POWER TO THE (YOUNG) PEOPLE
With the private sector poised to take on a greater role in the Kuwaiti economy, the country is working to instill a sense of ambition and entrepreneurship in its youth to steer it away from careers in public service.
Youth empowerment is one of the issues His Highness the Amir is most vocal about, and which he returns to in all of his speeches and policy outlines. It is also reflected in decisions made by his senior economic advisor, HE Yousif El-Ebraheem, the reputed educationalist and academic who served a distinguished career in public service. Amongst other appointments, he was Minister of Education & Higher Education, Finance, and Planning.
Since the start of the decade, several projects have been launched to empower the youth and encourage them to pursue careers outside of the public domain. A notable example of this was the National Fund for Small and Medium Enterprises, which was founded in 2013 and is now accountable for a publicly allocated KWD2 billion. In addition to funding, the organization provides seminars and consultations for aspiring entrepreneurs.
The fund was one of several recommendations that followed a comprehensive research project that was a part of the National Youth Project, which brought together 45 young Kuwaitis and gave them one year to work out their vision of the future for Kuwait. In a grand ceremony, their ideas were presented to His Highness the Amir and members of the cabinet. Another recommendation was to establish a Ministry of Youth Affairs, which was materialized in 2012 and is now set to grow even bigger, creating a a new Ministry for Sports. Many of the 45 young Kuwaitis that participated have either moved on to work in these new governmental institutions or joined the ranks of the Supreme Council of Planning and Development, the Kuwait Petroleum Corporation, or the Supreme Petroleum Council.
Kuwait has been progressive about taking a leading role for empowerment of the Arab youth since 2009, holding its first bi-annual summit for just this purpose. In order to further promote this idea, an Arab fund for SME development was founded with total capital reaching USD2 billion, of which USD500 million came from Kuwait, USD500 million from Saudi Arabia, and the rest of the Arab world contributing varying amounts.
The Ministry of Higher Education, led by HE Dr. Mohammad Abdulatif Mohammad Al-Fares, is currently guided by the latest five-year plan, primarily targeted at lifting standards across the board and aligning graduate programs to industry demands, bridging the gap between academia and the labor market. With the country in dire need of more graduates in the sciences, the Sabah Al-Ahmad Center for Creativity was established in 2010 as part of the Kuwait Foundation for the Advancement of Sciences (KFAS); the center is aimed at boosting interest among young Kuwaitis for professions in science and encouraging them to commercialize their discoveries at a later stage in life.
The major challenge surrounding empowering the youth is no longer employing everyone in public-sector positions, especially considering the government's general strategy now is to have an active private sector responsible for the lion's share of GDP development. Youth employment remains a major concern, and the primary challenge is creating value-adding jobs for young Kuwaitis. The country has both public and private education institutes, all of which are increasingly becoming aware of this new reality, one where it matters what degree you receive for the career you want to pursue. Young Kuwaitis are increasingly encouraged to join private firms or start their own companies. For the latter, there is a difference between opening a new restaurant, which requires bringing in 10-15 foreign laborers, and creating an IT services company for two highly skilled Kuwaitis. The first will not have much of an impact on youth employment or GDP generation, though these industries can flourish on their own if there is enough demand; however export- and service-oriented activities will significantly boost the economic landscape of the country.
POWER TO THE (YOUNG) PEOPLE
TABLE OF CONTENTS
Guest Speaker
Dato’ Sri Haji Mohammad Najib bin Tun Haji Abdul Razak, Prime Minister , Malaysia
TBY talks to Dato' Sri Haji Mohammad Najib bin Tun Haji Abdul Razak, Prime Minister of Malaysia, on the growing contribution that Islamic countries are making to the global economy and how Islamic financing can offer new opportunities to industry and academia.
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HE Khaled Nasser Abdullah Al-Roudan, Minister, Commerce and Industry (MoCI)
TBY talks to HE Khaled Nasser Abdullah Al-Roudan, Minister of Commerce and Industry (MoCI), on tools and strategies for diversifying the economy, the role of international players in supporting a wider range of sectors, and the rapidly developing food industry.
read articleInterview
HE Yousef Al-Ebraheem, Advisor , Al-Diwan Al-Amiri
TBY talks to HE Yousef Al-Ebraheem, Economic Advisor to the Al-Diwan Al-Amiri, on the need for a rejuvenation of Kuwait's infrastructure to support an economy that has come a long way and the role education will play in delivering the expertise required by the society.
read articleInterview
Dr. Khaled A. Mahdi, Secretary-General , Supreme Council for Planning & Development (GSSCPD)
TBY talks to Dr. Khaled A. Mahdi, Secretary General of the Supreme Council for Planning & Development (GSSCPD), on the breakdown of Kuwait's long-term economic plan, the KPIs that will benchmark its success, and what Vision 2035 means for the nature of the economy.
read articleInterview
Sheikh Dr. Meshaal Jaber Al Ahmed Al Sabah, Director General, Kuwait Direct Investment Promotion Authority (KDIPA)
TBY talks to Sheikh Dr. Meshaal Jaber Al Ahmed Al Sabah, Director General of the Kuwait Direct Investment Promotion Authority (KDIPA), on launching an investment promotion conference, attracting the right partners for PPP, and expectations for the year ahead.
read articleInterview
HE Dr. Mohammad M. Al-Zuhair, Executive Chairman, Kuwait National Fund for Small and Medium Enterprise Development
TBY talks to HE Dr. Mohammad M. Al-Zuhair, Executive Chairman of the Kuwait National Fund for Small and Medium Enterprise Development, on empowering young Kuwaitis, IT and entrepreneurialism, and the growth of fintech.
read articleFocus: Still all in the family?
Merchant families in Kuwait
Family-owned businesses play a major role in the Kuwaiti economy. However, with many approaching the third generation of management, they are starting to come across unique problems that may pose issues for the greater economy.
read articleInterview
HE Sheikh Abdullah Ahmad Al-Humoud Al-Sabah, Director, Environmental Public Authority (EPA)
TBY talks to HE Sheikh Abdullah Ahmad Al-Humoud Al-Sabah, Director of Environmental Public Authority (EPA), on how oil companies can contribute to Kuwait's vision on sustainability and the various projects that are coming to fruition.
read articleInterview
Dr. Samira S. Omar Asem, Director General, Kuwait Institute for Scientific Research (KISR)
TBY talks to Dr. Samira S. Omar Asem, Director General of the Kuwait Institute for Scientific Research (KISR), on commercializing the green innovations coming from R&D initiatives, the role of collaboration across multiple sectors, and projects that we should expect to see more of in the future.
read articleInterview
Khaled Abdulrazzaq Al Khaled, Vice-Chairman and CEO, Boursa Kuwait Company
TBY talks to Khaled Abdulrazzaq Al Khaled, Vice-Chairman and CEO of Boursa Kuwait Company, on the takeover of the Kuwait Stock Exchange and the role the bourse plays in both the privatization of government entities and as a source of capital for family businesses.
read articleInterview
HE Essam Abdul Mohsen Al-Marzouq, Minister, Oil & Minister of Electricity and Water
TBY talks to HE Essam Abdul Mohsen Al-Marzouq, Minister of Oil & Minister of Electricity and Water, on cooperation with other ministries, the private sector's role in energy, and upcoming regulations.
read articleInterview
Ghalib Shlash Safouq, Assistant Undersecretary for the Construction Projects Sector, Ministry of Public Works
TBY talks to Ghalib Shlash Safouq, Assistant Undersecretary for the Construction Projects Sector at the Ministry of Public Works, on Kuwaiti companies, the country's healthcare facilities, and the role of international companies.
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Khaled K. Al Mashaan, Vice-Chairman & CEO, ALARGAN International Real Estate Company
TBY talks to Khaled K. Al Mashaan, Vice-Chairman & CEO of ALARGAN International Real Estate Company, on drivers of growth, operating throughout the region, and real estate prices in Kuwait.
read articleInterview
Tawfiq Ahmed Bin Sultan, Chairman, Middle East Telecommunications Company (METCO)
TBY talks to Tawfiq Ahmed Bin Sultan, Chairman of the Middle East Telecommunications Company (METCO), on e-government potential, the future of the economy, and the state of technology uptake in Kuwait.
read articleInterview
Sheikh Yousef Abdullah Sabah Al-Nasser Al-Sabah, Director General, Kuwait Ports Authority (KPA)
TBY talks to Sheikh Yousef Abdullah Sabah Al-Nasser Al-Sabah, Director General of Kuwait Ports Authority (KPA), on his operational plans for the near future and turning Kuwait into a regional logistics hub.
read articleInterview
HE Khaled Nasser Abdullah Al-Roudan, Acting Minister, State for Youth Affairs
TBY talks to HE Khaled Nasser Abdullah Al-Roudan, Acting Minister of State for Youth Affairs, on e-platforms and blended learning programs, developing ICT skills, and preparing young people for tomorrow.
read articleInterview
Eng. Ali Hussein Al Youha, Secretary-General, National Council for Culture, Arts and Letters
TBY talks to Eng. Ali Hussein Al Youha, Secretary-General of the National Council for Culture, Arts and Letters, on the activities of the Council and works to preserve and enhance Kuwait's cultural heritage.
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