Latest news with #GlobalFinanceMagazine
Ya Biladi
6 days ago
- Business
- Ya Biladi
With 23 facilities, Morocco becomes Africa's top data center destination
Morocco has emerged as Africa's leading data center hub, overtaking South Africa with 23 operational facilities across the kingdom. According to Global Finance Magazine, the North African nation's rapid digital transformation began gaining momentum in 2020 when the Agency for Digital Development prioritized digital infrastructure development. The government subsequently implemented sector incentives including tax cuts and exemptions through the National Charter of Investment. A pivotal 2021 law mandating that all sensitive data be hosted within Morocco's borders has driven significant data repatriation, fueling the sector's expansion. Major telecom operators Maroc Telecom and Inwi, alongside specialized providers like Medasys and N+One, currently own most facilities. Large banks operate their own centers while smaller institutions lease storage space. Regional competition has intensified, with Casablanca-Settat and Rabat-Salé-Kénitra leading in facility concentration due to full internet penetration and reliable energy infrastructure. Morocco's strategic positioning has attracted major international players, with South Korean tech giant Naver recently announcing plans for a major AI data center in Morocco, targeting European markets with a 500-megawatt capacity facility. The project leverages Morocco's low electricity costs and extensive undersea cable connections. The digital transformation extends beyond data centers, encompassing fintech, AI, and e-government initiatives showcased at April's Gitex Africa tech expo in Marrakech, which attracted over 1,400 exhibitors and 45,000 visitors from 130 countries.
Zawya
12-06-2025
- Business
- Zawya
NBK wins best bank for sustainable finance in Kuwait by Global Finance
The award reflects NBK's commitment to incorporating sustainability in its operations and institutional culture. NBK is one of the first banks in Kuwait to adopt sustainable financing. NBK's sustainable assets portfolio reached USD 4.97 billion at the end of 2024; 50% of its 2030 USD 10 billion target. National Bank of Kuwait was named Best Bank for Sustainable Finance in Kuwait for 2025 according to the fifth annual survey on Sustainable Finance conducted by the renowned Global Finance Magazine, marking a new achievement that highlights its leadership in the banking sector. This annual survey recognizes global and regional leadership in Sustainable Finance for initiatives designed from January to December 2024 to mitigate the negative impacts of climate change and help build a more sustainable future for humanity. This award recognizes NBK's continuous excellence and leadership in enhancing sustainable finance and incorporating sustainability within its operations and institutional culture. Moreover, the award reflects NBK's pivotal role in promoting the transformation into an economy that is more socially and environmentally responsible and sustainable. Criteria for evaluation included governance policies and goals as well as measurable achievements in environmental and social sustainability and demonstrated leadership in sustainable finance and investments. This year's awards were based on opinions and analyses of prominent trade and investment experts and executives, and they covered areas such as innovative sustainable finance offerings, impact-driven bond issues, community support and SME funding, climate change mitigation efforts, and transparency & reporting. It should be noted that this award is an addition to a long record of awards and high international rankings that NBK Group has been continuously receiving in recognition of its distinctive efforts. NBK is one of the first banks in Kuwait to adopt sustainable finance in its strategy and incorporate ESG standards in its business and operational procedures as well as its institutional culture. Furthermore, NBK launched several services and value propositions geared towards supporting the transition to a low-carbon economy across all its locations. These offerings include green mortgage loans, consumer loans for electric vehicles, financing options related to sustainability and low-emission housing loans, as well as sustainability-linked facilities tied to the achievement of pre-determined ESG KPIs to encourage the adoption of sustainable practices. Additionally, NBK successfully issued its first KD 500 million green bonds in 2024 as part of its global medium-term note program, which has a 6-year maturity and first call date after 5-years and is considered the first issuance by a Kuwaiti financial institution. In this context, NBK has recently published its first Green Bond Allocation and Impact Report, demonstrating traceability to the use of the bond proceeds towards green projects with clear and measurable environmental benefits. As of 31 March 2025, the Bank's eligible green asset portfolio reached USD 625 million, exceeding the bond value. By end of 2024, NBK's net sustainable assets value reached USD 4.97 billion, which is 50% of the targeted level for the year 2030 at USD 10 billion. NBK's ESG strategy aims to support economic development and emerge as a role model in the field through its four interrelated, foundational pillars that include Governance for Resilience, Responsible Banking, Capitalizing on our Capabilities, and Investing in our Communities. By obtaining prestigious awards in the field of sustainable finance over the past years, NBK has proven its commitment to these principles and leadership in the regional banking sector. More on its efforts on sustainability, NBK diligently works towards developing innovative sustainable finance solutions for its clients and customers to support their transition plans strategically, aligned with international standards and regulations to better respond to the world's rising demand for climate funding. Global Finance, founded in 1987, is one of the most reputable magazines specialized in finance and economics. It has a circulation of 50,000 readers in 188 countries, including senior corporate and financial officers responsible for making investment and strategic decisions at multinational companies and financial institutions. The magazine conducts various surveys annually about innovation and profitability for banks and financial institutions all over the world, based on which it selects top performers on the regional and international levels.
