Latest news with #NewKuwait2035
Kuwait Times
5 days ago
- Business
- Kuwait Times
Mnakh launches first sustainability practices index for Kuwait market
Sustainability index reveals performance of listed companies KUWAIT: Mnakh Research and Studies Company has launched Kuwait's first index to measure sustainability practices in the local market, marking a significant step in evaluating the performance of listed companies on Boursa Kuwait based on environmental, social and governance (ESG) standards. The index serves as a launchpad to promote sustainable practices and align with global trends in responsible business. In a press release on Tuesday, Mnakh stated that this sustainability index aligns with the global shift towards a greener, more inclusive economy, and supports the goals of the New Kuwait 2035 vision. Sustainability, it added, represents a comprehensive vision for companies as they design and implement strategic plans. Investment opportunities The company emphasized that international markets now view sustainability as a driver of innovation and competitiveness, shifting from being merely a moral obligation to becoming a source of investment opportunities. Global best practices, including transparent reporting based on ESG standards, are now integral to investor decision-making. The Capital Markets Authority has required companies listed in the Premier Market to disclose annual sustainability reports, promoting fairness, competitiveness and transparency. These reports will be mandatory for the 2025 fiscal year, starting from 2026. Many Kuwaiti companies have already integrated sustainability into their investment decisions and operations, adopting initiatives to improve resource efficiency, promote social justice, address climate change, reduce greenhouse gas emissions and establish responsible business standards. Market demand for sustainability continues to grow in parallel with increasing awareness among investors and consumers. Mnakh noted that the sustainability index utilizes artificial intelligence to analyze corporate reports, offering accurate and transparent assessments of ESG performance. The index is based on a structured methodology using international standards and specific weighting for each sector according to its unique challenges and risks. Companies are rated across 12 categories, from AAA+ to D. 2023 index results According to Mnakh, the 2023 results show that most listed Kuwaiti companies meet the basic sustainability requirements. In the banking sector, National Bank of Kuwait topped the list with a score of 79.60 points (A+). In telecommunications, Zain led with 78.90 points (A+), while Boursa Kuwait ranked first in financial services with 81.90 points (AA). In real estate, Mabanee scored highest with 77.7 points (A+), while Agility led the industrial sector with 83.25 points (AA) — the highest score across all companies in Kuwait. In consumer goods, Jazeera Airways topped the sector with 72.63 points (A). Across ESG pillars, Zain ranked highest in environmental performance with 87.5 points, reflecting a strong commitment to sustainable environmental practices. In the social pillar, NBK, Agility and Boursa Kuwait all shared the top spot with 83 points, highlighting their robust social programs and attention to human capital and community engagement. Kuwait Finance House led the governance pillar with 84 points, indicating strong governance systems and corporate transparency. These results underscore Kuwaiti companies' growing ability to embed sustainability principles into their operations. Their rankings in ESG categories demonstrate that compliance with these standards has become a fundamental element of growth and competitiveness strategies. Mnakh's Sustainability Index is more than just an assessment tool — it acts as a catalyst for positive competition and a driver toward a sustainable economy. It offers a unified, data-driven framework for evaluating listed companies, moving beyond numerical rankings to foster a responsible competitive culture. The index encourages continuous improvement and adoption of sustainable practices in environment, society and governance.
Kuwait Times
20-05-2025
- Business
- Kuwait Times
Social Affairs Ministry achieves milestones in strategic plans
KUWAIT: The Ministry of Social Affairs announced that it has successfully completed 99 percent of its operational plan for fiscal year 2024–2025, encompassing 178 projects across ten key sectors. In parallel, the Ministry confirmed the full completion of its strategic plan for the same fiscal year, achieving 100 percent of its goals across 50 projects distributed over seven sectors. Minister of Social Affairs, Family and Childhood Affairs Dr Amthal Al-Huwailah affirmed during a press conference on Monday that these achievements reflect the Ministry's firm commitment to the directives of the political leadership and demonstrate effective alignment with the goals of the 'New Kuwait 2035' development vision. Dr Al-Huwailah emphasized that the Ministry is advancing towards a comprehensive digital transformation of its social services, founded on strategic collaborations with global technology firms. She highlighted the role of intensive employee training programs in enhancing service quality and institutional performance. 'The Ministry remains committed to a transparent and responsible planning approach, aiming to elevate community well-being and contribute to the realization of the sustainable development goals,' the Minister noted. Meanwhile, Acting Assistant Undersecretary for Planning and Administrative Development Dr Sayed Issa Mahmoud revealed that the Ministry is currently engaged in a technical partnership with an international company to digitize the majority of its services. This effort is being accompanied by a comprehensive training program targeting all ministry staff. Dr Mahmoud added that the Ministry will launch a new development plan in the upcoming fiscal cycle, focusing on maximizing social impact, improving spending efficiency, and deepening cooperation with both civil society and the private sector. He noted that within the operational plan, eight sectors achieved 100 percent completion, including Planning and Administrative Development, Social Development, Social Care, Legal Affairs, Financial and Administrative Affairs, and the Cooperation Sector. The Minister's Office and Undersecretary's Office recorded 98 percent completion, while the Social Development Office and the Supreme Council for Family Affairs achieved 96 and 95 percent, respectively. — KUNA Regarding the strategic plan, Dr Mahmoud confirmed that all sectors met their targets. The Planning and Administrative Development Sector led with nine completed projects, followed by the Social Development Sector with seven, and the Social Care Sector with 12. Other sectors, including Legal, Financial and Administrative Affairs, Cooperation Affairs, and the Social Development Office, completed the remaining projects as scheduled. Among the Social Care Sector's key achievements were the launch of a mobile physiotherapy clinic for the elderly and the implementation of the 'Anti-Drug – Community Protection' program for children in shelters. Legal Affairs accomplishments included drafting a proposal to amend the private nurseries law, establishing an electronic archiving system, and organizing regulatory compliance workshops. Dr Mahmoud concluded by announcing the completion of the Ministry's current strategic cycle with the adoption of a 2025–2028 roadmap. This forward-looking strategy includes full integration with the government services platform, expansion of international partnerships, implementation of relative weight methodologies to enhance spending efficiency, and the introduction of a national index to measure social impact in coordination with national statistical bodies.- KUNA
Kuwait Times
20-05-2025
- Health
- Kuwait Times
Kuwait joins International Council for Harmonization as observer member
KUWAIT: The Ministry of Health announced that Kuwait has officially joined the International Council for Harmonization of Technical Requirements for Pharmaceuticals for Human Use (ICH) as an observer member, marking a significant step towards enhancing the country's pharmaceutical regulatory system. In a press statement issued on Monday, the ministry said the move aligns with Kuwait's strategic efforts to strengthen the efficiency of its drug regulation framework in accordance with the highest international standards and best practices. Dr Dina Al-Bastaki, Acting Director of the Drug Registration and Control Department at the Drug Control Sector, represented Kuwait at the ICH General Assembly. During the meeting, she delivered a speech outlining the key features of Kuwait's pharmaceutical regulatory system, highlighting ongoing efforts to modernize the national legislative and oversight framework. Al-Bastaki emphasized that joining the ICH as an observer allows Kuwait to benefit directly from internationally endorsed technical guidelines related to the quality, safety and efficacy of medicines. It also provides an opportunity to participate in technical working groups tasked with developing regulatory guidelines. She noted that this step enhances the integration of Kuwait's national pharmaceutical policies with global regulatory systems and paves the way for broader cooperation with prominent international bodies such as the US Food and Drug Administration (FDA), the European Medicines Agency (EMA), and Japan's Pharmaceuticals and Medical Devices Agency (PMDA). Moreover, Al-Bastaki said the membership serves as a catalyst for developing a supportive regulatory environment for Kuwait's local pharmaceutical industry. It will help the sector keep pace with global standards, improve readiness to access international markets, and accelerate the availability of safe and effective medicines in the local market through the adoption of advanced scientific evaluation methods. This achievement, she added, reflects Kuwait's commitment to the goals of the 'New Kuwait 2035' vision, particularly in advancing the quality of healthcare and pharmaceutical services, and affirming the country's role in the global health and regulatory landscape. The Ministry of Health reaffirmed its dedication to adopting international best practices in the regulation and assessment of pharmaceutical products. It also underscored its ongoing efforts to update national health policies in line with global scientific and technical developments, in support of a comprehensive, sustainable healthcare system that upholds human dignity and enhances quality of life. Headquartered in Geneva, the ICH is a global initiative that brings together regulatory authorities and industry experts from Europe, Japan, and the United States to discuss scientific and technical aspects related to pharmaceutical product registration. - KUNA
Arab Times
20-05-2025
- Health
- Arab Times
Kuwait joins International Council for Harmonisation as observer member
KUWAIT CITY, May 20: The Ministry of Health announced on Monday that Kuwait has officially joined the International Council for Harmonisation of Technical Requirements for Pharmaceuticals for Human Use (ICH) as an observer member, marking a strategic move to strengthen the country's pharmaceutical regulatory system. In a statement, the ministry noted that Dr. Donia Al-Bastaki, Head of the Drug Registration Department, represented Kuwait at the ICH General Assembly. During the session, she presented an overview of Kuwait's pharmaceutical regulatory framework, highlighting the country's legislative development and ongoing efforts to modernize its regulatory policies. Kuwait's participation was welcomed by member states, with the General Assembly unanimously approving the country's observer membership. The ministry stated that this new status grants Kuwait direct access to internationally recognized technical guidelines on pharmaceutical quality and safety. It also enables Kuwait to participate in expert working groups involved in formulating global regulatory standards alongside major international regulatory bodies. The ministry emphasized that this milestone aligns with the goals of the 'New Kuwait 2035' Vision, particularly in advancing the national pharmaceutical industry by helping it meet international benchmarks. It also supports Kuwait's efforts to enter regional and global markets and contributes to building an integrated and sustainable healthcare system.
Zawya
16-05-2025
- Business
- Zawya
Communications Ministry discusses Google's investment in Kuwait
KUWAIT -- Minister of State for Communications Affairs Omar Al-Omar met with Ruth Porat, Chief Investment Officer at Alphabet Inc. (Google), during her visit to Kuwait. The meeting aimed to strengthen their strategic partnership, focusing on technology and digital investment collaboration to enhance digital integration in government agencies. This initiative supports Kuwait's development vision, "New Kuwait 2035." Key attendees included Shaima Al-Terkait, Abdulrahman Al-Thehaiban, Salim Eid and Martin Roski. All KUNA right are reserved © 2022. Provided by SyndiGate Media Inc. (
