Converting to a Sustainable Path

• Meshal Al Wazzan: The report reflects the progress we have made in sustainability and its integration across the Bank’s operations and activities
• The Bank will continue to develop its sustainability priorities in support of Kuwait’s economic and financial goals

Gulf Bank has issued its sixth annual Sustainability Report for the year 2025, titled “Converting to a Sustainable Path,” highlighting the Bank’s ESG progress and performance. The report reflects the Bank’s continued commitment to strengthening environmental, social, and governance (ESG) standards and embedding them across its operations and activities, and its alignment with Kuwait Vision 2035, the Global Reporting Initiative (GRI), MSCI ESG Index standards, the United Nations Sustainable Development Goals (SDGs), as well as the Sustainability Disclosure Guidelines issued by Boursa Kuwait.

The report emphasized the progress made during the year, specifically in terms of implementing Phase 1 of the Bank’s ESG strategy monitoring, highlighting its efforts to enhance governance practices and advance responsible banking. This was achieved through the delivery of strategic initiatives that serve customers, employees, and the community, including enhancing customer protection, expanding digital services, and supporting local businesses and Small and Medium sized Enterprises (SMEs).

The report also highlighted a number of key indicators reflecting the Bank’s ESG performance in line with its ESG 2030 strategy. Most notably, Scope 2 emissions decreased by 16.5%, and we managed to recycle more than 2,300 square meters of outdoor commercial advertising billboards into reusable bags.

The report indicated that spending on local suppliers reached 97.53% of the Bank’s total procurement budget, reflecting our strategy in supporting Kuwaiti entrepreneurs and local vendors.

As part of Gulf Bank’s ongoing efforts to support and empower women, the report showed that women accounted for 40.26% of the total workforce, while the gender pay equity ratio (female to male) reached 0.75:1. The report also noted 100% coverage of employee training on data privacy and information security, with no recorded complaints related to data breaches or loss, and no complaints from regulatory authorities.

Key Pillars

In this context, Gulf Bank’s Chief Strategy Officer, Mr. Meshal Al Wazzan, stated that during 2025 the Bank focused on four main pillars: Accountable Governance, Equitable Workplace, Empowered Community Engagement, and Responsible Banking. This included strengthening oversight through frameworks, developing internal capabilities, expanding community partnerships, and improving customer experience and digital services.

He highlighted key sustainability milestones achieved in 2025, including the completion of the Sustainability Report, conducting a readiness assessment for IFRS S1 and S2, launching Phase 1 of the ESG Strategy monitoring, updating relevant policies, activating internal communication plans, and commencing the ESG Management Committee.

In the area of accountable governance, the Bank enhanced supervision and oversight of sustainability practices, activated the ESG Management Committee, and implemented its comprehensive ESG risk management framework.

With respect to equitable workplace, the Bank continued investing in capacity building, promoting diversity and inclusion practices, and fostering a supportive workplace that encourages employee engagement and satisfaction.

In terms of community engagement, the Bank focused on building effective community partnerships and supporting initiatives aimed at empowering individuals and enhancing overall social outreach.

Regarding responsible banking, the Bank continued to develop its digital services, enhance customer experience, strengthen its support for SMEs, and improve overall operational efficiency.

At the governance level, 2025 witnessed notable progress in integrating ESG factors into decision making processes, supported by enhanced organizational structures, defined roles and responsibilities, and improved internal oversight through the activation of the Bank’s ESG Management Committee. These efforts contribute to meeting stakeholders’ expectations and in addressing growing regulatory requirements.

Future Outlook

As part of the Bank’s future outlook, Al Wazzan stated that Gulf Bank has identified several priority areas for 2026, most notably the preparation of a greenhouse gas emissions inventory, the launch of the second phase of the Bank’s ESG strategy implementation and monitoring, the issuance of the 2026 Sustainability Report, and the development of a sustainability initiatives register and screening document.

He affirmed that the Bank will continue to define its sustainability priorities in the coming period, while maintaining its commitment to delivering high quality services and products, strengthening governance and risk management practices, supporting Kuwait’s economic and financial objectives, and contributing to the creation of a more sustainable and resilient future aligned with Gulf Bank’s ESG 2030 strategy directions.