KIB signs Memorandum of Understanding with GUST to promote student involvement in banking innovation

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

KIB will take the lead role in coordinating and overseeing the innovation program, supported by an internationally recognized innovation expert. Through this partnership, GUST students will have the opportunity to participate in projects aimed at developing creative ideas and solutions. These students will gain practical experience through internships and co-op programs at KIB, where they will be able to apply their academic knowledge in a practical banking context. In addition, KIB will evaluate the most successful students and graduates for potential employment opportunities, reinforcing the Bank’s commitment to developing local talent and supporting their professional growth.

Commenting on the new partnership, Mohamed Atef El-Sharif, General Manager of Digital Innovation and Data Analytics at KIB, said: “KIB’s agreement with GUST marks another important step in its mission to connect academia and industry, ensuring that the next generation of professionals has skills and knowledge to succeed in the rapidly growing banking sector. This collaboration is also a reflection of KIB’s ambition to be among the leading institutions leading innovation in the banking industry.”

El-Sharif added: “By entering into agreements with academic institutions, we aim to build a strong 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 new agreements with other universities in the near future as part of our ongoing efforts to invest in young people and the future of the financial industry.”

For his part, Professor Bassam Alameddine, President of the Gulf University of Science and Technology (GUST), said: “We are pleased to partner with KIB on this initiative as it will provide an innovative opportunity for our students to translate their theoretical knowledge into practical industry experience. By working with experts in the banking industry, our students will be able to develop innovative solutions for the banking sector and gain the necessary skills to succeed in their careers. This partnership reflects our strong commitment to preparing our graduates. to become innovative leaders in the Kuwaiti labor market.”

Professor Bassam Alameddine added: “GUST consistently promotes innovation through its cutting-edge academic programs, ensuring they meet the changing needs of the Kuwaiti labor market. Moreover, GUST actively supports initiatives taken by Kuwaiti youth in the field of start-ups and their career development. This unwavering commitment is driven by a shared vision of contributing to the development and prosperity of Kuwait and its young generation.”