KUWAIT CITY, November 10: Shaikha Al-Bahar, Deputy CEO of the National Bank of Kuwait, emphasized that the development of the education system is one of the most critical challenges affecting the future of Kuwait’s economy as it closes the talent gap, which is essential for the national level. economy, is deeply linked to the quality of education offered to our young people.

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

She also pointed out that the current education system does not emphasize areas that meet the demands of today’s global economic landscape, noting that this traditional educational approach limits 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 education spending averages around 5% of GDP – exceeding the global benchmark of around 4% seen in education-leading countries such as the United States, the United Kingdom and Germany, the results have been below expectations,” Al-Bahar. he stated. She also noted that Kuwaiti universities and research institutions are often perceived as lagging behind in innovation, quality and advanced research output.

“At the same time, substantial labor market reforms are needed to encourage citizens to seek jobs in the private sector,” Al-Bahar added, noting that the World Economic Forum consistently highlights growing demand in areas such as artificial intelligence and learning automatic. , projecting that these sectors will generate nearly 100 million new jobs by 2025.

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

Al-Bahar said the reform process must encompass curriculum development, teaching methodologies, private sector involvement and comprehensive school assessment systems. She emphasized that each of these areas is crucial in shaping Kuwait’s future workforce, equipping them with the skills and knowledge needed to promote a diversified, knowledge-based economy.

Moreover, she emphasized the urgent need to improve in-house and vocational training programs in various sectors, to involve the private sector in educational planning and curriculum development, and to 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 aims to improve financial awareness and literacy among Kuwaiti students. The program has seen remarkable success since its launch and currently benefits approximately 15,000 students.

Research & Development

Al-Bahar stressed the need to develop a vision to increase R&D spending as a percentage of GDP. She emphasized the importance of developing a strategic plan to raise Kuwait’s position in international research and innovation rankings and advocated for forming partnerships with top universities and global research institutions. In addition, she called for a focus on critical areas essential to diversifying the economy, such as renewable energy and information technology.

“Improving Kuwait’s ranking in global education quality indicators must be set as a national goal, prioritizing educational development for both the government and the private sector. Promoting human capital is vital for achieving economic diversification. The main benefit of this reform is to develop a workforce prepared for the demands of the 21st century, with a strong focus on skills such as programming, data analysis and entrepreneurship,” she noted.

Female representation

Al-Bahar stressed the urgent need for strong participation of women in the development process, noting that achieving this goal requires real efforts to address their underrepresentation both in higher education and in professions in the fields of science, technology, engineering and mathematics (STEM).

She explained that the statistics highlight the seriousness of this problem, as only about 30% of higher education students opt for STEM-related fields. Furthermore, women represent only 29.2% of the total workforce in these areas.

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

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

“Therefore, I believe it is critical to tackle this issue head on by debunking stereotypes about STEM careers through early childhood education. The private sector also has a critical role to play in creating opportunities to gain work experience and promoting an inclusive work environment to help retain young women in these fields,” she said.

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 reaching top positions. This initiative involves several private sector organizations in Kuwait collectively signing a pledge to increase the representation of women in leadership roles, reaffirming their commitment to work together to achieve the goals of this global program.

Al-Bahar concluded his remarks at the MoneyTech Summit by stating, “I assure you that we will not waver in our unwavering commitment to support and contribute to the development of our education system. We strongly believe this is a vital investment in Kuwait. 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:

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

· About 30% of female students in higher education select STEM-related fields.

· Women make up 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.