Renaissance Services, Oman’s leading integrated facilities management (IFM) and services solutions provider, listed on the Muscat Stock Exchange since 1996, has launched its Sustainability Report 2024. The launch event, held under the auspices of Haitham bin Salim Al Salmi, CEO, Muscat Stock Exchange (MSX), underscored the importance of transparency and accountability in advancing Environmental, Social and Governance (ESG) practices in Oman’s corporate sector.
In line with its ongoing commitment to sustainability, safety and operational excellence, Renaissance invested RO 580,000 in climate risk mitigation initiatives during 2024. For this latest Sustainability Report, the company adopted the advanced ‘In Accordance’ GRI Standards 2021 framework, thereby establishing itself as a pioneer in comprehensive ESG disclosures among listed corporates. Notably, Renaissance has been voluntarily reporting on all 30 ESG metrics outlined in the MSX ESG Framework since its 2022 report, well ahead of the regulatory mandate that came into effect in 2024.
Speaking on the occasion, HH Sayyid Tarik bin Shabib Al Said, member of the Board of Directors and chairman of the ESG Committee of Renaissance Services, said, “Our annual Sustainability Report reflects the company’s long-term commitment to sustainability and transparency. Sustainability is embedded in our strategy, from innovation and decarbonisation efforts to capacity building and governance. We remain focused on delivering measurable outcomes that contribute to Oman’s sustainable development.”
Haitham bin Salim Al Salmi, CEO of MSX, said, “Renaissance Services has consistently demonstrated leadership in sustainability reporting and ESG best practices in Oman. Its early adoption of the MSX ESG Framework and commitment to the latest GRI Standards set a benchmark for listed companies in the country. Renaissance’s continuous focus on transparency, disclosure and global reporting standards is essential in fostering a responsible and sustainable investment environment. As the capital market advances toward responsible investment and sustainable growth, I encourage all MSX listed companies to follow Renaissance's example by embracing sustainability and transparency practices. This shift is critical for building investor confidence, attracting capital and supporting Oman’s Vision 2040, which aims for a more diversified and sustainable economy.”
Renaissance’s latest report highlights its alignment with the Sultanate’s sustainability journey. Earlier in 2024, the company became the first and only Omani public-listed entity registered with the Science-based Targets initiative (SBTi), reinforcing its alignment with the Paris Agreement and Oman’s Net Zero 2050 target. Renaissance’s climate risk mitigation initiatives include implementation of a smart food waste management solution and an Internet of Things (IoT)/AI-based platform that reduces energy usage at its accommodation facilities.
With more than 2,800 Omani employees, Renaissance is among the largest private-sector employers of Omanis. The company has developed a robust local supply chain and remains committed to Corporate Social Responsibility (CSR) programmes that create a meaningful and lasting impact. Its flagship project, Renaissance Village Duqm, Oman’s largest workforce accommodation facility, showcases the company’s commitment to worker welfare and serves as a key enabler of foreign direct investment (FDI) in the Sultanate. The company remains dedicated to driving positive change through innovative and sustainable practices that support Oman’s vision for a greener, more inclusive future.
