International Law firm Trowers & Hamlins advised Muscat City Desalination Company on its sustainability report and voluntary reporting against the ESG metrics published by the Muscat Stock Exchange (MSX). This is a significant step for Oman as a geography and the wider GCC region, and shows how forward-looking companies will demonstrate their commitment to responsible business practices going forward.
Under the MSX guidelines, mandatory reporting will apply from 2024 (with the deadline for the first mandatory reports being 31 March 2025). Ahead of that deadline, Trowers advised MCDC on their voluntary ESG reporting, helping them to develop and implement an internal ESG reporting framework which will form the basis of future compliance. MCDC have taken this step to help demonstrate their early commitment to reporting and transparency – communicating their vision to stakeholders and the wider community. Alongside the voluntary reporting process, Trowers also worked with MCDC to develop its first annual sustainability report, helping MCDC showcase its approach to the wider sustainability of its business.
The Trowers cross-departmental and cross-jurisdictional team was led by Oman Resident Managing Partner Thomas Wigley and Senior Associate Debopam Dutta, with support from Associate Aida Al Jahdhami and Trainee Solicitor Natasha Blackmore and expert guidance from our market-leading ESG experts in London Chris Paul (Partner and Head of Energy & Sustainability), Diana Lupa (Associate, Energy & Sustainability), Sharron Webster (Partner and Head of Governance) and Sabah Shah (Senior Associate, Employment).
Oman Resident Managing Partner Thomas Wigley commented: "ESG reporting is a challenge for all sectors and involves a step-change in transparency. We were pleased to support MCDC in their first year of reporting, and in setting up processes to help frame their future compliance. There was tremendous teamwork from all sides to bring this matter to a successful conclusion. This reporting represents a significant and exciting milestone in the development of ESG compliance framework in the evolving Oman market, being one of the 'first of its kind' in the Sultanate. This matter demonstrates our market-leading cross-department and cross-jurisdictional ESG offerings.".
For further details about the MSX ESG guidelines, please refer to this article published by us earlier in the year.
