Boursa Kuwait Renews its Humanitarian Partnership with Kuwait Red Crescent Society for Second Consecutive Year

Press release
Published November 27th, 2022 - 06:13 GMT
Boursa Kuwait Renews its Humanitarian Partnership with Kuwait Red Crescent Society for Second Consecutive Year
During the event
Highlights
Boursa Kuwait continued its partnership with the Kuwait Red Crescent Society (KRCS) as a Humanitarian Partner and sponsoring the Society’s “Basic Education” initiative

Continuing its obligations towards corporate social responsibility, Boursa Kuwait continued its partnership with the Kuwait Red Crescent Society (KRCS) as a Humanitarian Partner and sponsoring the Society’s “Basic Education” initiative, which aims to help underprivileged children gain an education and reduce the burden on their families by paying tuition fees and expenses. Since its inception in 2015, the initiative has supported over 18000 students as of 2021, including paying all education expenses for orphans.

The KRCS is a voluntary organization that offers aid and assistance to the most vulnerable cases, whether as a result of a social situation, the outbreak of war, or a natural disaster. The Society is self-independent and operates as the humanitarian support arm of the official authorities in the country.

Commenting on the continuing partnership between the two entities, Dr. Hilal Al-Sayer, Chairman of the Kuwait Red Crescent Society, said, “We are proud of the continuing partnership with Boursa Kuwait, an indication of a strong bond that has grown over the years. We aim to improve the living conditions of individuals and ensure a better future for them through this initiative, through which Boursa Kuwait can solidify its reputation as an example of giving back to the community.”

Al-Sayer added, “Boursa Kuwait is a key sponsor of the Society’s corporate social responsibility mandate, contributing to several of our humanitarian initiatives over the years through our long-standing strategic partnership. I would like to thank Boursa Kuwait for their consistent and constant support and sponsorship of our “Basic Education” initiative.”

The Kuwait Red Crescent Society strongly believes in the importance of forming and maintaining partnerships to accomplish its goals and implement projects and initiatives that serve civil society and reinforce its sense of social responsibility. The KRCS’s initiatives with the private sector are distinguished by their superior management and planning, which help provide quality services to those in need. 

Boursa Kuwait’s Senior Director of Marketing and Communications, Mr. Naser Meshari Al-Sanousi, also spoke about the partnership between the exchange and the Society, saying, “Boursa Kuwait is proud to be a Humanitarian Partner of the Kuwait Red Crescent Society, as the exchange constantly seeks to create a lasting impact on community. To that end, I am pleased to announce our continued sponsorship of the “Basic Education” initiative for the second year in a row, to empower future generations financially, socially and in terms of their education.”

He added, “Boursa Kuwait believes that education plays an essential role in sustainable development, which has made it a key cog in the company’s strategy since its establishment. The company is also committed to supporting the community through a series of initiatives that are in line with the United Nations’ Sustainable Development Goals (SDGs) as well as the company’s strategy for Corporate Sustainability. On behalf of myself, the Chairman and members of the Board of Directors and the Executive Management at Boursa Kuwait, I would like to thank the Kuwait Red Crescent Society for their role and efforts in the community and their continuous pursuit of humanitarian projects and initiatives in Kuwait and abroad.” 

This initiative forms part of Boursa Kuwait’s efforts to create a lasting meaningful impact on the communities where it operates as part of its Corporate Sustainability strategy and is in line with Goal 4 – Quality Education – and Goal 17 – Partnership for the Goals - of the UN’s Sustainable Development Goals (SDGs) as well as the National Development Plan for the State of Kuwait, “New Kuwait 2035”.

Boursa Kuwait’s Corporate Sustainability strategy stipulates ensuring initiatives apply and fall in line with the company’s corporate social responsibility (CSR), industry best practice standards and investor expectations, creating strong and sustainable partnerships that ultimately achieve success and allow Boursa Kuwait to leverage the capabilities and strengths of other companies or organizations that have experience in different fields, and integrating sustainability efforts with the company culture, in order to achieve longevity and an ongoing impact that is carried on and instilled in the day-to-day operations of the stock exchange.

As part of the strategy, Boursa Kuwait has launched many initiatives in partnership with local and international organizations, focusing on support for nongovernmental organizations and charity programs, financial literacy and capital market awareness, the empowerment of women, as well as environmental protection.

Background Information

Boursa Kuwait

Boursa Kuwait was founded on April 21st, 2014 by the Capital Markets Authority Commissioners’ Council Resolution No. 37/2013 dated 20th November, 2013 and the Capital Markets Authority Law No. 7/2010. In addition to being primarily responsible for regulating all aspects of the Kuwaiti capital market, the Capital Markets Authority also has full ownership of Boursa Kuwait, which manages the exchange operations. Boursa Kuwait is responsible for introducing new trading rules, risk management practices, price discovery mechanisms and new technology to ensure that Boursa Kuwait is as robust and secure as possible. The establishment of Boursa Kuwait marked the first step in privatizing the Kuwaiti Stock Exchange, which was founded in 1983. 

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