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NBK launches taskforce on climate-related financial disclosures

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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.

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Kuwait enforces eviction of charities from private housing

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KUWAIT: Kuwait Municipality launched Thursday its first field inspection campaign to evacuate charity associations and foundations operating in private and model residential areas across the six governorates.

Private residential areas are low-density zones reserved for single-family housing, primarily intended for Kuwaiti citizens, where land is distributed through the country’s housing welfare program. In contrast, investment housing areas feature multi-unit buildings — such as apartments, duplex villas, and studios — designed for rental or ownership across all floors.

The campaign comes following a request from the Ministry of Social Affairs to Kuwait Municipality to enforce Ministerial Decision No. (206/2009) — which prohibits the use of buildings in private residential areas for any purpose other than private housing. The ministry began surveying all registered charities — approximately 84 organizations with over 200 branches across the country — earlier this month to take legal action against those located in private residential zones.

Khaled Al-Fadhli, Head of the Emergency Team at Ahmadi Municipality, told Kuwait News Agency (KUNA) that field teams had issued warnings to several charity premises over the past days, ordering them to vacate. On Thursday, the teams inspected five areas — Fahaheel, Fintas, Ali Sabah Al-Salem (Umm Al-Hayman), Sabah Al-Ahmad Residential City, and Al-Sabahiya — issuing 15 evacuation warnings. Al-Fadhli praised the cooperation of some associations that voluntarily removed their violations in Al-Ahmadi Governorate.

Al-Fadhli stressed that the monitoring teams will not tolerate any violations of Kuwait Municipality’s regulations and laws, emphasizing that field campaigns will continue over the coming days across different governorates.

This move is part of a wider regulatory reform of Kuwait’s charitable sector. Last month, the ministry suspended all charitable fundraising nationwide, citing concerns about unauthorized campaigns. Since November 2024, Minister of Social Affairs Dr Amthal Al-Huwailah has dissolved at least 30 charities found inactive after inspections. These measures are designed to eliminate inactive or ineffective organizations and ensure that resources are being used efficiently.

These reforms also align with Kuwait’s efforts to improve financial oversight and comply with international anti-money laundering standards. A Financial Action Task Force (FATF) report released in November 2024 acknowledged Kuwait’s legal framework to combat illicit finance, but pointed to enforcement challenges. Countries that fall short of FATF standards risk being greylisted or blacklisted, which can affect global financial relations. Kuwaiti authorities have since ramped up coordination among ministries to tighten control, particularly over cross-border donations. Officials say these efforts aim to uphold Kuwait’s humanitarian leadership while meeting international best practices. — Agencies

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Indian Learners Own Academy visits Kuwait Times, Kuwait News

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KUWAIT: A group of students from Indian Learners Own Academy visited the offices of Kuwait Times and Kuwait News on Monday for an interactive media tour on Thursday. Aimed at sparking curiosity and creativity, the visit gave students a glimpse into the dynamic world of journalism beyond the classroom. Thursday’s visit was the second this week, after another group of students from the academy explored Kuwait Times and Kuwait News on Wednesday.

Jana Alnaqeeb, Kuwait Times’ PR & CSR Manager, led the tour alongside members of the digital and editorial teams. The students explored various departments, including the editorial section, studio, printing press, and archives, gaining firsthand insights into how news stories are created, edited, and published. They also learned about the importance of credible reporting and how social media content is crafted to engage younger audiences.

Adding a playful twist to the visit, the team organized a game of hide and seek for the students, who dashed through the newsroom and turned the space into a lively, energetic environment.

The visit was part of the school’s initiative to blend education with real-world exposure and Kuwait Times’ ongoing mission to connect with and inspire future generations.

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AUK students unite for Gaza with ‘Play it Forward’ awareness event

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KUWAIT: The Finance Club at the American University of Kuwait (AUK) organized an awareness event titled “Play it Forward” on Wednesday, in collaboration with the Office of Student Life and 12 student organizations, to shed light on the ongoing humanitarian crisis in Gaza. Speaking to Kuwait Times, Shoroq Bukhamsin, President of the Finance Club, said the event’s primary aim was to amplify awareness. “We wanted people to remember the cause, to remember the people. It’s still relevant and it will never stop being relevant,” she said.

A key feature of the event was an emotional art exhibition titled “Gaza Habibti” by Untold Palestine, which displayed photographs of Gaza’s people before and after the war. “The gallery traces the emotional journey — beginning with life before the war, then documenting the devastation and personal stories from the current conflict,” Bukhamsin explained. “It reminds us they are not just numbers. They are souls, families, daughters and sons.”

The exhibition also included large-scale installations by regional artists, including a moving piece known as the Martyr’s Wall, which displayed photos of 1,300 Palestinians who lost their lives. “This is not even a fraction; the current death toll exceeds 50,000,” Bukhamsin noted. She extended heartfelt thanks to AUK, faculty advisors, club executives, supporting businesses, and Kuwait Times for their support and coverage.

Jumanah Al-Bloushi, Vice President of the Finance Club, said the event also featured an open market and game zone. Local businesses and food vendors participated, pledging 25 percent of their proceeds to humanitarian causes related to Palestine. Attendees were encouraged to donate through interactive games.

A performance show by ArtScene and Argan Bedaya capped the event, featuring music, poetry and storytelling in tribute to Palestinian identity and resilience. Al-Bloushi praised the collective spirit: “It’s so beautiful to see so many different organizations come together just to make this happen today.” She added, “This event is a reminder that even after a year, the Palestinian cause is still relevant and we will not let it be forgotten.”

Mishari Al-Ibrahim, a member of the Boycott, Divestment and Sanctions (BDS) movement in Kuwait, also participated in the exhibition. He emphasized the boycott as a powerful form of resistance: “Here in Kuwait, we’re pioneers and active in this field,” he said. “These events allow us to explain the different forms of boycott — commercial, academic and sports — as tools to counter normalization and raise awareness.”

He encouraged individuals to engage by staying informed and making conscious choices. “At the very least, refrain from buying targeted products and raise awareness among your family and peers,” he said. “When you have the right information, you become a source of knowledge. That’s how you become an active member of the global boycott movement and part of the change.”

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