On November 18, 2024, the Central Bank of Kuwait (CBK) hosted a ceremony at its headquarters to honor the winners of the prestigious “Kuwaiti Economic Student Award.” The event, attended by CBK Governor Basel A. Al-Haroon and senior banking sector leaders, underscored the importance of fostering economic research and academic excellence within Kuwait. This award is an initiative aimed at supporting the nation’s economic development by recognizing the contributions of young Kuwaiti students in the field of economic research.
The ceremony highlighted CBK’s ongoing commitment to advancing Kuwait’s economic landscape, with Governor Al-Haroon emphasizing the critical need for high-quality research to adapt to rapidly changing global economic conditions. In his address, he also reiterated the bank’s support for national efforts aimed at promoting innovation and economic resilience across various sectors.
The Kuwaiti Economic Student Award, established by CBK, is designed to inspire the next generation of researchers and professionals. Through this award, the CBK seeks to encourage students to explore vital economic topics, providing them with the platform to present their findings while also contributing to the development of Kuwait’s financial sector. The award program, which focuses on cultivating research expertise, has become an integral part of the CBK’s strategy to develop national talent and encourage innovation.
According to Ms. Rana Abdullah Al-Nibari, Director General of the Institute of Banking Studies (IBS), the award is part of the broader “Kafa’a” initiative, which aims to build a pool of local talent in the banking and financial sectors. The 2023 edition of the award saw an impressive 19 submissions, each evaluated by a panel of experts drawn from CBK, Kuwait Finance House, National Bank of Kuwait, Gulf Bank, IBS, as well as international economic specialists. The diverse and esteemed committee was tasked with selecting the most innovative and impactful research papers submitted by Kuwaiti students.
This year’s winners were recognized for their exceptional contributions to the field of economic research. The first-place award was granted to Mr. Mohammad Rashed F. Al-Bous for his paper titled “Exploring the Potential of Hyper-Personalization in the Kuwaiti Banking Sector: Customer Perspectives and Sector Readiness.” This research delved into the growing trend of hyper-personalization in banking services, exploring its potential to reshape the Kuwaiti financial landscape.
The second-place award went to Mr. Salman Salah B. A. Naqi, who explored the subject of digital currency with his research titled “The Central Bank’s Digital Currency in Kuwait: Determinants of Issuance and Banking Profitability.” His work investigated the feasibility and potential impact of a digital currency in Kuwait’s banking sector.
The third-place award was jointly given to Mr. Ahmad Othman A. Al-Mehteb and Mr. Abdullah Bader M. Al-Hammadi for their research paper titled “The Kuwaiti Banking Sector amid Global Financial Market Volatility and Oil Prices: A VAR Analysis of Credit Distribution and Foreign Assets.” Their work offered a detailed analysis of how global financial trends, including oil price fluctuations, affect the stability of Kuwait’s banking sector.
In addition to the main awards, a special incentive award was presented to Ms. Hanadi Masoud M. Al-Ajmi for her research on “Vision 2035 and the Business Environment/Innovation in Kuwait: Empowering Innovative Startups through SME Support Policy Restructuring.” Her work examined the role of government policy in fostering innovation and supporting small and medium-sized enterprises (SMEs) to fuel Kuwait’s Vision 2035.
During the ceremony, Governor Al-Haroon announced the launch of the “Kuwaiti Economic Student Award 2024.” Students interested in participating in the next edition of the award can find all the relevant details, including nomination conditions, research evaluation criteria, and submission deadlines, on the official website of the “Kafa’a” Initiative at www.kafaakw.org.
The success of the 2023 award highlights Kuwait’s growing focus on nurturing homegrown talent, and with continued initiatives like this, CBK aims to foster a vibrant research community that will contribute to the economic growth and sustainability of the country for years to come.