Markaz launches its first Sustainability Report
KUWAIT: Kuwait Financial Centre “Markaz” recently launched its first Sustainability Report, highlighting Markaz performance and activities for the reporting period 2016-2017. It reflects our commitment to sustainability as a core pillar of our corporate strategy. The report focuses on Economic, Social and Environmental categories, in addition to material topics that are most important to our stakeholders and to our business. The report was prepared in accordance with the Global Reporting Initiative (GRI) Standards, an international independent organization aiming to ensure the highest quality and transparency of institutions’ reports disclosing the impact of their business activities on sustainability aspects.
In this regard, Alrazi Y Albudaiwi, VP and Head of Media & Communications Department at Markaz said, “This sustainability report affirms Markaz’s determination to ensure responsible, sustainable and joint progress towards corporate innovation and social consciousness. It also represents our purposeful goals and corporate social responsibility to direct organizational outcomes in a transparent manner. Since its establishment more than 40 years ago, Markaz sustainability approach has provided a strong, safe corporate base, which was reflected on the company’s performance over the years. During the report period, Markaz has contributed in a number of social and economic initiatives, including sound governance, human capabilities, creating job opportunities and enhancing the business environment, reflecting Markaz commitment to achieve a positive change in the society and national economy, while encouraging partners to pursue the same goals.”
Albudaiwi added, “The report reflects and reinforces Markaz’s commitment towards bettering the quality of engagements for all stakeholders involved within our circle of activities and society in general. Further, it illustrates our determination to be cognizant of possible opportunities and to listen to feedback from stakeholders about what is important to them, in order to achieve our institutional goals and fulfil our clients’ needs. We have prepared the complete report using our internal capabilities and that of our research subsidiary, Marmore MENA Intelligence. Our self-reliance demonstrates our determination to immerse ourselves fully in the process of corporate self-discovery, proving that sustainability for us is a valuable asset.”
Albudaiwi pointed out that the report, through the data and the case studies, conveys Markaz efforts in creating shared value through its activities by thinking long-term and focusing on sound principles adhering to best practices and standards. This report will help in delivering our stated objectives through benchmarking past performances with targeted future outcomes.
Markaz’s sustainability report focuses on the categories defined by GRI, which are the Economic, Social and Environmental categories, as well as the material aspects for all the stakeholders and Markaz. In addition, it also demonstrates the intersection points of Markaz initiative and the Sustainable Development Goals of the United Nations Development Program (UNDP SDGs). This reflects Markaz’s keenness to follow the best international practices and the global business trends affirming its sustainable vision.
The report showcases 9 case studies of Markaz initiatives aiming towards achieving sustainability, namely: 1) innovation in finance by the creation of new investment channels with unique characteristics that widen the investors’ choice 2) introducing new professions for the youths by supporting small real estate evaluators 3) youths training by investing in education and developing their skills in schools, universities and cultural centers 4) NGOs support through strong relationships with non-profit organizations aiming to developing human capabilities in the fields of culture, health, education and sports 5) supporting SMEs to build Kuwaiti entrepreneurs’ skills with programs such as Fikra Program and Junior Achievement Programs (INJAZ) 6) capacity building with The Develop & Hire program and Markaz pivotal exchange forum 7) science, technology and innovation knowledge transfer in collaboration with Kuwait Direct Investment Promotion Authority (KDIPA) on two vital programs; GE Kuwait Technology Center and National Offset Program 8) launching ‘Public Sector Reforms’ initiative with Kuwait Economic Society aiming to boost public sector performance 9) research and developments by partnering with international think tanks and establishing Marmore MENA Intelligence, a research subsidiary of Markaz focusing on the MENA region.