The Commercial Real Estate
Executive Summary
Al-Tijaria (The Commercial Real Estate Company) demonstrates a progressively maturing ESG profile anchored by strong governance compliance, robust occupational safety, and a growing green investment portfolio, with the fifth annual sustainability report aligned to GRI 2021, Boursa Kuwait ESG guidelines, UNGC principles, and CMA regulations. Environmental performance is characterised by measurable progress — a 9.5% electricity reduction, a 15% water reduction, and five-year multi-scope GHG disclosure — but is constrained by the absence of formal quantified reduction targets, TCFD/scenario analysis, and renewable energy integration. Social performance is a relative strength, with ISO 45001-certified zero-incident safety, a strategic Board-governed CSR framework, solid workforce diversity data, and growing training investment, though female board representation remains absent and D&I targets are not quantified. Governance is the most mature pillar, evidenced by ISO 37000:2021 certification, comprehensive regulatory compliance with zero violations, a functioning ethics and whistleblowing framework with 100% workforce certification, and a growing green investment portfolio of KWD 32.7 million; board structural gaps — particularly low independence and no female directors — represent the most material governance improvement area. Overall, Al-Tijaria is a mid-to-upper performer in the Kuwaiti real estate sector with a credible ESG trajectory but significant headroom in climate strategy, investment-grade sustainable finance, and board diversity.
Year-over-Year Analysis
vs 2024Al-Tijaria demonstrates a broadly positive ESG trajectory from 2024 to 2025, with meaningful improvements across all three pillars driven by the maturation of governance structures, stronger environmental data disclosure, and a more strategic and better-funded community investment programme. The Environmental pillar shows measurable operational improvements — a 9.5% electricity reduction and a 15% water reduction — alongside expanded GHG disclosure, but the continued absence of formal quantified targets and TCFD reporting represents a structural ceiling on E scores. The Social pillar remains the company's relative strength, reinforced by ISO 45001 certification, zero safety incidents, growing training investment, and a Board-governed CSR programme that nearly doubled in spend versus 2024; however, the persistent gap in female board representation and D&I targets limits S3 potential. The Governance pillar benefits from the introduction of ISO 37000:2021 certification in 2025, the ESG Policy reaching its third version, and the consolidation of governance and sustainability oversight into a single committee, but G4 remains constrained by structural board composition weaknesses that have not changed year-over-year.
The Environmental pillar improved modestly in 2025 through demonstrable operational performance — a 9.5% electricity reduction and a 15% water reduction supported by expanded BMS investments, LED conversion progress, and five-year data granularity — with E2 and E4 showing the clearest improvement signals. However, the absence of formal GHG reduction targets, TCFD adoption, and renewable energy integration continues to cap Environmental scores in the mid-range, indicating that progress is operational rather than strategic.
The Social pillar maintained its position as the company's strongest ESG dimension in 2025, with S2 anchored by ISO 45001 certification and zero incidents, S1 benefiting from a significant CSR spend increase to KWD 72,553 (up ~73% from 2024), and S4 showing a continued multi-year training investment uptrend; S3 remains the Social pillar's weakest subcategory due to persistent zero female board representation and the absence of numerical D&I targets, which constrains the pillar's ceiling despite solid workforce-level diversity data.
Governance strengthened meaningfully in 2025 primarily through the ISO 37000:2021 certification, the ESG Policy reaching its third iteration, and the structural consolidation of the Governance and Sustainability Committee — all of which reinforce G2 and G5 excellence. G4 remains a structural drag on the Governance pillar, with zero female board representation, 25% board independence, and absence of a formal board effectiveness review unchanged from prior periods, representing the single most impactful governance improvement opportunity available to the company.
Key Improvements
Key Regressions
Al-Tijaria's ESG trajectory is positive but approaching an inflection point where continued score improvement will require structural changes — particularly the adoption of formal quantified climate targets and TCFD-aligned reporting, board diversity improvements, and integration of renewable energy — rather than the operational efficiency and compliance maturation that has driven progress to date. If the company builds on its ISO 37000 and ISO 45001 governance and safety foundations by extending third-party verification to GHG assurance and pursuing TCFD disclosure, it has clear potential to move into a higher ESG rating tier within the next reporting cycle.
Strengths
Areas for Improvement
S: 7.02
G: 7.03
Recent Activities
View all →AlTijaria Trains Employees on Insider Trading Disclosure Rules
The Commercial Real Estate (AlTijaria) held an internal training session at its head office on the regulation of securities dealing by insiders, covering Book Ten (Disclosure and Transparency) of the Capital Markets Authority executive bylaws. The session was delivered by the Compliance and Governance Manager, Mansour Kamal, and Compliance and Governance Officer, Jaber Marafi, and addressed insider disclosure obligations, permitted and blackout trading periods, use of the CMA electronic disclosure system, and internal measures for safeguarding inside information. The training was organised by AlTijaria's Development and Learning Section in coordination with the Compliance and Governance Department and included a question-and-answer segment for participants.
AlTijaria Launches Electricity and Water Conservation Awareness Campaign
The Commercial Real Estate (AlTijaria) launched an awareness campaign titled "Conscious Consumption, Sustainable Future" on 4 August 2026 to promote rationalisation of electricity and water use. The campaign is delivered through the company's social media platforms, internal employee communication channels, and digital screens in its shopping malls, targeting employees, tenants and mall visitors. No beneficiary numbers, consumption-reduction figures or external partners were disclosed.
AlTijaria Supports Kuwait Emergency Response Fund for National Resilience
The Commercial Real Estate (AlTijaria) contributed USD 1 million to the Kuwait Emergency Response Fund, a national initiative launched by the Kuwait Fund for Arab Economic Development to strengthen state preparedness and sustain critical infrastructure and essential services. AlTijaria framed the contribution as private-sector participation in national resilience priorities. The announcement does not state a specific contribution or transfer date.
AlTijaria Sponsors Sustainability Award at Injaz Kuwait
The Commercial Real Estate (AlTijaria) sponsored the 'Most Sustainable Product or Service' award in the university category of Injaz Kuwait's 'The Company' programme, held on 6 June 2026 with broad student participation from universities across Kuwait. The company contributed a training session on workplace development and AI, and a representative served on the judging panel for student projects. The winning project, Footsense, was recognised for solutions integrating environmental and social dimensions.
AlTijaria Holds Ordinary and Extraordinary General Assembly
The Commercial Real Estate (AlTijaria) held its Ordinary and Extraordinary General Assembly on Monday, 20 April 2026, with a quorum of 81.362% of total shareholder attendance. The Ordinary General Assembly approved the board's recommendation to distribute cash dividends of 3% and bonus shares of 3% of the nominal share value. The Extraordinary General Assembly approved amendments to the company's capital in line with the bonus share distribution and modifications to the articles of association, including alignment of the company's objectives with new international activity classification codes adopted in Kuwait.