Kuwait, October 29, 2013: What does it take to turn an idea into a business? Today, PwC and it’s partners and sponsors helped young local students in Kuwait answer this question, by launching for the second consecutive year the PIN2 challenge.
The PIN² Challenge is a business plan competition led by PwC for high schools in Kuwait, that gives young students an opportunity to showcase innovative ideas, by working in diverse teams incorporating challenges that are relevant to the prevailing social, economic, and technological environment, allowing them to grow and develop.
PwC Kuwait and its partners, as part of their continuous commitment to support communities and develop local talent, created this programme focused on specific dimensions to include the development of the student analytical and problem-solving skills, communication and team spirit and many more; helping them gain a wider knowledge base to be able to further develop their ideas and compete in today’s commercial market.
Through the 5 month course, the progamme will run through a series of interactive workshops, thought provoking case discussions, team building exercises, and networking opportunities. PwC and the sponsors, through regular interaction with the students, will share their thought leadership ,expertise ,industry insights and feedback on an ongoing basis.
Commenting on this initiative, Fouad Douglas, PwC Kuwait Country Senior Partner said, “At PwC we encourage our own talent to grow, develop and lead their own projects; whether it's when catering to clients or when seeing through a corporate social responsibility initiative like this one. With this initiative we are looking at building future leaders with an entrepreneurial spirit to excel in their professional lives”.
Omar Al Omar, Zain Kuwait’s Chief Executive Officer states that, “Our participation in this program positively demonstrates Zain’s commitment to support the youth, who have the skills and creative abilities to contribute to the growth of society. Focusing on the development of entrepreneurial talents and capacity building, Zain’s participation in the PIN2 Challenge plays a pivotal role in the betterment of society, whereby implementing the basic values of human development as part of Zain’s long term Corporate Social Responsibility and strategic objectives.”
NBK Deputy General Manager, Human Resources Group Emad Al Ablani said, “NBK is committed to supporting talented and qualified youngsters and empowering them to realize their potentials. The PIN² Challenge goes along with NBK’s initiatives to invest in youth and support their aspirations. NBK believes that investing in human resources is investing in our future. We are looking forward with high expectations for the outcomes of the PIN² Challenge.”
AAW General Manager, Ali. Al-Mutawa said, “With more than 50% of the Kuwaiti population under the age of 25, talent and skill development are a vital part of the growth and development of the country. Our partnership again this year is part of our corporate social responsibility for what our community needs at this very moment- investing in our youth, building their talent and developing their skills.
“We believe AAW and our partners are well-positioned in providing these skill sets to the youth through excellent programs, competitions and challenges just like this one. We look forward to witnessing what the participating students will showcase this year.”
Notes to editors:
1. About PIN2 Challenge
The PIN2 Challenges is a corporate responsibility initiative driven by PwC and its partners, Zain, National Bank of Kuwait, Ali Abdulwahab Al Mutawa Commercial Co., and sponsored by 4 Films Printing Group Company, Marriott Kuwait and the Wharton Club of the Middle East.
It is a business plan competition aimed for high schools in Kuwait, that starts in the beginning of November 2013 till March 2014, where students from each school form a team (3-6) to create a business plan for an innovative idea; participating schools include: American International School, Al Bayan Bilingual School, New English School, Kuwait English School and Universal American School.
2. About PwC
PwC helps organisations and individuals create the value they’re looking for. We’re a network of firms in 157 countries with more than 184,000 people who are committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.com.
Established in the Middle East for 40 years, PwC has firms in Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Oman, the Palestinian territories, Qatar, Saudi Arabia and the United Arab Emirates, with around 2,700 people. (www.pwc.com/middle-east)
PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.
©2013 PricewaterhouseCoopers. All rights reserved
3. About Zain
Zain is a leading telecommunications operator across the Middle East providing mobile voice and data services to over 41.4 million active customers as of 30 September 2011. With a commercial presence in 7 countries, Zain operates in the following countries: Bahrain, Iraq, Jordan, Kuwait, Saudi Arabia, Sudan and is currently rolling out its network in South Sudan. In Lebanon, the company manages ‘mtc-touch’ on behalf of the government. In Morocco, Zain has a 15.5% stake in Wana Telecom, now branded ‘INWI’, through a joint venture. Zain is listed on the Kuwait Stock Exchange (stock ticker: ZAIN).
4. About National Bank of Kuwait
NBK was founded in 1952 as the first indigenous bank and the first joint stock company in Kuwait and the Gulf Region. NBK reported profits of USD 1,086 million (KD 302.4 million) for 2011, among the highest in the Arab world. NBK's total assets were USD 48.9 billion (KD 13.6 billion) at the end of 2011, while shareholder equity stood at USD 7.8 billion (KD 2.2 billion).
NBK is the largest financial institution in Kuwait with effective market dominance in the commercial banking market and has been consistently awarded the highest credit rating of all banks in the region from Moody's, Standard & Poor's, and Fitch Ratings. NBK also stands out in terms of its local and international network, which includes branches, subsidiaries and representative offices in China, Geneva, London, Paris, New York, and Singapore alongside its regional presence in Lebanon, Jordan, Egypt, Bahrain, Qatar, Saudi Arabia, Turkey, and the UAE.
NBK’s Long-Term Rating:
• Moody’s Aa3
• Fitch Ratings AA-
• Standard & Poor’s A+
5. About Ali Abdulwahab Al Mutawa Commercial Co.
Ali Abdulwahab Al Mutawa Commercial Co. (AAW) is an international group, considered as one of the largest trading and commercial companies in the Middle East, representing over forty different global brands in the surging Middle East retail and consumer goods market.
AAW is a diversified group of companies successfully operating across a range of continuously growing sectors like Consumer Goods, Pharmaceuticals, Furniture and Carpets, Real Estate, Kitchen Furniture, Home Appliances, Outdoor Gear, Sports and Fashion, and having various world class brands in its portfolio like P&G, Pfizer, Nike, TAF, Crocs, Curves, Puma, Reebok, Prince, Shoebox New York, among many others.
For more information call 1804449 or visit www.aaw.com.
6. About Wharton Club of the Middle East
The Wharton Club of the Middle East is the association that represents the alumni of the Wharton School in the Middle East. The Wharton School of the University of Pennsylvania, founded in 1881, is globally recognized as the world’s leading business school for its academic rigor, intellectual leadership, and ongoing innovation across every major discipline in business education. Wharton bridges research and practice through its broad engagement with the global business community, and is proud to have a network of more than 82,000 graduates across every continent.
The Club is composed of the alumni of the Wharton School who reside or are connected to the Middle East. The members of the Wharton Club of the Middle East are committed to strengthening the ties between the school and the region, and engaging youth through value-added initiatives. For more information, please visit either: www.wharton.upenn.edu or www.whartonme.com.
7. About Four Films Printing Group Co.
FourFilms Printing Group Co. is an international printing group and an industry leader in Kuwait and the region. FourFilms Printing Group Co. operates in the MENA region and Europe.
FourFilms Printing Group Co. uses cutting-edge technology to provide customized printing solutions to private individuals, small businesses, large corporations and government sectors. FourFilms Printing Group Co. offers offset printing and several services for leather boxes, wedding cards, wide format printing, and exhibition event management.
For more information please call 24820150 or visit www.fourfilms.com.
8. About Marriot Kuwait
Marriott International, Inc. (NASDAQ: MAR) is a leading lodging company based in Bethesda, Maryland, USA, with more than 3,800 properties in 72 countries and territories and reported revenues of nearly $12 billion in fiscal year 2012. The company operates and franchises hotels and licenses vacation ownership resorts under 18 brands. For more information or reservations, please visit our web site at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com.