‘Social responsibility should be based on total transparency’
KUWAIT CITY, July 22, (KUNA): Social responsibility projects (CSR) carried out by the private sector are contributing to the overall development of Kuwait and its governance system. By allocating a percentage of its profits to aid social campaigns, the private sector is not only spreading community awareness, it is also bridging the gap between businesses and the general populace.
For example, the banking sector had contributed around KD 544 million ($1.7 billion) between 1992 and 2017 to social causes, reflecting keenness on providing a helping hand to the people. Speaking to KUNA on the matter, a number of banking associates, company personnel and economic experts stressed the importance of giving back to society.
General Manager of Boubyan Bank Waleed Al-Yaqout said that social responsibility campaigns had become a priority for many private sector entities who acknowledge positive impact of such activities.
Most companies nowadays focus on future social campaigns that would spread awareness and help society to develop as a whole, said Al-Yaqout who added that such campaigns were also good for business because consumers were keen on dealing with social conscious entities.
Boubyan Bank had launched 100 social projects last year and will continue to do so to benefit society, said Al-Yaqout. On her part, Group Communications Director at Kuwait Projects Company (KIPCO) Eman Al-Awadhi said that the company prioritized social-oriented projects knowing it was an integral part of overall development.
Al-Awadhi stressed that social responsibility should be based on total transparency that would ensure fair and reasonable competition amongst private sector entities. KIPCO donates around one percent of its profits to charity, said Al-Awadhi who revealed that the company had contributed around KD 7 million ($23 million) to help in the construction of the Sheikha Salwa Sabah Al-Ahmad Center for Stem Cell and Umbilical Cord. She added that the company also supported youth-initiated projects through the annual Tamkeen Award for Young Entrepreneurs.
Meanwhile, Senior Manager of Sponsorships, CSR and Social Media at Ooredoo telecom company Youssef Al-Shallal affirmed that they were keen on annually partaking social responsibility projects, which considered as part of the company’s national duty. The telecommunication sector is one of the most important components of the national economy and it is natural that Ooreddo is keen and willing to provide all necessary social assistance to aid in Kuwait’s development both economically and socially, said Al-Shallal.
By Munira Al-Sultan