An insightful gathering focused on investment trends and opportunities convened at the Holiday Inn Gateway in Jeddah, where Hilal ESG Holding Limited’s founding partners Zafar Sarashwala, Irshad Akhtar, and Zaheer Muneer led a discussion on the evolving landscape of economic, social, and governance (ESG) as well as Shariah-compliant investments.
The conference attracted a diverse group of professionals, including industry specialists, experienced investors, and keen novices, all keen to exchange knowledge on the latest developments and potential investment avenues.
The concept of establishing Hilal ESG Saudi Arabia Limited took shape following a meeting between Sarashwala and Saudi Investment Minister Khalid Al-Falih. This interaction, which happened on the sidelines of the G20 in New Delhi, eventually led to Sarashwala’s visit to Saudi Arabia. Highlighting the close ties between Saudi Arabia and India, Sarashwala noted the burgeoning relations under the leadership of Crown Prince Mohammad bin Salman, and the special relationship with India’s Prime Minister Narendra Modi.
Sarashwala, in his keynote, stressed the rapid growth of ESG and Shariah investments over conventional ones, expressing a desire to center the firm’s operations in Saudi Arabia and achieve full licensing for Hilal ESG Saudi Arabia.
Akhtar, drawing on his extensive experience including his role in the establishment of HSBC in Riyadh, touched upon the investment prospects within the Saudi Arabia-India-China private equity triangle. He emphasized the opportunities for investors to diversify and gain unique access to emerging markets, bolstered by strong diplomatic ties.
Further elaborating on the benefits of domiciling funds in the GCC, Akhtar praised the protection offered to investors by local regulators, which are gaining international recognition, thus negating the need to domicile in traditional financial hubs like the UK, Europe, or the US. He also commended the talent in the region and the world-class regulatory framework provided by the Saudi Capital Markets Authority.
Akhtar identified climate change and renewable energy as sectors ripe with opportunity for the region, given its abundant resources and commitment to transition. He called for greater public awareness to ensure that individuals and businesses can capitalize on these prospects.
The liberalization of Saudi’s real estate market for foreign investors was cited as a catalyst for an influx of foreign direct investment (FDI), with Akhtar forecasting a real estate boom driven by FDI. He projected strong performance in sectors such as healthcare, food security, technology, and real estate, particularly due to the Muslim world’s interest in residing near holy sites.
The Hilal ESG partners were reassured by the Ministry of Investment of full support in establishing and launching their operations in Saudi Arabia.
Muneer highlighted Saudi Vision 2030’s successes and expressed the firm’s intention to contribute to this initiative by assembling a world-class investment management team. He pointed out Saudi Arabia’s robust economy and the prominence of its stock exchange, Tadawul, noting the significant infrastructure investments planned for the Kingdom, including ambitious projects like NEOM.
The event was supported by Jeddah-based Marketing Support Services, owned by Zakariya Biladi, with Asim Zeeshan overseeing the event’s proceedings.