The Capital Markets Authority (CMA) is exploring the implementation of a mandatory requirement for the disclosure of sustainability reports among listed companies, currently submitted voluntarily.
This initiative aims to enhance transparency and commitment to sustainable development practices across various sectors.
Sources revealed that under Law No. 7 of 2010 and its amendments, companies are permitted to submit sustainability reports voluntarily.
At present, twenty-one listed companies provide these reports, adhering to the Global Reporting Initiative standards, with only one exception.
These reports align with both the United Nations Sustainable Development Goals and the Kuwait Development Plan 2035. The CMA is considering a phased approach to make sustainability reporting compulsory, starting with companies listed on the first market, where reporting is already more frequent.
The proposed regulations are expected to improve compliance with CMA rules, boost company profitability and competitiveness, manage governance-related risks, and enhance stakeholder confidence.
Currently, companies disclose sustainability information in various formats: some include it in their annual reports, others issue standalone reports, and some provide integrated reports.
The CMA’s study will assess the feasibility of mandatory reporting and set timelines for its implementation.
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In line with its continuous commitment to ensuring sustainability throughout all aspects of its operations, Kuwait Financial Centre "Markaz" has launched its fourth Sustainability Report covering 2022 and 2023. The report highlights the organization’s performance in key Environmental, Social, and Governance areas (ESG), in accordance with the latest international standards for sustainability reporting developed by the Global Reporting Initiative (GRI). The report also aligns with the United Nations Sustainable Development Goals (SDGs), together with Kuwait's National Development Plan (KNDP) and Boursa Kuwait's sustainability indicators.
Commenting on the report, Deena Y. AlRefai, Executive Vice President – Investor Relations at Markaz, said: “We are pleased to unveil our fourth sustainability report to our partners, clients, and stakeholders. At Markaz, we recognize the importance of integrating sustainable practices into our operations. Our sustainability initiatives have not only enhanced operational efficiency, but also contributed to the resilience and stability of our business. Markaz’s sustainability approach, ingrained since inception, has undoubtedly bolstered a robust and secure foundation, manifestly reflected in the company’s financial performance over the years. We remain dedicated to engaging with our stakeholders and providing them with insightful information on our impact in the communities in which we operate.”
Sondos Saad, Vice President and Head – Corporate Communications at Markaz said: “Markaz being one of the first investment companies in Kuwait to voluntarily issue sustainability reports serves as a testament to our forward-looking approach and deep-rooted commitment to transparency, accountability, and ESG responsibility. This report provides a comprehensive overview of our sustainable practices and progress in key areas that matter most to our stakeholders, in alignment with global standards, demonstrating our dedication to long-term value creation.”
Key Components of Markaz’s Sustainability Report
Economy
In line with its belief that a diverse market leads to greater economic resilience and sustainability, Markaz has continued to attract and retain a client base of high net-worth individuals, governments, quasi-government institutions, and investment arms of corporations, both in the GCC and globally. In addition to building agility in challenging times, diversification supports Markaz’s efforts to ensure a positive economic impact in Kuwait and contributes to achieving key national economic commitments linked to the UN Sustainable Development Goals and New Kuwait Vision 2035.
Markaz has not only played a pivotal role in our local economy but also in expanding our economic impact beyond the boundaries of Kuwait. For example, this is reflected by outsourcing research and support services to Marmore and other providers in developing countries, and by making significant investments in real estate, supporting job creation in the MENA region and internationally.
Corporate Governance
Markaz continued to ensure the applications of ESG principles and maintain its robust corporate governance and risk management framework across all its business functions. Markaz is dedicated to safeguarding shareholders' rights, as evidenced by the approval of its Board of Directors’ policies aimed at ensuring the protection of all shareholders' rights. These policies, an important aspect of ESG, grant shareholders the ability to exercise their rights as outlined in the Companies Law and the Capital Market Authorities directives. The institution’s activities are closely aligned with the applicable regulatory requirements and international best practices, as well as internal policies, systems, and controls.
Our comprehensive anti-corruption policies and procedures are communicated and enforced amongst our employees. In addition, we have a mandatory training course on Financial Crime – Anti-Money Laundering, with over 1,200 hours of course training in 2022 and 2023 combined.
People
Markaz believes that investing in its people is one of the key elements of sustainable development. The organization’s dedication to diversity and inclusion is reflected in its high levels of female employees in managerial positions who comprise 18.4% of the workplace. Markaz is also committed to empowering Kuwaiti nationals, with a Kuwaitization rate increase of 26.7% from 2022 to 2023. Investing in the growth and development of employees remains a key priority for Markaz as reflected in its two-year record total of 6,294 hours spent for training. The company continues to actively support team members through performance management, learning opportunities, and policies that ensure their rights are upheld to the highest standards. As a result of improvement in the workplace environment, Markaz has maintained relatively high retention rates in 2022 and 2023.
Community
In alignment with UN Sustainable Development Goals (SDGs), Boursa Sustainability Indicators, and New Kuwait Vision pillars, among others. Markaz has focused its efforts on contributing to society through community empowerment, engagement, sponsorships and donations to reputable non-profit organizations. This is supported by Markaz’s long-standing Corporate Social Responsibility strategy, which is founded upon the three main pillars of building human capacity, promoting good governance, and aligning its business environment with the principles of sustainable development. Markaz Graduate Development Program (MGDP), first inaugurated in 2017, is a primary pillar of our talent attraction/development efforts and is designed for Kuwaiti graduates to gain a year-long immersive experience that will equip them with essential skills for the job market.
The Environment
Markaz has consistently demonstrated a commitment to responsible business practices and the efficient utilization of resources. We have implemented various sustainable practices, including the collection and recycling of paper waste and the mindful reduction of single-use plastics. These efforts were supported by a shift towards digitalization and the launch of The Technology Champion initiative internally. The Technology Champion Initiative is a new initiative by Markaz designed to empower its employees to leverage innovative digital technologies, streamline daily operations and reduce paper usage significantly. The use of digital automation minimizes the need for physical documentation. These advancements not only aim to optimize workflow and reduce costs but also align Markaz with UN SDG’s by minimizing paper waste.
Markaz continues to lead by example by placing the interests of key stakeholders at the heart of its extensive reporting and research efforts. With the publication of its 2022-2023 Sustainability Report, Markaz has further emphasized its commitment to transparency by delivering in-depth evaluation and reporting across the business that provides valuable insights on how it is contributing to a more sustainable tomorrow.
For further information, please contact:
Sondos S. Saad
Corporate Communications Department
Kuwait Financial Centre K.P.S.C. "Markaz"
Email: ssaad@markaz.com
Agility, a supply chain services, infrastructure and innovation company, has made significant progress in environmental and social responsibility around the world.
Agility subsidiaries in Kuwait processed 7,500 metrics tonnes of medical waste and developed capacity to annually recycle 60,000 tonnes of scrap metal to the highest environmental standards (Metal and Recycling Company (MRC)).
Aiming to raise public awareness of medical waste management best practice, MRC has participated in and sponsored several public campaigns led by Kuwait’s Environment Public Authority.
Energy efficiency
Agility is building high-quality worker accommodations and strategic logistics infrastructure in Sabah Al-Ahmed city, with 40% greater energy efficiency than the market.
Agility’s latest sustainability report highlights the company's robust efforts in environmental stewardship, strategic infrastructure development, and commitment to diversity and inclusion.
Sustainability highlights
The report outlines commitments by two of Agility’s largest businesses – Menzies Aviation and Tristar – to achieve net-zero emissions. Menzies and Tristar accounted for roughly 74% of Agility’s 2023 revenue.
Menzies, which provides in-plane fuelling and other ground services for commercial aviation, is playing a key role in aviation industry decarbonisation. Menzies’ first net-zero targets have been approved by the Science Based Targets initiative (SBTi), making it the first major aviation services provider to achieve this important validation, and aims to convert 25% of its motorised ground support equipment (GSE) to electric power by 2025.
Fuel logistics provider Tristar, meanwhile, has expanded its investment in solar energy at its Dubai headquarters, boosting its capacity to nearly 1mWh and eliminating emissions of approximately 650 tonnes of CO2 annually. Tristar has commissioned the first hybrid bunker barge in the UAE.
Agility Logistics Parks demonstrated its commitment to energy efficiency, conservation and waste management in the Middle East and Africa by developing the GCC’s first “zero-carbon ready” warehouse in Riyadh, Saudi Arabia and West Africa’s first zero-carbon ready warehouse in Abidjan, Cote D’Ivoire. Both facilities received EDGE Advanced “green building” certification.
Supply chain sustainability
Agility has implemented new supplier sustainability requirements that cover two-thirds of its spending on goods, services, and materials for Agility parent company and subsidiaries Agility Logistics Parks, Global Clearinghouse Systems, Metal Recycling Company, and Shipa. All new suppliers for Menzies and Tristar are screened for sustainability criteria. Starting in 2024, all new contracts must adhere to stricter sustainability standards, ensuring a greener and more responsible supply chain.
Awards
Agility is deeply committed to sustainability and community initiatives both in Kuwait and globally, striving to achieve direct, positive, and measurable impacts. These efforts continued to be recognised by various organisations.
In 2023, the company was ranked as one of the top three in sustainability leadership within the Transport & Logistics sector in the Middle East and was one of only three Kuwait-based companies on Forbes' Middle East Sustainable 100 list.
Agility also:
●Trained public sector employees on facility management training, in partnerships with Public Youth Authority (Agility Logistics Parks).
●Trained more than 4,000 Kuwait-based employees in human rights and fair labor standards between 2021 and 2023.
●Assisted over 4,000 people in need of food and healthcare through partnerships with charities like Al-Ber Foundation and Fawzia Sultan Healthcare Network.
●Enabled over 1,000 young men and women to access free coding programmes via educational and capacity-building efforts with CODED Academy.
●Helped prepare Kuwaitis for the job market through specialised training and financial literacy programmes and initiatives with INJAZ-Kuwait and LOYAC.
People
At the Group level, Agility is making strides in promoting gender diversity. Women represent 16.7% of the company’s Board of Directors and 25.1% of its workforce, significant in traditionally male-dominated industries. Menzies, Agility’s largest business by headcount, has a workforce that is 29% female and aims to have 25% of senior leadership roles held by women by 2025, in line with the 25by2025 targets of the International Air Transport Association (IATA).
Agility businesses remain deeply committed to health, safety and fair labor standards. Ninety-five percent of the company’s eligible employees have completed human rights training; and 90% took part in health and safety training over the past three years. Tristar’s health and safety performance was recognised with two gold medals at the Royal Society for the Prevention of Accidents Awards. In 2023, Menzies serviced more than 1.3 million aircraft turns, over 217 million airline passengers, and moved 2 million tonnes of cargo – all while outperforming the industry average for operational safety performance, and with an aircraft damage rate 15 times lower than the industry average.
Community
Globally, Agility's community investments focused largely on education, training, and support for young people. Agility-backed programmes provided digital skills and job training to more than 93,000 women and girls. In addition, the company continues to support humanitarian aid and refugee assistance, providing critical resources and support in regions affected by crises.
Mariam Al Foudery, Group Chief Marketing Officer, said: “The targets that Agility has set at the Group level and in its business units are intended to make a tangible impact on the environment and the communities where we operate. This year's achievements, from pioneering zero-carbon ready infrastructure to our ongoing emphasis on fair labor practices to our investment in our communities, reflect our unwavering commitment to sustainable growth and innovation. We are committed to our journey of creating a greener, safer, more diverse and responsible future.”--TradeArabia News Service
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
Source: TradeArabia
Building on the pivotal role of embedding sustainability principles in society, Gulf Bank has announced its ambitious Environmental, Social, and Governance (ESG) spanning from 2024 to 2030. This strategy will serve as a roadmap and a clear structural plan for the next six years.
On this occasion, the Acting CEO of Gulf Bank, Mr. Waleed Khaled Mandani, stated, "At Gulf Bank, our commitment to environmental, social, and governance principles is foundational to who we are. It highlights our dedication to fostering a sustainable future, not just within our organization, but also in the broader community. This is a reflection of our aspirations to be a leading banking institution in Kuwait."
Mr. Mandani pointed out that the strategy establishes specific goals for implementing measurable sustainability standards and key performance indicators. This will lead to the adoption of selected high-quality initiatives, aimed at boosting environmental and social sustainability as well as corporate governance. These initiatives are designed to reflect our core values and guide every aspect of our banking practices and operations.
He added, "We believe that implementing ESG standards is essential for our long-term success and achieving our 2030 strategy will stand as a testament to our dedication to making a positive impact on society. Aligning our values and business objectives with ESG principles assists us in conducting responsible banking practices, empowering various social groups, and maintaining a fair work environment."
Mr. Mandani further explained, "Our 2030 ESG standards extend beyond mere financial metrics, to ensure that Gulf Bank's practices, procedures, and decisions align with the wider community and environmental obligations and adhere to the highest standards in the banking industry, as well as local regulations."
He emphasized that the bank's success and continued growth depend on integrating environmental, social, and governance considerations – governed by a clearly defined comprehensive strategy that aligns with the bank's values, shareholders, and customers.
The General Framework
On his part, Mr. Meshal Al-Wazzan, Head of Strategy at Gulf Bank, highlighted the general framework and broad outlines of the Environmental, Social, and Governance (ESG) strategy for the year 2030, which are as follows:
- Regulatory Compliance
The strategy is designed to ensure Gulf Bank adheres to local laws and regulations regarding sustainability and responsible business practices. Additionally, it seeks to showcase the bank's ability to compete by aligning with the industry's best practices and adapting to emerging standards.
- Sustainable Value
The strategy is designed to enhance the bank's role in contributing to reducing negative environmental impacts while empowering customers, shareholders, and the community. This approach preserves sustainable value, which is advantageous to both the bank and its partners.
- Performance Accountability
ESG governance standards will serve as a comprehensive mechanism enabling the bank to measure and monitor its performance and progress in achieving its goals. This will be achieved through measurable actions and objectives that make Gulf Bank a leading example in defining and clarifying responsibilities.
- Risk Management
Gulf Bank recognizes that environmental, social, and governance factors present both risks and opportunities. The ESG 2030 standards are designed to efficiently identify, assess, reduce, and manage these risks, ensuring the bank is safeguarded against potential threats to its reputation, operational integrity, and ongoing viability.
- Engagement of Customers, Shareholders, and Stakeholders
The strategy encourages collaboration and engagement among the bank, its shareholders, customers, and both internal and external stakeholders, aiming to achieve specific environmental, social, and governance objectives. It also showcases the bank's commitment to transparency and ensures that actions are taken to address the expectations and concerns of all involved parties effectively.
Mr. Al-Wazzan further stated: "To advance the implementation of our strategy, we must adopt a comprehensive and dynamic approach that ensures our strategic goals and commitments are aligned with the board of directors' overarching vision. This approach should also take into account evolving regulatory frameworks, emerging risks related to environmental, social, and governance issues, and the growing expectations of shareholders and customers."
The bank emphasized its commitment to reducing its impact on the surrounding environment, making sufficient efforts to decrease carbon emissions, optimizing resource usage, responsibly managing waste, and addressing all other environmental risks.
Bank Officials Commit to ESG Principles for a Sustainable Future
Furthermore, several bank officials affirmed their commitment to driving positive change by aligning their business objectives with the principles of environmental, social, and governance (ESG) outlined in the strategy. They view these principles as a proactive mechanism to support the bank's values and achieve its vision for a sustainable future. The officials emphasized that the bank's responsible banking practices significantly contribute to the overall well-being of society, while also specifically benefiting shareholders and customers.
They stated: "We recognize that fulfilling our environmental, social, and governance (ESG) commitments requires collective effort and collaboration from various bank departments and employees, as well as engaging with shareholders, customers, and stakeholders. By seeking their feedback, we can collectively continue our journey toward a more sustainable future.
Enhancing Gulf Bank's Leadership in Sustainable Innovation
Mr. Mohammad Al-Qattan, the General Manager of Consumer Banking at Gulf Bank, stated: "Our goal is to reinforce Gulf Bank's position as a leader in offering innovative services to our shareholders, customers, and stakeholders that foster sustainable growth. We are committed to utilizing technology and innovation to improve the experiences of our individual and small to medium-sized business clients, simplifying their access to our services. Furthermore, we are devoted to implementing environmentally friendly practices throughout all our branches and operations."
Human Resources
Ms. Salma Al-Hajjaj, the General Manager of Human Resources at Gulf Bank, emphasized the importance of continuing to establish fair work practices, achieving diversity and inclusion, empowering women, youth, and people with disabilities, and providing exceptional training. These initiatives help create an ideal workplace, boost employee well-being, and enhance their productivity and personal growth, while ensuring a harmonious balance between their professional and social lives.
Corporate Banking Services
Mr. Faisal Al-Adsani, the General Manager of Corporate Banking at Gulf Bank, stated: "We are dedicated to incorporating environmental, social, and governance (ESG) standards into our offerings by providing financing solutions that support sustainable projects advantageous to both the environment and climate. Moreover, we will focus on high-value sectors and improve access to financing for small and medium-sized enterprises."
Risk Management
Mr. Abdulrahman Al-Saddah, the Acting Chief Risk Officer at Gulf Bank, stated: "We are dedicated to adhering to the Capital Markets Authority regulations by integrating sustainability factors into our risk management processes and incorporating sustainability risks into the board of directors' roles and responsibilities. We also comply with the Central Bank of Kuwait’s guidelines that establish standards for evaluating climate-related risks. Our goal is to promote financing for projects that positively impact and address climate change, as well as to analyze and assess how ESG standards affect the bank's performance and financial stability. Additionally, we are evaluating climate-related risks.
Additionally, we are dedicated to advancing sustainable development goals that involve integrating climate change initiatives into national policies, strategies, and planning. This commitment includes improving educational initiatives, increasing awareness, and building both human and institutional capacities to tackle climate change through mitigation, adaptation, and reduction of its impacts. Additionally, we are focusing on strengthening early warning systems and ensuring our activities are in line with the first pillar of Kuwait's Vision.
Enhancing Community and Cybersecurity Through Sustainable Initiatives
Ms. Najla Al-Eisa, Chief Marketing Officer at Gulf Bank, stated: "Our primary focus is on supporting community initiatives that instill principles of sustainability within society. We achieve this by sponsoring and organizing a variety of events that promote environmental and social sustainability, and by empowering women and youth. Additionally, we conduct banking awareness campaigns that educate our customers about essential banking services, enhance their ability to conduct transactions securely, and ensure transaction safety. We also advocate for financial inclusion and economic stability by providing comprehensive education on customers' rights and responsibilities, informing them about the benefits of electronic financial transactions, and teaching them how to mitigate associated risks, all with the goal of enhancing cybersecurity."
Four Pillars of the 2030 Sustainability Strategy
The key pillars of the bank’s 2030 strategy are as follows:
- Responsible Governance
- Fair Work Environment
- Community Engagement
- Banking Responsibility
These are in alignment with Kuwait's Vision, the Central Bank, the Capital Markets Authority, and the Sustainable Development Goals.
Mr. Al-Wazzan further noted that aligning Gulf Bank's strategy with the Sustainable Development Goals, the regulations of the Capital Markets Authority, the guidelines of the Central Bank of Kuwait, and Kuwait's new vision boosts the bank's reputation. It ensures adherence to regulatory standards, strengthens financial stability, provides access to capital markets, and fosters significant community engagement. This cements Gulf Bank's status as a forward-thinking bank and establishes a foundation for ongoing success in a dynamic business environment.
ESG 2030 Strategy Presentation
Mr. Al-Wazzan presented Gulf Bank's ESG 2030 strategy, focusing on environmental, social, and corporate governance, at a high-level seminar. This seminar was organized by the European Union Mission in Kuwait, in collaboration with the Kuwait Chamber of Commerce and Industry and the International Labour Organization. Titled "Supporting a Just Transition Towards a Greener Economy in Kuwait: The Role of the Private Sector," the seminar explored the private sector's role in developing effective strategies and providing sustainable financing to support a fair transition to a sustainable society and a greener economy.
Boursa Kuwait released its third standalone Sustainability Report, which shed light on the Kuwaiti stock exchange’s corporate sustainability strategy and initiatives in 2023, as well as assessing the company’s non-financial performance and progress for the period from January 1 to December 31, 2023.
The report also demonstrates Boursa Kuwait’s commitment to adopting best-in-class practices in environmental, social and governance (ESG) metrics. To ensure transparency and adherence to internationally recognized standards, the report has been developed in alignment with the Global Reporting Initiative (GRI) Standards: Core Option, the Sustainability Accounting Standards Board (SASB) Security and Commodity Exchanges guidelines, and the United Nations Sustainable Development Goals (SDGs) as well as Boursa Kuwait's ESG Reporting Guide.
Since its establishment, Boursa Kuwait has embraced a forward-thinking CS strategy that blends economic growth with a commitment to environmental and community responsibility, forming the foundation of its core values and integrating industry-leading practices in ESG reporting and implementation. In 2023, Boursa Kuwait intensified its efforts to weave these principles more deeply into its operations by advancing responsible business practices within its organization and endorsing social and environmental initiatives that benefit both the company and the State of Kuwait as well as reinforcing Boursa Kuwait's role as a catalyst for positive change.
As one of the marquee capital markets in the region, Boursa Kuwait committed to aligning its CS pillars with the United Nations Sustainable Development Goals (SDGs), the “New Kuwait” vision and the National Development Plan for the State of Kuwait. As part of this commitment, the company has, over the past few years, urged listed companies to follow its lead as a model issuer in the “Premier” Market and adopt internationally accredited metrics and standards in its ESG reporting efforts.
Boursa Kuwait’s Chief Executive Officer, Mr. Mohammad Saud Al-Osaimi, commented on the release, saying, “Sustainability sits at the heart of Boursa Kuwait's strategic vision and its blueprint for long-term success as the company understands that its various stakeholders, which include investors, employees, listed companies and the broader community, regard it as a beacon of social and environmental responsibility. The company plays a pivotal role in the development of the Kuwaiti capital market and its efforts have paved the way for its sustainable growth as well as that of its listed companies.”Top of Form
He added, “Over the past few years, we have made considerable inroads in our sustainability efforts, sponsoring key environmental initiatives and community programs as well as improving our business operations across the board. As we look ahead to the future, we will continue our journey of success, building on our momentum to deliver greater impact for our stakeholders as part of our goal for a more sustainable future and a brighter tomorrow.” Top of Form
Since becoming a partner and supporter of the Sustainable Stock Exchanges (SSE) initiative in 2017, Boursa Kuwait has committed to enhancing the understanding of corporate sustainability (CS) concepts and the essentials of effective environmental, social, and governance (ESG) reporting within the Kuwaiti capital market. To this end, the company published a comprehensive disclosure guide for listed companies which included globally recognized reporting metrics and a framework for their application. Boursa Kuwait also played a key role in developing unified ESG disclosure metrics for the Gulf Cooperation Council (GCC), presenting an optional set of 29 standards aligned with the Sustainable Development Goals (SDGs).
In addition to these contributions, Boursa Kuwait actively fosters learning and collaboration through the organization of workshops and seminars annually in partnership with globally acclaimed consultancies, the United Nations Development Programme (UNDP), the Chartered Financial Analysts (CFA) Society, among other notable organizations. Through these initiatives, Boursa Kuwait not only reinforces its commitment to sustainability but also supports the broader adoption of responsible business practices across the region.
In 2023, Boursa Kuwait was recognized by Global Finance and The European for its achievements in the sustainability field, and its iconic building received LEED Gold certification from the United States Green Building Council (USGBC) for its renovation efforts to align the building with best-in-class standards and globally recognized metrics.
The company also elected Mrs. Dalal Jafaar Behbehani as the first female member of its Board of Directors and improved its employee retention rate to 98% in 2023. Boursa Kuwait continued to be a responsible business citizen, adopting and supporting over 30 social programs and environmental initiatives in collaboration with local and international organizations to make a positive long-lasting impact in the community in which it operates.
Since its inception, Boursa Kuwait has worked diligently to create a thriving capital market that attracts local and foreign investors through a broad spectrum of new products and services, infrastructure upgrades, and market reform initiatives, as part of its multi-phase market development plans.
The company was fully privatized in 2019, the first government entity in the country to successfully undergo the process, bringing about greater levels of efficiency. Boursa Kuwait also self-listed in September 2020 and has made great strides in sustaining its operations and business continuity in the face of uncertainties and challenges.
The company has rolled out numerous market reforms and new initiatives as part of its comprehensive multi-phase market development (MD) plans and showcases some of the standout listed companies and the investment opportunities that reside in the Kuwaiti capital market through its series of Roadshows and Corporate Days, putting these companies in touch with some of the world’s leading investment firms and financial institutions and highlighting their financial health and business strategies and outlooks, to help investors gain an in-depth understanding of the benefits and opportunities of investing in Kuwaiti companies.
For further information, please contact:
Ahmad Rashed AlOwaish
PR and Media Manager - Boursa Kuwait
Email: AAlowaish@boursakuwait.com.kw
Following the specified timeline, Gulf Bank has launched the “A Step Towards Change" environmental sustainability initiative, aimed at shifting societal habits by promoting the use of reusable bags, in partnership with Al-Shamiya and Al-Shuwaikh cooperative society. Over the course of a week, the initiative involves distributing around 20,000 reusable bags at the Al-Shamiya and Al-Shuwaikh co-op, accompanied by various informative events.
Gulf Bank had earlier revealed the timetable for executing the initiative within the participating co-ops, which include Al-Dahiya and Al-Mansouriah, Al-Shamiya and Al-Shuwaikh, Al-Rawda and Hawally, Kaifan, and Mishref. This disclosure took place in the presence of bank officials, representatives from the Environment Public Authority, and the Committee for Environmental, Food, and Water Security in the National Assembly.
On this occasion, Mr. Fahad Al-Sharrah, Assistant Manager of Corporate Communications at Gulf Bank, stated: "We are thrilled to partner with Al-Shamiya and Al-Shuwaikh co-op in the next stage of our environmental sustainability initiative, following the successful launch at Al-Dahiya and Al-Mansouriah co-op last week."
He continued, saying: "Our primary objective is to instigate a change in behavior within society, and we are working closely with Al-Shamiya and Al-Shuwaikh co-op to achieve this. Through the distribution of reusable bags and encouraging customers to reduce their plastic consumption, we hope to make significant progress."
Al-Sharrah conveyed optimism that this initiative would actively contribute to shaping government decisions and laws, compelling both institutions and individuals to minimize plastic usage. Ultimately, this effort is expected to contribute significantly to the protection of Kuwait's environment from the significant harm caused by plastic bags.
He further emphasized that this initiative is part of Gulf Bank's annual commitment to implement various initiatives aimed at reinforcing the principles of environmental sustainability within the community. Gulf Bank believes that the journey of a thousand miles begins with a single step, and they found it fitting to initiate this program with selected major co-ops in Kuwait. Around 100,000 reusable bags will be distributed to the selected co-ops, marking the first step towards changing behavior, and becoming an integral part of their daily lives.
He added, "This initiative is rooted in Gulf Bank's 2025 strategy, with the goal of establishing principles of environmental, social, and governance sustainability. It aligns with the country's environmental strategy under the vision of 'New Kuwait 2035,' as well as legislation related to the environment, laws safeguarding the environment, resource conservation, pollution reduction, environmental safety, ecosystem rehabilitation, biodiversity protection, waste management efficiency improvement, utilization of renewable energy, and building and developing national capabilities in environmental work."
Mr. Adel Aldokhi, Chairman of the Board of Directors of Al-Shamiya and Al-Shuwaikh co-op, conveyed his contentment with the partnership with Gulf Bank in the "A Step Towards Change" initiative, highlighting their commitment to driving societal progress towards decreased plastic consumption.
He observed the synergy between Gulf Bank's initiative and the cooperative society’s environmental conservation efforts, which involve promoting the use of biodegradable bags. Furthermore, he stressed the introduction of a “Fast Track” service by the co-op for shareholders who utilize reusable bags, with the aim of promoting their ongoing use.
Gulf Bank's vision is to be the leading Kuwaiti Bank of the Future. The Bank is constantly engaging and empowering its employees as part of an inclusive and diversified workplace in recognition of every employee’s role in delivering customer excellence and serving the community at large. With its extensive network of branches and innovative digital services, Gulf Bank is able to give its customers the choice of how and where to conduct their banking transactions, all while ensuring a simple and seamless banking experience.
Gulf Bank is committed to maintaining robust developments in sustainability at environmental, social and governance levels through diverse sustainability initiatives, strategically selected to benefit the Bank both internally and externally. Gulf Bank supports Kuwait Vision 2035 “New Kuwait” and works with various parties to achieve it.
National Bank of Kuwait (NBK) took a pioneering step by organizing a workshop, the first of its kind in Kuwait, inviting diverse media outlets and newspapers. The focus was on showcasing ESG initiatives, along with discussions on strategies to promote awareness about sustainability and climate change concerns.
Dr. Ehab Shalaby, Chairman and CEO of DCarbon Global, a renowned expert in the field, delivered a lecture during the workshop conducted at NBK’s headquarters.
Journalists from diverse media platforms participated in the workshop, which delved into wide-ranging subjects such as the significance of environmental and social investment and financing to the hurdles in governance and reporting concerning environmental and social issues. Additionally, it delved into the journalists' role in advocating awareness about sustainability issues and climate change. The presentations within the workshop encompassed various themes, including comprehending ESG principles and their influence on companies and investors, pinpointing significant environmental, social, and governance trends and challenges within the Kuwaiti market and neighboring regions. Additionally, emphasis was placed on the significance of crafting reports on initiatives, measuring their impact, and effectively engaging all stakeholders regarding ESG issues.
At the workshop, attending journalists were offered a unique chance to delve deeply into comprehensive discussions about ESG issues and their profound effects on the corporate landscape. They explored the risks and opportunities associated with investing in sustainability-related facets, engaging in thorough and expansive conversations on these crucial topics.
Shalaby emphasized the media’s pivotal role in shedding light on the risks posed by climate change and its extensive influence on the business landscape across various sectors. He underscored the significance of this narrative at local, regional, and global scales, highlighting its widespread importance across various spheres.
He emphasized the evolution of "Sustainable Journalism" into a pivotal element in raising awareness and directing focus towards addressing the multifaceted challenges that societies encounter on the economic, environmental, and social fronts. He also highlighted the interconnectedness between decisions, operations, and activities in shaping the capacities of the present and future generations in these realms.
He elaborated on the pivotal role of banking and financial institutions in this domain, citing their integral connection to the companies and entities they finance as the primary drivers within this sphere.
Shalaby further highlighted that progress toward sustainability and the shift towards renewable energy should encompass the entire system. This comprehensive approach involves active participation from financial and banking institutions, pertinent government bodies, and all entities within both the public and private sectors.
He continued by pointing out that recent manifestations of climate change, like floods and forest fires, have adversely impacted certain companies and organizations involved in projects related to these areas. This has intensified the focus on the risks associated with climate change and the evaluation conducted by financial institutions before financing such projects. Ensuring the highest standards of ESG becomes imperative in this context.
Shalaby highlighted that certain countries in the region have made significant advancements and notable strides towards achieving specific sustainable development goals. However, he underscored the necessity for other countries to address pressing environmental concerns, water management, and pollution issues urgently to avoid lagging behind on the global stage.
Meanwhile, Amir Hanna, Head of Investor Relations & Communications at National Bank of Kuwait said: "The media stands as a crucial partner in the endeavor to raise awareness regarding the significance of sustainability. It serves as a pivotal pathway for shaping the future of upcoming generations.”
Hanna emphasized that NBK's initiative stems from a core belief in the importance of transparency and informed discussions that unite relevant organizations. Such collaborative efforts are deemed essential to instigate positive change and actively contribute to supporting Kuwait's sustainable development agenda.
He further added that comprehending and disclosing ESG concerns stands as a crucial step. This understanding equips media professionals with the requisite knowledge and tools needed to accurately report on these issues and illuminate their profound impact on both companies and society as a whole.
He emphasized that NBK has diligently undertaken significant measures in recent years to embed ESG standards at the core of its business framework, operational procedures, and organizational culture.
Hanna detailed that in the preceding year, the Group restructured its ESG strategy, transitioning from a six-pillar approach to a more integrated model comprising four interconnected pillars: Governance for Resilience, Responsible Banking, Capitalizing on our Capabilities, and Investing in our Communities.
He emphasized that NBK is an industry leader in sustainability, having made significant strides in ESG issues. The bank initiated a comprehensive framework for sustainable financing to fortify and elevate its efforts in this domain. This commitment has now become a foundational pillar woven into all aspects of its business models, operational protocols, and organizational culture, thereby facilitating the transition towards a more sustainable and low-carbon economy. This alignment also resonates with Kuwait's economic plans.
Hanna highlighted that NBK stands among the leading institutions capitalizing on the widespread shift towards sustainable financing. The bank has proactively introduced services and products aligned with the green transformation journey. These include offerings like green mortgage loans, consumer loans to finance electric vehicles, financing for low-emission housing, and various sustainability-related financing options.
NBK has laid out clear plans and targets aimed at curbing carbon emissions within specific timeframes. Notably, the bank pledged to decrease total operational emissions by 25% by 2025 and aspiring to reach net zero operationally by 2035. These efforts are integral components of the bank's comprehensive strategy geared towards attaining carbon neutrality by 2060.
SEE Holding, a sustainably-focused global holding group aiming to spearhead a net zero emissions future, has joined forces with EnerTech, a Kuwait-based innovator, investor, and developer of end-to-end sustainable solutions, to develop a sustainable city in Kuwait.
The new development, which will be modeled on the lines of its already successful pioneering projects in Dubai, Sharjah, Abu Dhabi and Oman (Yiti), aims to redefine urban living in Kuwait, enabling residents to significantly reduce their environmental impact with innovative clean energy, waste management, and resource conservation solutions as well as delivering social and economic sustainability.
Unveiling the strategic plans for Kuwait, SEE Holding said the new Sustainable City will generate 120% of its energy requirements from clean energy, produce 50% of its food requirements, and implement a zero-waste strategy.
This strategy includes plans for on-site waste sorting and a biogas plant to process organic waste to avoid landfills.
Additionally, the city's water management strategy involves treating and reusing 100% of its water for irrigation to ensure efficient resource utilization.
The envisioned sustainable city, poised to set a new global benchmark for sustainable urban development, will feature an advanced 16MWp solar energy system.
The renewable energy-based system will generate 100 percent of the city’s energy requirements, as well as an additional 20 percent surplus, which will significantly reduce the city’s emissions, it stated.
On the key Kuwaiti partnership, SEE Holding Chairman and CEO Engineer Faris Saeed said: "We are thrilled to grow our network of partners by working with one of the leading companies in the sectors of clean energy, water, technology and sustainability solutions. Our collaboration with EnerTech is driven by the shared goal of reaching a net zero emissions future and is strengthened by our combined experiences."
"Together with EnerTech, we are excited to work towards the creation of a sustainable city that will enhance the quality of life for the people of Kuwait and contribute to the growth of a green circular economy," he added.
The Dubai firm embodies a fundamental change in the concept of future cities by building and maintaining sustainable, evidence-driven, intelligent, live-work-and-thrive communities.
The group’s replicable and scalable cities bring forward the 2050 Paris Agreement targets by producing clean, renewable energy, empowering urban farming, recycling water and waste, and encouraging the use of clean and electric forms of transportation.
The development also targets a zero-waste strategy, with plans to implement on-site waste sorting, alongside a biogas plant for processing organic waste to eliminate landfill. Additionally, the city's water management strategy includes treating and reusing 100 percent of its water for irrigation to ensure efficient resource utilization.
EnerTech CEO Abdullah Al Mutairi said: "We are designing a sustainable future with bankable clean energy and green infrastructure projects that are transforming quality of life in rural and urban communities around the world. Building win-win partnerships, like this one with SEE Holding, are key to unlocking innovation and accelerating sustainable development progress."
"Aligned with Kuwait Vision 2040 and the 2030 Agenda for Sustainable Development, this sustainable city in Kuwait is symbolic of our determination to improve lives and livelihoods through housing landscapes that are both energy efficient and environmentally friendly," he added.
According to Saeed, SEE Holding's 'The Sustainable City' branded concept and working model in Dubai was the first fully operational sustainable community in the Middle East.
"The model has already been successfully replicated in Sharjah with Sharjah Investment and Development Authority, Abu Dhabi with Aldar, and Oman (Yiti) with Omran group," he stated.
The company’s portfolio also includes renowned companies and brands like Diamond Developers, Tadweer, and City Solar, all dedicated to enabling the development of sustainable infrastructure and cities, he added.
Source: TradeArabia
Ooredoo, a key contributor to national environmental responsibility announced its most recent sustainability initiative in collaboration Ocean Minded, a renowned company dedicated to ocean conservation, to launch a unique initiative aimed at protecting the marine environment. In a joint effort, Ooredoo and Ocean Minded have strategically placed branded buoys along the beach of Bnaider, delivering a significant message of care, respect, and preservation for the ocean.
Aiming to reduce the use of traditional anchors, which often cause damage to the ocean bed, Ooredoo and Ocean Minded have taken the initiative to supply jet skiers with convenient and compact buoys for securing their equipment. This alternative solution provided by Ooredoo encourages responsible practices among water sports enthusiasts while promoting the importance of marine conservation.
"As an organization committed to corporate social responsibility, Ooredoo is proud to collaborate with Ocean Minded on this meaningful project," said Naser Al-Abdulla Marketing, Communication & Social Media Director at Ooredoo Kuwait. "By placing these buoys in Bnaider, we aim to create awareness about the significance of preserving our oceans and showcase our dedication to environmental sustainability."
The branded buoys, a visible symbol of this partnership, will be stationed along the beaches of Kuwait for the entirety of the summer season. As part of their social responsibility towards the environment, Ooredoo enthusiastically encourages residents and visitors in Bnaider to actively participate in this initiative by utilizing the buoys to secure their jet skis, actively contributing to the preservation of the local marine ecosystem.
Through this collaboration, Ooredoo and Ocean Minded reaffirm their shared commitment to environmental stewardship and demonstrate the importance of corporate partnerships in addressing pressing ecological challenges. By leveraging their resources and expertise, both organizations aspire to inspire positive change and foster a culture of environmental consciousness within the community.
Source: Zawya
Kuwait has taken significant strides in environmental conservation by launching what is reported to be the world’s largest re-vegetation project, encompassing 42 square kilometres of land in the northern and southern regions of the country.
The project is a part of the Kuwaiti Environment Rehabilitation Programme and has been financed through funds obtained from the United Nations after the Iraqi invasion.
The Kuwait Oil Company (KOC) will be a key player in the execution of this monumental initiative, which includes four major contracts aimed at regreening the land. The primary objective is to restore the vegetation cover within the KOC areas by planting nearly 10 million desert trees, shrubs, and fungal herbs across 42 square kilometres. These plantings will include 12 varieties that are well-suited to Kuwait’s natural environment.
The project, which was announced in January 2023, is among the largest environmental restoration endeavours globally, particularly in the greening of fungal plants. It is divided into four main packages, and KOC has appointed Worley, a leading global engineering company, as a consultant for the project. Preliminary meetings were held on February 6 and May 29, 2023, and KOC has set June 18 as the final date for receiving financial offers for the project.
An essential aspect of this endeavour is the targeted treatment of areas with contaminated soil. These areas will undergo either biological or heat treatment to purify the soil before it is replanted with local plant species that are compatible with Kuwait’s prevailing environment and climate.
The ambitious project not only aims to restore the natural vegetation but also plays a vital role in combating desertification and contributing to global efforts in environmental preservation.
Source: Gulf News
