C&B report shows 93% of Egyptian companies surveyed intend to bolster CSR efforts in coming year

Cairo – June 10, 2024: The MENA region is looking to increase its corporate social responsibility (CSR) efforts in the coming year, with 80 percent of executives surveyed by Cicero & Bernay’s (C&B) sharing their goals to bolster their efforts.

In its recent MENA CSR Report for 2023, C&B, in collaboration with global research firm CARMA International, revealed that Egypt (93 percent) and the KSA (87 percent) showed the strongest intent to expand CSR efforts.

“There is a continued elevation in CSR consciousness in the MENA region, with a standout 93 percent general awareness and an 84 percent rate of understanding among its leadership,” the report explained.

Egypt boasted a strong awareness percentage of 96 percent and a 94 percent understanding score, which reflects the 57 percent of surveyed managers which strongly agreed on the importance of CSR and doing business with socially responsible companies.

The 2023 report captures this pivotal transformation, marking a significant milestone in how regional businesses will approach ESG moving forward.   

"Transitioning from CSR to ESG isn't just a trend-it's a transformative journey that cements our commitment to future generations," said Ahmad Itani, Founder and CEO of C&B. "This report doesn't just reflect where we are; it's a beacon for where we're headed, underscoring our dedication to fostering a sustainable and ethically-driven market landscape."

CSR has become a more significant influence on business strategies, with the report noting that 81 percent of those surveyed were inclined to align with and recommend ethical companies, reinforcing CSR's importance in business relationships.

Differences emerged across regions, however, with Egypt exhibiting the highest levels of trust and advocacy for CSR (94 percent trust, 97 percent recommendation), in contrast to the Levant, which shows lower engagement (62 percent trust, 64 percent recommendation).

“The continued investment transcends company size, with strong trust in responsible brands (73 percent - 80 percent) and consistent preferences for ethical suppliers and products (77 percent - 84 percent). This universal valuation points to its recognized importance across the business spectrum.”

On the value of CSR, the report revealed that 85 percent of executives cited a very positive impact of CSR on business operations and 14 percent acknowledged a somewhat positive effect.

“This perspective is strongly reflected regionally, with unanimous agreement in Qatar, and high consensus in Egypt (96 percent) and the KSA (92 percent) on the uplift. In the Gulf, the emphasis is notably linked to reputation and societal well-being, as the strongest reasons for adoption,” the report added.

Customer engagement, profitability, and market stance were improved through CSR efforts, C&B noted, with 80 percent of participants agreeing with the statement. Regionally, leaders in Egypt (97 percent), the KSA (95 percent), and the UAE (85 percent) recognized the positive impact on business, emphasizing better customer relations and increased profits.

Looking ahead, the report predicts that by the end of 2024, over 90 percent of surveyed MENA businesses will have fully integrated CSR strategies into their operations, with significant advancements anticipated in environmental sustainability measures and governance transparency.