Saudi Arabia’s Vision 2030 transformation has thrust ESG into the spotlight. Regulators are actively embedding sustainability into national strategy. For example, the Capital Market Authority (CMA) issued voluntary ESG disclosure guidelines in 2019, and the Saudi Exchange (Tadawul) issued its own ESG reporting framework in 2021. As Tadawul CEO Mohammed Al‑Rumaih observes, “Saudi Arabia is undergoing a rapid transformation under Vision 2030” centered on a sustainable financial ecosystem. Although formal ESG reporting is not yet mandatory, these guidelines signal a legal and cultural shift: according to Chambers & Partners, “no specific ESG reporting requirements” exist today, but Tadawul ESG disclosure guidelines serve as a resource for issuers. The government is now moving to codify ESG standards nationally – the Ministry