03/12/2024
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03/12/2024
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KUWAIT CITY, Dec 03: In line with its commitment to the United Nations Sustainable Development Goals and the Central Bank of Kuwait's policies, Al Ahli Bank of Kuwait (ABK) has proudly released its annual sustainability report for 2023. This report reflects its alignment with the New Kuwait 2035 vision and the Abu Dhabi Economic Vision 2030, as well as Egypt Vision 2030.
The report, titled ‘Embracing Green Initiatives,’ provides a comprehensive overview of the Bank's activities, performance, challenges, and opportunities. It encapsulates key activities related to sustainability, social responsibility, and governance, prepared in accordance with the Global Reporting Initiative (GRI), which is the internationally recognized framework for sustainability reporting. The report encompasses the entire ABK Group, which includes branches in Kuwait, the United Arab Emirates (UAE), Egypt, and ABK Capital.
The fourth annual sustainability report is now available on the Bank's website and social media platforms, demonstrating its ongoing commitment to global standards and continuous adaptation to advancements within the local, regional, and global banking sectors.
Sager Albenali, Chief Communications Officer at ABK, stated, "The release of our annual sustainability report reflects our commitment to transparency and environmental, social, and governance (ESG) standards in all our operations. At the same time, it demonstrates our dedication to reducing the environmental impact of all our activities as a leading and responsible banking institution in the Kuwaiti market and in all the markets where we operate in the UAE and Egypt."
Albenali emphasized that the integration of ESG principles has become essential in the banking sector. The report highlights the Bank's achievements at all levels and the various initiatives undertaken in sustainability and governance.
Moreover, he noted that the report enhances trust among local, regional, and global institutions, while adding value for all stakeholders, including clients, shareholders, and suppliers.
The report elaborates on the Bank's new strategy, showcasing indicators of progress made in its sustainability journey, including measures to reduce carbon emissions in daily operations, minimizing the use of paper, water, and other resources. Additionally, it outlines significant developments in digital transformation and innovation in banking services, including the launch of a newly designed website and various new digital solutions.
The report addresses the Bank’s commitment to gender equality, adherence to governance ethics across all departments, investment in social responsibility, and also covers ABK’s support for small and medium enterprises (SMEs) and entrepreneurs.
Albenali further revealed that the report discusses the Bank's adoption of the highest global standards regarding procurement processes and building partnerships with suppliers, ensuring the Bank meets its interests while securing advanced products and solutions at competitive prices.
Furthermore, it emphasizes ABK’s dedication to promoting financial inclusion, providing a stimulating work environment for all employees, employing national talent, and training the workforce on the latest banking developments. It provides an overview of the Bank's standards in combating money laundering and financing terrorism, risk management, emergency situation plans, addressing climate change challenges, and internal auditing standards.
Overall, the report illustrates ABK’s contributions to providing a unique banking experience that balances economic and social development while preserving the environment, aiming to achieve sustainable development goals and enhance the lives of the communities it serves.
Albenali reaffirmed that ABK will continue to undertake numerous measures in its ongoing commitment to achieving sustainability in its operations. This, he noted, will elevate its competitive position, affirm its leadership in the Kuwaiti banking sector, and enhance its successes in the UAE and Egypt.
