Markaz publishes fourth edition of Sustainability Report in line with GRI Standards

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