Connect with us

Latest News

NBK launches taskforce on climate-related financial disclosures

Published

on

KUWAIT: In an unprecedented move as the first and only bank in Kuwait, the National Bank of Kuwait published its first annual Taskforce on Climate-Related Financial Disclosures Report (TCFD) for the year 2024. This report emphasizes NBK’s awareness about the importance of following a proactive approach to incorporate climate considerations into its decision-making process and comes as a response to continued transparency requirements about climate-related risks and their potential impact on businesses.

This report echoes NBK’s pioneering role and institutional approach towards fully incorporating sustainability in its operations and businesses, in line with its environmental, social, and institutional governance strategy, and in compliance with its continuous efforts to align its financial disclosures with the best practices within internationally recommended climate-risk frameworks. Moreover, the report evaluates the extent to which the bank’s non-retail portfolio is exposed to climate-change risks, how its mitigating impact, and the opportunities climate change provides as per the recommendations of the TCFD.

The report also explores several achievements by NBK in the field of sustainability in the year 2024, including issuing its debut $500 million Green bond, which is the first of its kind among local financial institutions. In addition, it highlights NBK’s sustainable asset, which reached $5 billion as of end of December 2024 and constitutes 50 percent of its aim to reach $10 billion by 2030.

It also points to the initiatives that NBK presented in 2024 that aim to minimize the impact of climate change, accelerate the transformation into a low-carbon economy, support green projects, and enhance economic flexibility in facing environmental crises.

Additionally, the report outlines NBK’s development of an innovative approach aimed at integrating climate- risk with the internal capital adequacy assessment process (ICAAP) in line with pillar 2 capital requirement, which reflects NBK’s commitment to organizational resilience and business continuity.

In the report, the bank also states the objectives for the year 2025, including incorporating environmental, social, and institutional governance measures in its credit evaluation process of current and new corporate clients as well as conducting a comprehensive evaluation of their ESG performance, particularly with regards to mitigating and adapting to climate-risks. The National Bank of Kuwait strives to enhance its capabilities to support transformation plans for its clients and provide sustainable financial solutions, while expanding its sustainable retail offers that include eco-friendly auto loans and eco-friendly residential loans.

In 2024, NBK institutionalized its process of aligning its standards with the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD). This comes as part of its awareness of the significant impact that climate change could have on its operations, customers, and the broader financial landscape, and as part of its commitment to factoring climate-related risks and opportunities into its strategy to ensure preparedness for future changes. Recognizing the essential role of appropriate management of climate-related risks and opportunities in enhancing governance resilience, NBK skillfully manages the balance of environmental, social, and corporate governance issues in its strategic and operational decisions.

Latest News

Al-Nuwaisib Customs foils smuggling of 620 cartons of cigarettes hidden in vehicle tires.

Published

on

By

KUWAIT: As part of the ongoing efforts by the General Administration of Customs to combat smuggling, customs inspectors at the Nuwaiseeb border crossing foiled an attempt to smuggle cigarettes out of the country.

When a vehicle arrived at the inspection area, the inspector did a routine check and didn’t find anything illegal inside except for 20 packs of cigarettes that were visible.

After inspecting the vehicle and passing it through an X-ray machine, abnormal densities were found in the four tires, and a manual inspection revealed 620 packs of cigarettes professionally hidden inside the tires.

 A report was filed on the incident, and the seized items and suspects were referred to the competent authorities to complete the remaining legal procedures against them.

Continue Reading

Latest News

Family visit visas to Kuwait valid for up to one year: official

Published

on

By

KUWAIT: Family visas for expats are valid from one month to one year like tourist visas, a top interior ministry official announced on Wednesday, a day after the ministry said all expats can bring in their extended families to the country without the need for a salary cap condition.

Deputy director of the electronic services at the Residency Affairs Department Col Abdulaziz Al-Kandari told reporters at the government communications center that family visas can be for a single entry for one month, or two months or three months.

It can also be for multiple entries for between three months to one year, provided any single stay should not exceed one month, he said.

Kuwait on Tuesday said that family visas for expats was open for everyone with a valid residence permit, thus abolishing the salary cap condition that restricted the majority of expats from bringing in their wives and children to Kuwait.

The ministry also said family visas were expanded to include four-degree relatives and third-degree relatives by marriage.

Kundari said that expats willing to bring their relatives can apply online at Kuwaitvisa platform or application by uploading the necessary documents.

Relatives allowed to be brought by expat residents include a wide range of relatives from wives, children, parents to parents of the wife, aunts and uncles, brothers and sisters, nephews and nieces, grandfathers and grandmothers, grandchildren of both the applicants and their wives and others.

They also include the father’s wife for both applicants and wives, the son’s wife, the daughter’s husbands and similar relatives.

For a majority of applications only a birth certificate is required and a marriage certificate is needed for some cases to establish the relationship. Col Kandari said that all documents must be in Arabic and documents in other languages must be translated into Arabic from authorized offices.

Kandari also announced a large number of professionals residing in GCC states and who can obtain a tourist visa either on arrival or online through the Kuwaitvisa platform.

They include chairmen of companies, their deputies and assistants, diplomats and embassy staff, general managers, managers and their assistants and deputies, judges, public prosecutors and lawyers, university academics, holders of golden visas, investors, businessmen and partners and others.

They also include real estate owners, consultants and their assistants, experts and assistants, senior jobs in travel and tourism business, accountants, auditors and financial analysts, doctors and surgeons and their assistants, pharmacists and their assistants, nurses and their assistants, medical technicians, engineers and their assistants, school teachers and assistants, information analysts and alike, pilots and air stewards and others.

They also include referees and coaches and their assistants, journalists and media men, in addition to professions that come under physicists, chemists, geologists, marketing officer, advisor, vessel captain and alike.

Permitted professions can be checked through the Kuwaitvisa platform while applying online.

Kundari said that applicants must also state their address in Kuwait or the address of their hosts.

Kandari said that all types of visas are open to all nationalities except for the Israeli nationality which is barred by an Amiri decree. He also said that holders of travel documents can obtain a visa with the approval of the interior minister.

Continue Reading

Latest News

Sadu House workshop sheds light on hand-weaving

Published

on

By

KUWAIT: Sadu House held a workshop titled “Embroidery Using the Nafash Needle Technique,” as part of the 17th edition of the “Summer Cultural Festival” organized by the National Council for Culture, Arts, and Letters (NCCAL). The workshop was led by trainer Anfal Al-Azmi that attracted participants interested in handicrafts and traditional arts. Al-Azmi explained that the “Nafash Needle” technique is a type of hand-weaving that involves inserting the needle into a piece of cotton fabric to create various designs and patterns.

She added that this technique is commonly used to decorate bags, carpets, and clothing, as well as to produce distinctive art pieces. Al-Azmi noted that while learning the craft is relatively easy, it requires some training to master the stitching properly. The workshop included hands-on practice with a simple sample to give participants their first practical experience. The “Summer Cultural Festival” serves as a platform to revive heritage and promote arts and handicrafts, and offer diverse cultural and artistic events suitable for all age groups. — KUNA

Continue Reading

Trending

Copyright © 2025 SKUWAIT.COM .