Kuwait, 3 November 2024: Kuwait International Bank (KIB) announced the signing of a Memorandum of Understanding (MoU) with the Gulf University for Science and Technology (GUST) for collaboration on its innovation program. The MoU will create a strong foundation for innovation incubation and acceleration, offering students significant opportunities for growth and development. The new agreement comes as part of the Bank's commitment to its comprehensive social responsibility strategy, as well as its support of education and youth empowerment for a brighter future.

KIB will take the lead in coordinating and overseeing the innovation program, with the support of a globally recognized innovation expert. Through this partnership, GUST students will have the chance to participate in projects aimed at cultivating creative ideas and solutions. These students will benefit from hands-on experience through internships and co-op programs at KIB, where they can apply their academic knowledge in a practical banking context. In addition, KIB will evaluate top-performing students and graduates for potential employment opportunities, reinforcing the Bank's dedication to fostering local talent and supporting their professional growth.

Commenting on the new partnership, Mohamed Atef El-Shareef, General Manager of the Digital Innovation and Data Intelligence Department at KIB, said: “KIB’s agreement with GUST marks another important step in its mission to bridge academia and industry, ensuring that the next generation of professionals is equipped with the skills and knowledge to excel in the rapidly evolving banking sector. The collaboration is also a reflection of KIB’s efforts to be among top institutions leading the way in innovation within the banking industry.”

El-Shareef added: “By forging agreements with academic institutions, we aim to build a robust pipeline of talented professionals who will not only contribute to our business but will also shape the future of banking in Kuwait. We look forward to signing more agreements with other universities in the near future as part of our ongoing efforts to invest in the youth and the future of the financial industry.”

On his part, Professor Bassam Alameddine, President of Gulf University for Science and Technology (GUST), stated: 'We are delighted to cooperate with KIB in this initiative, as it will provide our students with a pioneering opportunity to apply their theoretical knowledge in a hands-on industry experience. Through working with experts in the banking industry, our students will be able to develop innovative solutions for the banking sector and acquire the necessary skills to excel in their careers. This partnership reflects our strong commitment of preparing our graduates to become innovative leaders in the Kuwaiti job market.'