KUWAIT CITY, Feb 13: The Union of Investment Companies (UIC), in partnership with the United Nations Development Programme (UNDP) held a round table conference to discuss the strategic transformation of Kuwait’s private sector. UNDP Resident Representative in Kuwait, Ms. Emma Morley stated in her opening speech “The United Nations Development Programme acknowledges the integral role of the private sector in achieving the Sustainable Development Goals (SDGs) especially in response to global challenges like climate change and economic disruptions.”

She added: “The private sector in Kuwait plays a pivotal role in driving economic growth in alignment with Vision 2035/2040 and the national development plan, fostering innovation, addressing societal challenges, and promoting environmental sustainability. Its active involvement and collaboration with government agencies, civil society organizations, and other stakeholders are essential for achieving comprehensive and sustainable development goals.”

She continued: “In its ongoing commitment to support Kuwait’s private sector, the UNDP has declared its backing in crafting sustainability strategies, bolstering individuals’ capacities, and highlighting opportunities for sustainable investment. The partnership between the UNDP, UIC, and Kuwait’s private sector is demonstrating dedication to showcasing Kuwait’s achievements in sustainable development, both domestically and internationally.”

The objective of the meeting was to provide the necessary support and guidance through communication and mutual learning. The topics mainly revolved around exploring insights empowering leaders in the private sector in Kuwait including the investment, banking, and financial sectors, to advance their sustainable initiatives beyond conventional Corporate Social Responsibility (CSR) practices and towards Sustainable Development Goals (SDG)-aligned strategic initiatives. The discussions revolved around tailoring unique strategies for institutions with a vested interest in sustainable finance, emphasizing the need to elevate awareness of the SDGs to the board level.

Participants also engaged in conversations about sustainable investment prospects in Africa and Kuwait, underscoring the importance of fostering partnerships and raising awareness regarding sustainable development and SDG-alignment moving forwards. On her part, the Secretary General of UIC, Ms. Fadwa Darwish stated: “The Union of Investment Companies (UIC) is pleased to collaborate with The United Nations Development Programme (UNDP) on this significant initiative as a key participant.

This collaboration reflects UIC’s commitment to advancing sustainable economic growth and contributing significantly to achieving Kuwait’s Vision 2035/2040.” She noted, “At this pivotal juncture, where Kuwait’s economy is poised to make a substantial impact nationally and internationally, businesses are being encouraged to transcend traditional Corporate Social Responsibility (CSR) models and integrate sustainability into their core strategies.” Ms. Fadwa Darwish concluded her statement, clarifying that this initiative came as part of UIC’s ongoing endeavors to enhance responsible investment practices and contribute to Kuwait’s journey toward sustainable development.