAKEZ, Mr Shastri will be representing RAKEZ in
networking events, business forums and seminars, to build and sustain
business relationships with key accounts and brands.

“This is the first time that we have appointed a Corporate Ambassador, and
we’re very happy to have the right man on-board. Mr Shastri was a natural
choice given that he’s not only an iconic Indian figure that possesses the
admiration of cricket fans globally; he’s also a coach who leads teams to
victories. I’m confident that he’s going to do the same for us by taking our
relationship with the Indian business community to the next level – a
relationship we started building almost two decades ago,” said Ramy Jallad,
RAKEZ Group CEO.

Commenting on RAKEZ’s commitment to the Indian market, Mr Jallad shared:
“Indian businesses have greatly contributed to Ras Al Khaimah’s economic
diversification as well as the increase of employment opportunities, hence
our dedication to support them. Throughout the years, we have launched
numerous initiatives for the Indian investors, opened an office in Mumbai in
2006, and conducted roadshows in India to share the benefits of expanding to
the UAE. Our efforts have led to over 3,300 Indian companies choosing RAKEZ
as their business destination. That’s 23% of our total company population.
With Mr Shastri joining Team RAKEZ, we’re positive that he’ll be influencing
more Indian business leaders to set up or expand their operations to the
United Arab Emirates though RAKEZ.”

Indian companies in RAKEZ are operating across various industries with over
1,600 flourishing in the commercial field; nearly 1,000 in services; more
than 350 in general trading; and around 100 in the industrial sector. The
rest are spread across media, e-commerce, educational, and more. Due to the
growing demand from Indian investors, RAKEZ has relocated its Mumbai office
to a bigger and more central location in Bandra Kurla Complex in 2018.

Expressing his views on the collaboration with RAKEZ, Mr Shastri said:
“I’m very excited and proud to be the Corporate Ambassador of RAKEZ to the
Indian business community. It is one of the leading business and industrial
hubs in the Middle East region, and home to many famous Indian brands. I’ve
heard nothing but positive feedback from Indian companies about RAKEZ, so I
am confident that I am associating myself with the right organisation that
has been consistently helping Indian companies go global. My goal here is to
coach more Indian investors to choose the right track and play it right when
it comes to their business.”

This first-of-its-kind approach is one of the many other initiatives that
RAKEZ will be launching in the future to attract more investors from all
over the world and boost the economic growth of Ras Al Khaimah.

ABOUT RAS AL KHAIMAH ECONOMIC ZONE (RAKEZ):
RAKEZ is a powerhouse business and industrial hub established by the
Government of Ras Al Khaimah in the United Arab Emirates. It currently hosts
over 14,500 companies coming from over 100+ countries and operating in more
than 50 industries.

RAKEZ offers entrepreneurs, startups, SMEs and manufacturers a wide-range of
solutions, including free zone and non-free zone licences [1], customisable
facilities [2], and first-class services provided in a one-stop shop.
Furthermore, RAKEZ has six specialised zones [3] that are tailored to
specific needs of investors: a Business Zone for commercial and service
companies; Al Ghail, Al Hamra and Al Hulailah Industrial Zones for
manufacturers and industrialists; a Media Zone for the creative firms; and
an Academic Zone for educational providers.

A leading economic zone, RAKEZ, aims to continue attracting diversified
investment opportunities that will contribute to the economic growth of Ras
Al Khaimah.

ABOUT MR RAMY JALLAD, GROUP CHIEF EXECUTIVE OFFICER, RA,S AL KHAIMAH
ECONOMIC ZONE (RAKEZ)

Ramy Jallad is the Chief Executive Officer of RAKEZ. His role is to develop
and drive the strategic growth, creating a thriving commercial and
industrial business hub that attracts and welcomes investors from all around
the world.

Mr Jallad has over 25 years of professional experience, where he has
developed and led various commercial and industrial free zones, business
parks and mixed-use real estate developments.

Previously, Mr Jallad held various key leadership positions in both
government and private enterprises, such as: Vice President – Free Zone &
Properties for Abu Dhabi Airports Company, Executive Director of Business
Development & Customer Services for Dubai Technology and Media Free Zone
(TECOM), and General Manager of Caltex Oil Company.

Mr Jallad is fluent in English and Arabic. He holds a Bachelor of Science
degree in Mechanical Engineering. He is also a Lead Assessor by the European
Foundation for Quality Management and a certified trainer in sales,
marketing, and customer care as well as people management.

ABOUT MR RAVI SHASTRI, HEAD COACH OF THE INDIA NATIONAL CRICKET TEAM

Ravi Shankar Jayadritha Shastri is an Indian cricket commentator, former
Test Cricketer and current Head Coach of the India National Cricket Team.

He played for the India National Cricket Team between 1981 and 1992 in both
Tests and One-Day Internationals (ODIs), and was a member of India’s World
Cup winning team in 1983. Although he started his career as a left arm spin
bowler, he later transformed into a batting all-rounder.

The official title “Champion of Champions” was awarded to Mr Shastri when
India won the World Championship of Cricket in Australia in 1985.
In the same season, in January 1985, he equalled West Indian Garry Sobers’
record of hitting six sixes in an over in first-class cricket.

During his career spanning more than a decade, he played in 80 Test and
150 ODIs, scoring 3,830 and 3,108 runs in two formats, respectively,
including 11 centuries in Test and 4 centuries in ODIs. Mr Shastri retired
from playing cricket in 1992.

After his retirement, he served ICC and BCCI in temporary official
capacities, and as a UNICEF Goodwill Ambassador. On July 2017, Mr Shastri
was appointed as Head Coach of the India National Cricket Team.
Under his coaching, the team secured its first-ever Test series win in
Australia in January 2019. He will always be remembered as the coach that
led an Asian side to its first ever Test series victory in Australia.

Outside the playing field, Mr Shastri is a passionate person who defends and
stands by what he believes in. He mentors students in career and life
lessons in partnership with India- and UAE-based Greycells Education
Limited, a leading vocational training provider.

Mr Shastri has achieved success by being a motivator in a world of monitors.
Whether as a player, commentator, coach and mentor, his record at the helm
across all formats is impressive.