Sector Peers — Real Estate & ConstructionTop 5 of 6
1
MabaneeMabanee
77.7
A+
2
The Commercial Real EstateAlTijaria
70.0
BBB
3
United Real EstateURC
67.4
BBB
4
Kuwait Real EstateAqarat
54.2
BB
5
Salhia Real EstateSalhia
44.5
B
Key Findings
Executive Summary
AQARAT (Kuwait Real Estate) demonstrates a solid, maturing ESG profile anchored by strong third-party-certified credentials — ISO 45001 occupational health and safety, ISO 14001 environmental management, and LEED Gold for two assets — alongside a GRI 'in accordance' standalone report whose content index was reviewed by GRI Services. Environmental disclosure is competent, with quantified Scope 1 and 2 emissions on the GHG Protocol and multi-year water, waste, and energy data, but is held back by the exclusion of Scope 3, the absence of formal reduction targets, no TCFD/scenario analysis, and no external assurance. Social performance is strongest in health and safety (multi-year zero-LTI/zero-fatality record) and community investment, while diversity is materially constrained by a 0% female board and absent diversity targets, and training/supply-chain disclosures lack quantification and ESG integration. Governance shows robust ethics, whistleblowing, and compliance frameworks integrated into internal controls, but board independence sits at the 25% floor with no female directors, and there are no labeled sustainable finance products. Overall, AQARAT presents credible, certification-backed fundamentals with clear room to advance on targets, assurance, board diversity, and climate disclosure.
Strengths
Strong third-party-certified operational management: ISO 45001 (OHS) and ISO 14001 (environmental), plus LEED Gold certification for Souk Al-Kuwait and Souk Al-Kabeer, underpinning a multi-year zero-LTI and zero-fatality safety record.
Robust governance and ethics infrastructure — Code of Business Conduct, anonymous whistleblowing with anti-retaliation protection, conflict-of-interest and anti-corruption policies, all integrated into internal control and risk systems with Board oversight.
Credible ESG reporting maturity: a GRI 'in accordance' standalone report with GRI Services-reviewed content index, Boursa Kuwait ESG Index, structured stakeholder-engaged materiality, and multi-year environmental/social data trends.
Areas for Improvement
Climate and emissions ambition: add Scope 3 inventory, set quantified carbon/energy/water reduction targets with baselines, pursue external GHG assurance, and adopt TCFD-aligned scenario analysis with physical/transition risk categorization.
Board and workforce diversity: the Board is 0% female with only 25% independence; introduce female board representation, raise independence, and set quantified diversity targets with pay-equity analysis.
Quantification and ESG integration in social/supply-chain areas: disclose training hours and investment per employee, confirm CSR beneficiary numbers and impact outcomes, and embed ESG screening, a supplier code of conduct, and local procurement data into the procurement framework.
Aqarat Contributes USD 1 Million to Kuwait Emergency Response Fund
Kuwait Real Estate (Aqarat) board approved by circulation a contribution of USD 1,000,000 (equivalent to KWD 308,000) to the Kuwait Emergency Response Fund, an initiative launched by the Kuwait Fund for Development to strengthen Kuwait's emergency preparedness and response capacity. Aqarat stated the contribution forms part of its national and social responsibility commitments. The amount will be recorded as a one-time expense in the consolidated financial statements for the third quarter of 2026.
