Kuwait, 5 October 2024:  Kuwait International Bank (KIB) announced the signing of a Memorandum of Understanding (MoU) with Kuwait College of Science & Technology (KCST) for collaboration on its Innovation Program. The partnership will establish a robust framework for innovation incubation and acceleration, providing valuable development opportunities for students. The new agreement underscores the Bank's commitment to its comprehensive social responsibility strategy, offering dedicated support to educational institutions and strengthening the education sector's contribution to sustainable social and economic growth in Kuwait.

KIB will spearhead the organization and management of the innovation program, supported by the expertise of a globally renowned innovation consultant. The agreement is set to allow KCST students to engage in projects that foster innovative ideas and solutions. The students will gain invaluable experience through internships and cooperative education programs at KIB, allowing them to apply their academic knowledge in a real-world banking environment. Moreover, KIB will consider top students and graduates for future employment opportunities, based on their performance during their internships and co-op programs, thus further demonstrating the Bank’s commitment to nurturing local talent.

Commenting on the new partnership, Mohamed Atef El-Shareef, General Manager of the Digital Innovation and Data Intelligence Department at KIB, said: 'We are proud to partner with Kuwait College of Science & Technology in this innovative endeavor, providing a unique opportunity for its students to engage with the banking industry and develop skills critical to their future success. By combining KIB's commitment to innovation with the talent and creativity of KCST students, we aim to drive growth in both the banking sector and the innovation ecosystem in Kuwait. We are excited to see the positive impact this partnership will have on both students and the broader community.”

El-Shareef added: “This agreement reaffirms our dedication to advancing the Human Intelligence Innovation Program ‘H.I’, launched by the Bank in 2023 as a cornerstone for fostering future innovation in Kuwait. Collaborations such as this one set the stage for greater cooperation with higher education institutions, creating more opportunities for local talents to shine, and having a positive impact on the country’s development.” 

From his side, Professor Khalid Al-Begain, President of Kuwait College of Science and Technology said: “We are delighted to sign this MoU and partner with Kuwait International Bank (KIB), one of the leading banking institutions in Kuwait. The partnership will definitely serve the common goal of both parties in developing a technologically skilled workforce that are well-equipped with the knowledge and experience in the latest developments in cybersecurity, artificial intelligence and data science.”

He added: “KCST was established with a focus on cutting-edge technology programs. This allowed it to provide in-depth education that is complemented with strong hands-on training in its state-of-the-art labs and facilities.”