KUWAIT CITY, November 10: Shaikha Al-Bahar, Deputy Group CEO of National Bank of Kuwait, emphasized that developing the education system is one of the most critical challenges impacting the future of Kuwait’s economy, as bridging the talent gap, essential to the national economy, is deeply tied to the quality of education provided to our youth.

During the third edition of the MoneyTech Aljarida Summit held yesterday at the Grand Hyatt Kuwait Hotel, in partnership with National Bank of Kuwait, Al-Bahar explained that the current educational system in Kuwait does not adequately align with the rapidly evolving needs of the private sector, noting that for decades, educational outcomes have primarily aimed at preparing individuals for public sector employment, necessitating a comprehensive transformation to align with the new economic goals our country aspires to achieve.

She also highlighted that the current education system lacks emphasis on areas that meet the demands of today’s global economic landscape, noting that this traditional educational approach restricts the focus on critical areas such as innovation, entrepreneurship, digital literacy, and science and technology, which are becoming increasingly vital in today’s economy.

Al-Bahar also stressed that there is an urgent need to equip teachers with training in new educational technologies, including digital learning.

Investing in Education

“Although Kuwait's educational expenditures averages about 5% of GDP—exceeding the global benchmark of around 4% seen in education-leading countries like  the United States, the United Kingdom, and Germany, the outcomes have fallen short of expectations,” Al-Bahar stated. She also noted  that universities and research institutions in Kuwait are often perceived as lagging in innovation, quality, and advanced research output.

“Simultaneously, there is a need for substantial reforms in the labor market to encourage citizens to pursue employment in the private sector,” Al-Bahar added, noting that the World Economic Forum consistently highlights the increasing demand in fields such as AI and machine learning, projecting that these sectors will generate nearly 100 million new jobs by 2025.

Al-Bahar stressed that by adjusting the curriculum in Kuwait accordingly, the country can position its future workforce at the forefront of these emerging industries.

Al-Bahar stated that the reform process must encompass curriculum development, teaching methodologies, private sector involvement, and comprehensive school assessment systems. She highlighted that each of these areas is crucial in shaping Kuwait's future workforce, equipping it with the skills and knowledge necessary to foster a diversified, knowledge-based economy.

Furthermore, she emphasized the urgent need to enhance internal and vocational training programs across various sectors, engage the private sector in educational planning and curriculum development, and establish collaborative training initiatives. This approach aims to ensure that the skills imparted in educational institutions can be directly applied in the workplace.

Bankee

In this context, Al-Bahar highlighted NBK's initiative through the Bankee program, which seeks to improve awareness and financial literacy among school students in Kuwait. The program has experienced remarkable success since its launch and currently benefits approximately 15,000 students.

Research & Development

Al-Bahar emphasized the necessity of developing a vision to enhance spending on research and development as a percentage of GDP. She highlighted the importance of devising a strategic plan to elevate Kuwait's position in international research and innovation rankings and advocated for forming partnerships with leading universities and global research institutions. Additionally, she called for a focus on critical areas essential for diversifying the economy, such as renewable energy and information technology.

“Enhancing Kuwait's ranking in global education quality indicators must be established as a national goal, prioritizing educational development for both the government and the private sector. Fostering human capital is vital for achieving economic diversification. The core benefit of this reform lies in developing a workforce prepared for the demands of the twenty-first century, with a strong focus on skills like programming, data analysis, and entrepreneurship,” She noted.

Female Representation

Al-Bahar emphasized the pressing necessity for strong female participation in the development process, noting that achieving this goal demands genuine efforts to tackle their underrepresentation in both higher education and professions within the fields of science, technology, engineering, and mathematics (STEM).

She explained that the statistics highlight the severity of this issue, as only around 30% of female students in higher education opt for STEM related fields. Additionally, women account for merely 29.2% of the total workforce in these areas.

Al-Bahar emphasized that STEM education is crucial for fostering a more socially equitable and economically inclusive future. These fields provide the foundation for developing the critical thinking and problem-solving skills essential for advancing progress toward the Sustainable Development Goals (SDG).

She noted that the underrepresentation of women in this domain results in a significant loss of talent, diversity of thought, and experience, which are vital for fostering innovative ideas. Research indicates several factors contributing to this gap, including stereotypes, peer pressure, and the absence of female role models. These influences can cause girls to feel that STEM is not a domain for them, even when they excel in these subjects.

"Therefore, I believe it is essential to address this issue head on by debunking stereotypes surrounding STEM careers through early childhood education. The private sector also has a critical role to play in creating opportunities for gaining work experience and fostering an inclusive work environment to help retain young women in these fields," she stated.

NBK RISE

Al-Bahar pointed out that NBK has made a significant contribution to empowering women in leadership through the NBK RISE program, which aims to support and strengthen women leaders in achieving top positions. This initiative involves several Kuwaiti private sector organizations collectively signing a pledge to enhance women's representation in leadership roles, reaffirming their commitment to work together to achieve the goals of this global program.

Al-Bahar concluded her remarks at the MoneyTech Summit by stating, "I assure you that we will not relent in our unwavering commitment to advocating for and contributing to the development of our educational system. We firmly believe that this is a vital investment in Kuwait's future, enabling us to cultivate a more skilled workforce, foster a more competitive economy, and ensure a prosperous future for generations to come."

Key Figures:

·         The average public expenditure on education in Kuwait is 5% of GDP, exceeding the global average of 4%.

·         Approximately 30% of female students in higher education select fields related to STEM.

·         Women account for only 29.2% of the total workforce in STEM fields.

·         By 2025, artificial intelligence and machine learning are expected to generate nearly 100 million new jobs.