11 hours ago
KIPCO publishes its 2024 Sustainability Report
Kuwait City: KIPCO – Kuwait Projects Company (Holding) – published its 2024 Sustainability Report. This is the company's fourth report and is in line with the Global Reporting Initiative (GRI), taking into account national and international sustainability frameworks. The report outlines KIPCO's achievements and progress in the environmental, social and governance (ESG) areas for the year 2024.
On this occasion, Ms Eman Al Awadhi, Group Senior Vice President – Corporate Communications and Investor Relations at KIPCO, said:
'We are delighted to release our fourth Sustainability Report, which highlights KIPCO's ongoing commitment to sustainable institutional practices. This report reflects our vision of aligning our business operations with corporate sustainability goals and embodies our efforts to enhance engagement across our Group to make a tangible and meaningful impact. We believe that the increased participation of our Group companies in sustainability practices is a step that strengthens our ability to meet future requirements responsibly and efficiently. It also serves to prepare our Group companies for the next phase of integrated corporate disclosure, in line with modern regulatory trends aimed at enhancing sustainability reporting for listed companies.'
The report reviews KIPCO's progress in implementing its sustainability strategy across its subsidiaries. This includes the formation of a Sustainability Task Force by the Sustainability Committee – a committee of the Board of Directors – comprising Group representatives to enhance coordination towards achieving common goals. The report also reflects an expansion in the scope of environmental disclosure to include both direct and indirect emission sources, thereby reinforcing transparency and promoting a comprehensive understanding of the environmental impact of the Group's activities.
Additionally, the report highlights the stability of resource consumption indicators across the company's operations, with relatively low rates of electricity, water and paper consumption. This demonstrates operational efficiency and confirms the limited direct environmental impact of the company's activities. The report also underscores various social initiatives, including the ENBAT program, which prepares fresh graduates for the labor market, and working with Loyac, which provided young women the opportunity to participate in a leadership program in the UK. In the area of empowerment, the report notes a female representation rate of 24.2% in senior management positions, 36.5% within the total workforce, and 20% in Board of Directors membership.
KIPCO affirms its commitment to continuously promote a sustainability culture at all levels, with a focus on achieving long-term value that positively reflects on shareholders and stakeholders, based on corporate responsibility, efficiency and transparency.
About KIPCO
Kuwait Projects Company (Holding) – KIPCO – is a holding company that invests in the Middle East and North Africa. Its strategy of acquiring, building, scaling and selling companies in the MENA region has worked successfully for 35 years.
KIPCO's main business sectors are financial services, food, petrochemicals & oil services, media, real estate and education. It's financial service interests include commercial banking, asset management and investment banking.
The conversion rate used is US$1 to KD 0.30845
Further information:
Eman Al Awadhi
Group Senior Vice President
Corporate Communications & Investor Relations
Meshari Al Duhaim
Senior Manager
Corporate Communications & Investor Relations
