business bites Bahrainthismonth.com February 2024 29 GIB RELEASES ITS FIRST TASKFORCE FOR TCFD REPORT ABC BAHRAIN STRENGTHENS TRADE WITH ASEAN BLOC TAMKEEN RENEWS SUPPORT FOR AWS CLOUD INNOVATION CENTRE In line with the recommendations of the Taskforce for Climate-related Financial Disclosure (TCFD), Gulf International Bank B.S.C. (GIB) issued its first TCFD report where it provides information on its governance, strategy, risk management and the metrics and targets it uses in climate-related activities. As many organisations are becoming aware of the importance of adopting sustainable business guidelines, banks are also exposed to climaterelated risks and opportunities through their lending and other financial intermediary activities as well as through their operations. The purpose of this report is to explain how GIB manages these risks and opportunities so its stakeholders can make informed financial decisions. Commenting on the Report, GIB’s Chief Sustainability Officer, Venetia Bell, says: “The publication of this report marks the completion of GIB’s initial phase of work implementing the recommendations of the Taskforce for Climate-related Financial Disclosure at a group level. Having disclosed for a number of years for our UK-based subsidiary, GIB Asset Management, we have been working to expand our approach to cover the entire group. We are proud to be amongst the first regionally head-quartered firms to have made group-wide TCFD disclosures on a voluntary basis.” Chairperson of Bahrain ASEAN Bahrain Council (ABC), Shaikh Daij bin Isa Al Khalifa, recently reiterated that ABC would continue to play a pivotal role in strengthening Bahrain’s trade and business ties with the Association of Southeast Asian Nations (ASEAN) nations, the world’s fifth largest trading bloc. “Since the establishment of ABC in 2017, ABC acts as the prime advocacy organisation for Bahraini corporations operating within the dynamic Association of Southeast Asian Nations. It remains pivotal to fostering deeper economic relations between Bahrain and ASEAN nations with a focus on trade and commercial ties,” says Shaikh Daij. Ambassador of Indonesia and Chairperson of ASEAN Committee in Manama, HE Ardi Hermawan, highlighted the cooperation between ABC and ASEAN nations and the crucial role played by the committee in strengthening and expanding bilateral relations. “Our total trade in goods was USD3.8 trillion in 2022, comprising exports of USD2 trillion and imports of USD1.9 trillion,” he states. “Focusing on ASEAN and GCC Trade Relations in 2022, the total trade value between GCC countries and ASEAN was USD137.7 billion, accounting for 8 percent of the GCC’s total trade exchange worldwide,” he says, adding that the ASEAN-GCC Framework of Cooperation 2024-2028, agreed upon at the first ASEANGCC Summit in Riyadh in 2023, will further strengthen ties. The Labour Fund (Tamkeen) has announced the renewal of its ongoing collaboration with Amazon Web Services (AWS), which is aimed at furthering support for the Cloud Innovation Centre (CIC) at the University of Bahrain and Bahrain Polytechnic. This collaboration is dedicated to bolstering students’ digital proficiency, expediting Bahrain’s digital transformation, and addressing challenges faced by some organisations within the public sector. The Cloud Innovation Centres have supported over 100 students in their endeavours to develop innovative solutions through intensive practical training with AWS experts. This resulted in 34 prototypes being developed as proposals for several public sector organisations. Tamkeen Executive Director of Programmes and Partnership Development, Ali Hasan, says: “The Cloud Innovation Centres play a pivotal role in cultivating a robust pool of skilled Bahrainis, in addition to serving as advanced platforms focused on tackling challenges encountered by the public sector, educational institutions, and non-profit organisations.” The information and communication technology (ICT) sector made a significant contribution of 6.8 percent to Bahrain’s real GDP in 2022, marking a consistent upward trajectory. Notably, there has been a surge in the demand for cloud services in Bahrain, driven by companies migrating their ICT infrastructures to the cloud.
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