BUSINESS REPORTER
MUSCAT, OCT 9
Marafiq, a joint venture owned by OQ, a subsidiary of Oman Investment Authority, cemented its position as a sustainability leader by winning the prestigious Integrated Utilities Company of the Year award at the World Economic News Network's Sustainability Innovation Awards 2023. This award recognition that identifies sustainability-focused innovative projects in the Middle East validates Marafiq's ambitious ESG (environmental, social and governance) strategy aimed at enabling Oman's vision for a sustainable future.
With its state-of-the-art water network management in Duqm Special Economic Zone, Marafiq achieved an unprecedented non-revenue water loss rate of just 9.1% - one of the lowest globally. What makes it even more impressive is that the loss percentage in water networks is around 20% and in some cases even reaches 35%, causing severe economic and environmental losses. The award ceremony held in Dubai, celebrated Marafiq's commitment to optimize precious water resources in pursuit of the UN's Sustainable Development Goals, Oman Vision 2040, and the Sultanate's net zero targets for 2050.
Abdullah al Hashimi, Managing Director of Marafiq, said, "As a company founded on principles of sustainability, we implemented robust asset monitoring, data analytics and world-class practices to minimize water wastage and carbon footprint. This award recognizes our strategic ESG priorities of water conservation, operational excellence and community well-being.”
By leveraging innovation and technology, Marafiq is setting global benchmarks in responsible water management. Its digital initiatives for monitoring usage, reducing leaks and engaging consumers also showcase Marafiq's emphasis on stakeholder collaboration in building a sustainable future. Over the years, Marafiq has achieved its operational efficiency measures as evidenced by the ISO credentials. Marafiq was able to integrate efficiency into its operations at a very early stage .
Al Hashimi added, "We are honored by this international recognition of our sustainability efforts. It motivates us to scale up ESG integration across our operations and thus contribute towards Oman’s economic, social and ecological objectives."
As a leading utility player, Marafiq aims to spearhead the region's sustainability transformation through its environmental stewardship, community engagement and governance best practices. With accolades like this, Marafiq is poised to accelerate its leadership in enabling Oman's vision for a net zero and socially inclusive society.
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