Latest news with #HumanCapitalDevelopment
New Straits Times
4 days ago
- Business
- New Straits Times
Penang eyes AI as key driver for economic growth, competitiveness
GEORGE TOWN: Penang is prioritising artificial intelligence (AI) as a core driver to enhance long-term economic competitiveness and sustainability under its innovation-led development strategy. Chief Minister Chow Kon Yeow said AI will be pivotal in advancing digital education, improving smart public services and fostering entrepreneurship under the Penang2030 Vision, themed 'A Family-Focused, Green and Smart State that Inspires the Nation.' "Penang has long been a national technology hub. As we shift to a knowledge- and innovation-based economy, AI is critical for sustained growth and global relevance," he said at the launch of AI Horizon 2025 today. The initiative is backed by the upcoming Penang Digital Economy Master Plan 2025–2030, which focuses on business digitalisation, talent development, as well as strengthening the startup and high-tech ecosystem, including AI hubs, data centres and tech incubators. Also present was Deputy Chief Minister II Jagdeep Singh Deo, chair of the state's Human Capital Development, Science and Technology Committee. Chow noted the initiative aligns with the federal government's goal under the 13th Malaysia Plan (13MP) to establish Malaysia as a regional AI leader by 2030. "The digital future cannot wait. AI must be embraced beyond professionals and introduced early in schools, Technical and Vocational Education and Training (TVET) institutions and universities," he said. Chow also praised the strong turnout at AI Horizon 2025 as a sign of public readiness to embrace AI technology. Organised by Tech Dome Penang in partnership with the Ministry of Science, Technology and Innovation (MOSTI), HRD Corp, Penang Island City Council (MBPP), the State Education Department (JPNPP), and Penang STEM, the one-day event brought together policymakers, industry leaders and educators to accelerate AI adoption at national and global levels. The event featured more than 50 local and international tech firms and over 50 strategic partners, with activities including youth AI competitions, a young engineers' programme, expert panels, public forums, and exhibitions by multinationals, small and medium enterprises, and local startups showcasing AI innovations.
Barnama
5 days ago
- Business
- Barnama
Penang Eyes AI As Key Driver For Economic Growth, Competitiveness
GEORGE TOWN, Aug 8 (Bernama) -- Penang is prioritising artificial intelligence (AI) as a core driver to enhance long-term economic competitiveness and sustainability under its innovation-led development strategy. Chief Minister Chow Kon Yeow said AI will be pivotal in advancing digital education, improving smart public services and fostering entrepreneurship under the Penang2030 Vision, themed 'A Family-Focused, Green and Smart State that Inspires the Nation.' 'Penang has long been a national technology hub. As we shift to a knowledge- and innovation-based economy, AI is critical for sustained growth and global relevance,' he said at the launch of AI Horizon 2025 today. The initiative is backed by the upcoming Penang Digital Economy Master Plan 2025–2030, which focuses on business digitalisation, talent development, as well as strengthening the startup and high-tech ecosystem, including AI hubs, data centres and tech incubators. Also present was Deputy Chief Minister II Jagdeep Singh Deo, chair of the state's Human Capital Development, Science and Technology Committee. Chow noted the initiative aligns with the federal government's goal under the 13th Malaysia Plan (13MP) to establish Malaysia as a regional AI leader by 2030. 'The digital future cannot wait. AI must be embraced beyond professionals and introduced early in schools, Technical and Vocational Education and Training (TVET) institutions and universities,' he said. Chow also praised the strong turnout at AI Horizon 2025 as a sign of public readiness to embrace AI technology. Organised by Tech Dome Penang in partnership with the Ministry of Science, Technology and Innovation (MOSTI), HRD Corp, Penang Island City Council (MBPP), the State Education Department (JPNPP), and Penang STEM, the one-day event brought together policymakers, industry leaders and educators to accelerate AI adoption at national and global levels.
Zawya
30-07-2025
- Politics
- Zawya
Saudi, Palestine sign three deals to support human capital, education, and digital transformation
NEW YORK — Saudi Foreign Minister Prince Faisal bin Farhan met with Palestinian Prime Minister Dr. Mohammad Mustafa on the sidelines of the high-level international conference on the peaceful settlement of the Palestinian issue and the implementation of the two-state solution at the ministerial level. The meeting reviewed bilateral relations and discussed developments in Palestine, as well as ways to enhance joint efforts and coordinate positions on the international stage in support of Palestinian rights. Following the meeting, both sides signed three memoranda of understanding (MoUs) as part of Saudi Arabia's continued support for the Palestinian cause, people, and reform agenda across multiple sectors. The first MoU, focused on human capital development, was signed between the Saudi Ministry of Human Resources and Social Development and the Palestinian General Personnel Council. Representing Saudi Arabia was Eng. Ibrahim Bahamam, Director General of Human Capital Development, and signing on behalf of Palestine was Minister of Planning and International Cooperation Dr. Estephan Anton Salameh. The second MoU, aimed at curriculum development and leveraging Saudi Arabia's experience in educational reform, was signed between the Saudi Ministry of Education and the Palestinian Ministry of Education and Higher Education. Dr. Abdulrahman Al-Ruwaili, CEO of the National Center for Curricula, signed on the Saudi side, while Dr. Salameh signed on behalf of the Palestinian ministry. The third agreement focused on digital transformation and ICT collaboration, signed between Saudi Arabia's Ministry of Communications and Information Technology and the Palestinian Ministry of Communications and Digital Economy. It was signed by Mansour Al-Qurashi, Deputy Minister for International Cooperation and Partnerships, and again by Dr. Salameh on behalf of the Palestinian side. These MoUs reflect the Kingdom's commitment to empowering Palestinian society — particularly youth — through education and human resource development, and to strengthening digital infrastructure to enhance public services for Palestinians. The agreements also underscore the deep-rooted brotherly ties between the Saudi and Palestinian leaderships and peoples. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
26-05-2025
- Business
- Zawya
Oman: The nexus of ICV, human capital development
Oman 2040 strives to dynamically shift the limb of Oman's economic structure towards a diverse knowledge-based economy alongside social development. Another goal is to fulfill the objectives of Vision 2040 which has, in turn, resulted in Oman setting new bounds for productivity and innovation. A central element, for now, is mobilized towards a strategic policy called ICV (In-Country Value) which aims to cultivate the local economy by restricting the outflow of economic value from Oman, enabled through sustainable job creation and localized employment. Alongside this is the Human Capital Development which strives to build an innovative Omani workforce capable of sustaining the nation's long term growth. This powerful synergy between ICV and Human Capital Initiatives serves to yield immense value for Oman through nurturing the local talent to eradicate over dependency on foreign labor. Not having to spend externally on essential profits that come through employment results in an economically self sustaining country. This serves, alongside capturing the cores of capital depletion, to cultivate the intellect Oman needs to stay relevant competitively in the future. This text analyzes the intricate relationships of ICV and Human Capital Development in Oman, which examines how policies, strategies for specific sectors, and education systems are integrating to achieve sustainable and inclusive growth. By addressing the gaps, highlighting the success stories, and offering strategic insights, we aspire to demonstrate how Oman can optimally utilize ICV to emerge as a leading regional human-centered economic development hub. The pillars of ICV include: Employment and training of Omani nationals; Retention of expenditure within Oman; Retention of local service providers and suppliers; and Omani goods and services. All of these pillars support Oman Vision 2040 which states that there is a need for a highly productive and empowered workforce to sustain a diversified and sustainable economy. There exists a legal framework to regulate and monitor the ICV delivery of a company's ICV initiatives through tendering processes where they have to submit ICV plans and mandatory ICV reports. In the oil and gas spheres, there is new legislation that requires companies to budget for mandatory spending on training Omanis, local SME support, and funding community development projects. This has resulted in the establishment of training and certification centers, and even working with local schools to develop programs valued by the workforce. This is how ICV has transformed from a policy instrument into a tool that strategically drives socio-economic development by ensuring that Oman's natural resources and industrial projects result in sustainable national value. DEVELOPING HUMAN CAPITAL (HCD) IN OMAN The term 'Human Capital Development' describes the enhancement of skills, knowledge and competence of an individual so that productivity and contribution to the economy improves. In regard to Oman, human capital development is crucial for achieving the objectives put forth in Vision 2040 where innovation, inclusivity and human empowerment forms the basis of human society. During the past two decades Oman has significantly improved its education, vocational training and general workforce development. There has been a remarkable improvement in the access to primary and secondary education and an increase in the number of higher education and technical colleges. Sultan Qaboos University and the University of Technology and Applied Sciences along with several private colleges have played a significant role in providing a workforce of skilled graduates. The Omanisation policy is one of the main elements of Oman's human capital strategy. The Omanisation policy is meant to reduce the reliance on foreign labor by putting up minimum hiring quotas for Omani nationals in all sectors and industries. Employment opportunities for nationals are guaranteed while at the same time boosting citizens' participation in economic are on-going, but problems remain. There is still a gap between qualifications and actual jobs because the available education does not match opportunity, which businesses regard as having sufficient soft skills, technical skills, and work experience. Hence, there appears to be greater focus on real-world applications through curriculum reforms, strengthening STEM fields, and initiatives supporting education. Consequently, a number of new government initiatives have been implemented, including: The National Training Fund (NTF), which finances training activities within specific industries for employers; Educational scholarships which, accompanied by internships, enhance career prospects through tangible, real-life engagements; and Creative self-employment innovation and entrepreneurship hubs for schools designated to advance innovation and guide students in setting up their businesses. Additionally, training is being provided through public-private partnerships to improve quality and relevance. For example, several leading companies in energy have collaborated with vocational training schools to develop and implement vocational training programs tailored to industry expectations. This ensures that the development of human capital is not only through government policy but also from the current requirements of the economy. Introducing sustainability to economic policies, human capital is regarded as a key element of international competitiveness and productivity. Oman is focused on improving the skills and capabilities of its people, which in turn lays the groundwork for sustainable growth of the country's economy for years to come. COMBINATION OF ICV WITH HUMAN CAPITAL DEVELOPMENT Merging ICV with human capital development gives rise to an economic opportunity in Oman that is planned and executed to achieve inclusivity. This approach fulfills the objective that economic integration should not simply raise revenue, but also provide more value through positive and constructive participation by Omanis as leaders. ICV strategies are often implemented as a follow-up to human capital strategies, as they incorporate workforce creation into procurement and operational policies of the business. For instance, there is a general obligation for companies in Oman to train their staff, create Omani national employee retention strategies, and sponsor local universities by assisting with teacher appointment and building school facilities. Various leaders in the oil and gas industry such as Petroleum Development Oman (PDO) undertake comprehensive ICV strategies, giving rise to large-scale workforce development projects. These include vocational training, leadership training and in most cases the provision of the required prerequisites with Omanis having the needed technical and non-technical skills to compete in the industries. In the same manner, the ICV policies have been implemented in the health sector through clinical trainings, medical teaching programs, and research partnerships. These initiatives improve health services within the country and also ensure that Omanis have a key role in the development and governance of the sector. Targeted ICV interventions also benefit the Information and Communication Technology (ICT) sector which is considered to have high potential under Vision 2040. Such measures include coding boot camps, digital skills training, and technology-focused business incubators directed at enabling young Omanis to contribute to the digital economy. Oman's integrated approach relies heavily on public-private collaborations. Direct involvement of companies in talent management ensures that Oman is providing relevant and modern skills. This provides Oman with a competent and engaged local workforce, improving the company's productivity, and social acceptance to work in that region. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
24-05-2025
- Business
- Observer
The nexus of ICV, human capital development
Oman 2040 strives to dynamically shift the limb of Oman's economic structure towards a diverse knowledge-based economy alongside social development. Another goal is to fulfill the objectives of Vision 2040 which has, in turn, resulted in Oman setting new bounds for productivity and innovation. A central element, for now, is mobilized towards a strategic policy called ICV (In-Country Value) which aims to cultivate the local economy by restricting the outflow of economic value from Oman, enabled through sustainable job creation and localized employment. Alongside this is the Human Capital Development which strives to build an innovative Omani workforce capable of sustaining the nation's long term growth. This powerful synergy between ICV and Human Capital Initiatives serves to yield immense value for Oman through nurturing the local talent to eradicate over dependency on foreign labor. Not having to spend externally on essential profits that come through employment results in an economically self sustaining country. This serves, alongside capturing the cores of capital depletion, to cultivate the intellect Oman needs to stay relevant competitively in the future. This text analyzes the intricate relationships of ICV and Human Capital Development in Oman, which examines how policies, strategies for specific sectors, and education systems are integrating to achieve sustainable and inclusive growth. By addressing the gaps, highlighting the success stories, and offering strategic insights, we aspire to demonstrate how Oman can optimally utilize ICV to emerge as a leading regional human-centered economic development hub. The pillars of ICV include: Employment and training of Omani nationals; Retention of expenditure within Oman; Retention of local service providers and suppliers; and Omani goods and services. All of these pillars support Oman Vision 2040 which states that there is a need for a highly productive and empowered workforce to sustain a diversified and sustainable economy. There exists a legal framework to regulate and monitor the ICV delivery of a company's ICV initiatives through tendering processes where they have to submit ICV plans and mandatory ICV reports. In the oil and gas spheres, there is new legislation that requires companies to budget for mandatory spending on training Omanis, local SME support, and funding community development projects. This has resulted in the establishment of training and certification centers, and even working with local schools to develop programs valued by the workforce. This is how ICV has transformed from a policy instrument into a tool that strategically drives socio-economic development by ensuring that Oman's natural resources and industrial projects result in sustainable national value. DEVELOPING HUMAN CAPITAL (HCD) IN OMAN The term 'Human Capital Development' describes the enhancement of skills, knowledge and competence of an individual so that productivity and contribution to the economy improves. In regard to Oman, human capital development is crucial for achieving the objectives put forth in Vision 2040 where innovation, inclusivity and human empowerment forms the basis of human society. During the past two decades Oman has significantly improved its education, vocational training and general workforce development. There has been a remarkable improvement in the access to primary and secondary education and an increase in the number of higher education and technical colleges. Sultan Qaboos University and the University of Technology and Applied Sciences along with several private colleges have played a significant role in providing a workforce of skilled graduates. The Omanisation policy is one of the main elements of Oman's human capital strategy. The Omanisation policy is meant to reduce the reliance on foreign labor by putting up minimum hiring quotas for Omani nationals in all sectors and industries. Employment opportunities for nationals are guaranteed while at the same time boosting citizens' participation in economic are on-going, but problems remain. There is still a gap between qualifications and actual jobs because the available education does not match opportunity, which businesses regard as having sufficient soft skills, technical skills, and work experience. Hence, there appears to be greater focus on real-world applications through curriculum reforms, strengthening STEM fields, and initiatives supporting education. Consequently, a number of new government initiatives have been implemented, including: The National Training Fund (NTF), which finances training activities within specific industries for employers; Educational scholarships which, accompanied by internships, enhance career prospects through tangible, real-life engagements; and Creative self-employment innovation and entrepreneurship hubs for schools designated to advance innovation and guide students in setting up their businesses. Additionally, training is being provided through public-private partnerships to improve quality and relevance. For example, several leading companies in energy have collaborated with vocational training schools to develop and implement vocational training programs tailored to industry expectations. This ensures that the development of human capital is not only through government policy but also from the current requirements of the economy. Introducing sustainability to economic policies, human capital is regarded as a key element of international competitiveness and productivity. Oman is focused on improving the skills and capabilities of its people, which in turn lays the groundwork for sustainable growth of the country's economy for years to come. COMBINATION OF ICV WITH HUMAN CAPITAL DEVELOPMENT Merging ICV with human capital development gives rise to an economic opportunity in Oman that is planned and executed to achieve inclusivity. This approach fulfills the objective that economic integration should not simply raise revenue, but also provide more value through positive and constructive participation by Omanis as leaders. ICV strategies are often implemented as a follow-up to human capital strategies, as they incorporate workforce creation into procurement and operational policies of the business. For instance, there is a general obligation for companies in Oman to train their staff, create Omani national employee retention strategies, and sponsor local universities by assisting with teacher appointment and building school facilities. Various leaders in the oil and gas industry such as Petroleum Development Oman (PDO) undertake comprehensive ICV strategies, giving rise to large-scale workforce development projects. These include vocational training, leadership training and in most cases the provision of the required prerequisites with Omanis having the needed technical and non-technical skills to compete in the industries. In the same manner, the ICV policies have been implemented in the health sector through clinical trainings, medical teaching programs, and research partnerships. These initiatives improve health services within the country and also ensure that Omanis have a key role in the development and governance of the sector. Targeted ICV interventions also benefit the Information and Communication Technology (ICT) sector which is considered to have high potential under Vision 2040. Such measures include coding boot camps, digital skills training, and technology-focused business incubators directed at enabling young Omanis to contribute to the digital economy. Oman's integrated approach relies heavily on public-private collaborations. Direct involvement of companies in talent management ensures that Oman is providing relevant and modern skills. This provides Oman with a competent and engaged local workforce, improving the company's productivity, and social acceptance to work in that region.
