Date/Time
Date(s) - 21 December 2014
12:00 am
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Kuwait– EQUATE Petrochemical Company, Kuwait’s first international petrochemical joint-venture, has further strengthened its partnership with the Kuwait Foundation for the Advancement of Sciences (KFAS) through a number of joint activities.
To embody the company’s tagline “Partners in Success,” the ongoing partnership between EQUATE and KFAS includes participation in initiatives relevant to developing the capabilities of EQUATE’s employees in science, technology and innovation, as well as the adaptation of modern technologies and business best practices within a framework of sustainability.
One of the major initiatives EQUATE participated in recently was the KFAS Innovation Challenge Program, the first of its kind in Kuwait and the region. The program aims to enhance the business performance of Kuwaiti companies by spreading the culture of innovation. The competitive and team-based program was developed in collaboration with the Haas School of Business, University of California, Berkeley, in the USA. The program’s selection criteria was based in part on the team’s potential to be innovative in the workplace.
EQUATE’s team received very high scores in the Innovation Potential Index and was ranked as one of the top among 10 teams selected to participate in this program.
EQUATE’s team included Abdulrahman Al-Munayes, Barrak Al-Mattar, Khaled Al-Duhaim and Nayef Al-Sumairi, representing the functions of Innovation, IT, Finance, in addition to Research & Development (R&D).
KFAS Innovation Challenge was inaugurated with an executive dinner to honor and recognize the selected teams. The dinner was attended by KFAS Director General Dr. Adnan Shihab-Eldin, EQUATE President & CEO Mohammad Husain, Program Manager of Management Development for Enterprises Dr. Bassam Al-Feeli, executives from the other 9 selected companies, as well as several prominent scientific and business figures.
Established in 1995, EQUATE Petrochemical Company is an international joint venture between Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). Commencing production in 1997, EQUATE is the single operator of a fully integrated world-scale manufacturing facility producing over 5 million tons annually of high-quality petrochemical products which are marketed throughout the Middle East, Asia, Africa and Europe. www.equate.com.
Kuwait Foundation for the Advancement of Sciences (KFAS) is a private, non-profit organization, established by an Amiri Decree issued on December, 12th, 1976. KFAS is managed and administered by a Board of Directors (BoD), chaired by His Highness the Amir of the State of Kuwait. The Board is comprised of six members appointed by His Highness for a period of three years. KFAS receives financial contributions by the Kuwaiti Shareholding Companies, amounting to 1% of the net annual profit. www.kfas.org.