NBK wraps up participation in KFAS innovation challenge
We prioritize collaboration with strategic partners to drive social impact and cultivate an inspiring environment for the next generation
The program fosters a culture of innovation, supporting Kuwait's transition to a knowledge-based economy
NBK remains steadfast in its commitment to community development, consistently striving to create an ecosystem that nurtures creativity and innovation
The National Bank of Kuwait (NBK) team successfully concluded its participation in the Innovation Challenge Program, organized by Kuwait Foundation for the Advancement of Sciences (KFAS) in collaboration with IE Business School, Madrid. Spanning three months, the program commenced with an introduction to the fundamentals of creativity and innovation, followed by an in-depth focus on a real-world innovation project. The initiative also included a field visit to the IE Business School campus in Madrid, Spain, enriching the participants' experience.
As part of the program, the NBK team presented their project, which focused on an innovative banking service. The project was reviewed and discussed with the bank's senior management, including Mr. Salah Al-Fulaij, CEO of NBK – Kuwait, Mr. Mohammed Al-Othman, CEO of Consumer and Digital Banking Group; Mr. Mohammad Al Kharafi COO - Head of Group Operations and Information Technology; Mr. Emad Al-Ablani General Manager, Head of Group Human Resources Mr. Faisal Al-Fulaij Head of Business Banking; and other esteemed executives from the bank.
The program covered various key aspects, including the successful implementation of innovative initiatives, the innovative planning process, impact measurement, and the design of valuable propositions. Additionally, several workshops on innovation leadership were conducted. The program featured intense competition among participating teams, as participants spent three months engaged in training, education, and exploring strategies to drive meaningful change within their organizations by presenting innovative ideas.
Launched by Kuwait Foundation for the Advancement of Sciences (KFAS) in 2015, the program aims to cultivate innovative human capabilities within the private sector. It seeks to foster a culture of creativity and knowledge-driven growth, aligning with efforts to transition Kuwait's economy into a knowledge-based model.
The Kuwait Foundation for the Advancement of Sciences (KFAS) Innovation Challenge Program stands out as one of the most prestigious executive education initiatives. Through collaboration with IE Business School in Madrid, a select group of companies engages in developing new initiatives and projects aimed at fostering a culture of innovation within their organizations.
On this occasion, Maryam Al-Nasrallah, Talent Management Manager, Group Human Resources at National Bank of Kuwait, said: 'We strongly believe in the importance of fostering a culture of innovation and creativity. As such, we remain committed to launching and supporting pioneering initiatives across various fields and sectors while collaborating with state institutions and strategic partners to create a positive social impact and cultivate an inspiring environment for the next generation.'
Al-Nasrallah further added: 'Our involvement in this pioneering program underscores our unwavering commitment to fostering innovation and knowledge. We are dedicated to encouraging young researchers to deliver innovative solutions that benefit both society and the economy. The bank's strategy is firmly rooted in innovation and continuous development, a commitment that has been demonstrated through our leadership in the banking sector, positioning us at the forefront both locally and regionally.'
Al-Nasrallah emphasized that NBK will persist in its efforts to develop society and foster an environment that encourages creativity and innovation. This will be achieved through ongoing participation in various programs and initiatives designed to cultivate highly skilled national talent. He highlighted that Kuwaiti youth possess untapped potential and capabilities, and with the right guidance, they can contribute significantly to the sustainable development journey.
Furthermore, She praised KFAS for its pivotal role in enhancing and promoting investment in technology and innovation. He emphasized the Foundation's commitment to learning from global experiences and utilizing leading professional and academic expertise from around the world.
NBK places significant emphasis on the development of its human resources, recognizing them as the cornerstone of the bank's excellence and leadership. The bank offers top-tier specialized training programs that adhere to the highest international standards, ensuring that its professional talent is equipped to take on future leadership roles.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
4 minutes ago
- Zawya
Qatar strengthens water security through strategic planning, global partnerships
Doha: Qatar is well-positioned in terms of water security, thanks to the proactive vision of the nation's leadership, which began planning for water resilience more than two decades ago, said an official. Qatar operates from a position of strength, with comprehensive risk management frameworks and business continuity systems firmly in place,' said Head of the Water Control Section at Qatar General Electricity and Water Corporation (Kahramaa) Eng Abdulhadi Masoud Al-Marri. Speaking to Qatar TV recently, he said that the key focus areas include ensuring sufficient water availability to meet national needs and maintaining high water quality standards. Al-Marri also discussed current and future projects, water sources, the impact of climate change, technological innovations, and Qatar's role in global cooperation on water sustainability. As a country with no significant groundwater resources, he said Qatar relies almost entirely on seawater desalination for its freshwater supply. 'Currently, over 99.9% of Qatar's water comes from desalinated seawater, with less than 0.01% sourced from underground aquifers. The abundance of marine resources not only supports water production but also fuels other sectors such as energy and fisheries,' said Al-Marri. He noted that climate change poses new challenges. Rising global temperatures and changing weather patterns have led to higher seawater salinity, which in turn increases the energy required for desalination. Nevertheless, Qatar has anticipated these challenges and is actively implementing sustainability measures and environmental protection initiatives to adapt effectively. 'Qatar uses two primary desalination technologies: The thermal desalination method, where seawater is heated, condensed, and re-mineralised to produce potable water. The reverse osmosis (RO) method, which uses high-pressure filtration to separate salt and impurities from seawater,' said Al-Marri. He said that both methods are environmentally sound and safe, with RO being particularly favoured for its energy efficiency and future potential across the Gulf region. 'One of Qatar's most notable achievements in water management is the development of the largest strategic water reservoirs in the world, which have earned recognition from the Guinness World Records,' said Al-Marri. He said that these mega-reservoirs significantly enhance the country's ability to store and distribute water efficiently, allowing for seamless supply across all regions of Qatar. The water supply process is organised in three stages: strategic reservoirs store desalinated water long-term, operational reservoirs manage short-term supply and daily distribution, and water is then delivered to end users, including homes and businesses. This multi-tiered system ensures flexibility, reliability, and resilience in Qatar's water distribution network. Recognising that water security is a global issue, Qatar actively collaborates with international organizations such as the International Water Association (IWA) and the American Water Works Association (AWWA). Through these partnerships, Qatar gains access to the latest technologies, data, and policy insights. The country also participates in global conferences and exchanges scientific papers, which contribute to the development of advanced solutions in areas like pumping systems, water storage, valves, control technologies, and cybersecurity. Looking ahead, Qatar aims to expand national water storage capacity by constructing additional reservoirs, enhance remote-control systems and digital monitoring of water infrastructure and integrate artificial intelligence (AI) across desalination and distribution facilities — a move already underway within Kahramaa. Qatar's water security strategy reflects a forward-thinking, sustainable approach that prioritises innovation, resilience, and global cooperation. Through long-term planning, strategic infrastructure, and public engagement, Qatar is not only meeting current demands but also preparing to face future environmental challenges with confidence. Qatar places strong emphasis on water conservation and public awareness. A dedicated department within Kahramaa has launched multiple projects focusing on behavioural change and sustainability education. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
2 hours ago
- Zawya
Oman: Development Bank loan approvals rise 13% in H1 2025
Development Bank has approved 3,716 loans worth RO 110 million ($286 million) during the first six months of 2025, marking a 13% increase compared to the same period last year. This growth reflects the bank's commitment to supporting Oman Vision 2040 by promoting economic diversification and strengthening the private sector across the country. 'The loans and programs we provide contribute substantial added value to our national economy,' said Hamad al Harthi, MSME Chief & Portfolio Management, Development Bank. 'We're helping meet food security requirements, reduce reliance on imports and encourage entrepreneurs to pursue new opportunities.' The bank's success stems from its tailored approach that recognizes the unique needs of businesses at different stages of development. 'We craft solutions that align with their business strategies,' Al Harthi explained, enabling both start-ups and established companies to grow and expand their operations. Building on this comprehensive strategy, H1 financing was distributed across key economic sectors that drive national development. Manufacturing received the largest allocation at RO 38 million ($99 million) reflecting the sector's important role in reducing import dependence. General professional services attracted RO 19 million ($49 million) while traditional sectors also saw strong support with fisheries receiving RO 14 million ($36 million), agriculture RO9 million ($23 million) and mining RO8 million ($21 million). This sector-focused approach was matched by broad geographical reach across Oman. Muscat Governorate received RO 25 million ($65 million) while regional development was supported through considerable allocations to North Al Batinah at RO18 million ($47 million) and South Al Sharqiyah at RO 14 million ($36 million). South Al Batinah received RO 11 million ($29 million) and Al Wusta Governorate RO8 million ($21 million) ensuring development opportunities reach communities nationwide. The increased lending demonstrates the bank's commitment to supporting businesses of all sizes, from start-ups and SMEs to large corporates. This approach enables entrepreneurs to implement projects across growth-driving sectors while maximizing local value creation and contributing to Oman's strategic economic goals. As part of a broader ecosystem of government organizations aligned with Oman Vision 2040, Development Bank continues to provide support and incentives to strengthen national industries and promote in-country value. 'Our shared goal is sustainable and inclusive progress,' Al Harthi concluded. 'We're proud that our support is helping ambitious, growing companies fulfill their potential while driving economic transformation.' Development Bank (DB) is a key enabler of economic growth, providing innovative financing solutions to support Oman's Vision 2040 and the transition to a diversified, sustainable economy. DB offers tailored financial products and services to a wide range of sectors, including agriculture, fisheries, tourism, manufacturing, renewable energy, health, education and logistics, focusing on projects that drive in-country value and job creation. 2025 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Zawya
3 hours ago
- Zawya
Qatar Chamber explores strengthening ties with Islamabad Chamber
Doha: Qatar Chamber (QC) discussed cooperation with the Islamabad Chamber of Commerce and Industry (ICCI), focusing on enhancing trade relations, boosting bilateral and joint investments, and exploring the role of the private sector in strengthening commercial exchange between Qatar and Pakistan. This came during a meeting between Dr. Mohamed bin Jawhar Al Mohamed, Board Member of Qatar Chamber, and Nasir Mansoor Qureshi, President of the Islamabad Chamber of Commerce and Industry, held on the sidelines of the Pakistan International Property Exhibition, which took place on Friday and Saturday, July 25–26, 2025, at Holiday Inn Doha. Dr. Mohammed bin Johar Al Mohammed and Nasser Mansour Qureshi toured the exhibition, during which they explored its various sections and learned about the products and services offered by the participating Pakistani companies. Dr. Al Mohamed praised the strong fraternal relations between the State of Qatar and the Islamic Republic of Pakistan, especially in the economic and commercial fields. He pointed out that bilateral relations have witnessed significant development in recent years, particularly in trade and investment. The volume of trade exchange between Qatar and Pakistan reached about QR12.7bn in 2024. This reflects the strength of economic ties and the great potential for expanding cooperation. He emphasized the vital role of the private sector in driving cooperation between the two countries, calling on businesspeople from both sides to capitalize on available opportunities and strengthen communication to establish strategic partnerships across various sectors. Dr. Al Mohamed also highlighted Qatar's attractive investment climate, modern infrastructure, and investment-friendly legislation, which make it an ideal destination for foreign investments. He invited Pakistani investors to explore the promising opportunities in the Qatari market. For his part, Nasir Mansoor Qureshi praised the strong ties between the two countries across various sectors, particularly in economy and trade. He also commended the distinguished relationship between Qatar Chamber and ICCI and the mutual desire to strengthen and develop it in ways that reflect positively on bilateral trade relations. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
