Policy Brief: Assessing Sustainability Dynamics of Kuwait’s Private Sector using BI Term-frequency Methodology - A Focus on Oil & Financial Industries

The main objective of this study is to assess sustainability trends and dynamics of the private sector in Kuwait with a particular focus on its oil and financial industries, in line with the global agendas of sustainable development. Comprehending SDG adoptions and applications facilitates a broader understanding of current progress and developments in both industries that pave a path toward Kuwait’s Vision 2035. In the face of adversity and a global health crisis, this analysis measures the resilience of Kuwait’s key industries while also addressing development trajectory and governance structures that enable vast growth and success in sectors that lead the nation’s economy.

The methodological approach employed in the study involves text mining tools and features of Business Intelligence (BI) to determine word frequencies of SDG keywords in recent oil and financial industry annual reports. Keywords based on each of 17 SDG goals were identified and systematic mapping assessment was conducted through NVivo and Python software to determine most recurrent sustainability related terms. Following software applications for keyword frequency count and identification, phrases containing sustainability key terms were classified to further analyze the central context, thereby drawing conclusory statements.

Analytical interpretations of BI assessment results indicate that major oil companies focus their efforts on health, partnerships, sustainability, and innovation which correspond to SDGs 3, 17, 11, and 9 respectively. As such, maintaining efficient business operations and oil production to ensure local and global oil market needs are fulfilled would be fundamental for Kuwait’s oil industry and economy. Despite a global health crisis, the oil industries are significantly concerned with employee health, safety, and wellbeing, while promoting innovation and developing and embracing unique ideas and approaches supported and reinforced its competitive leadership position.

Essential for its continuous progression, in stages of uncertainty, the sector sustained long lasting partnerships to support strategic growth and enhance operational performance. To demonstrate commitment, contribution, and responsibility towards Kuwait’s economy and sustainable development, oil companies made concerted efforts to integrate sustainability practices to promote environmental and natural resource preservation. As for the financial sector, BI assessment can be interpretated with its emphasis on the importance of health, partnerships, sustainability, innovation, and education, consistent with SDGs 3, 17, 11, 9, and 4 respectively.

In spite of abrupt changes in the workplace environment, financial and banking institutions thrived at ensuring successful continuity of business operations, prioritizing employee and client health and wellbeing, and delivering innovative banking solutions and services. To ensure long term stability, and success in the industry, training and education is essential in all levels of the business hierarchy. Furthermore, in embracing recent dynamics of rapid digitalization, the financial and banking industries’ partnerships with fintech companies transformed the industry by enabling implementation of modern technology tools to accommodate innovative digital trends. By adopting plans to develop strategic partnerships with leaders in digital financial products and services all the way to remaining committed to ESG standards and promoting sustainable economic development, generating positive change to stakeholders and communities was key to the continued success of top institutions in the nation.

In short, the overall implications from the BI assessment can reveal that amongst the SDGs pivotal to the progression of Kuwait’s private oil sector, forming and maintaining local and global partnerships are key to the sectors to be competitive. In this context, strengthening the leading position of oil companies would require the government’s efforts on shaping institutional architecture that can promote joint strategic partnerships efforts between oil industry corporations and the government authority responsible for partnership projects (e.g. KAPP). With regards to the financial and banking industry, the rise of digitalization and fintech centered the sectors focus on innovation.

Accordingly, national partnership coordination mechanism can be established to promote techno-logical and scientific innovation (e.g. KFAS) in application to financial and banking institutions. Integrating the education and sustainability dimensions of emphasis, the government would need to collaborate with these two industries (but not limited to) to establish vocational training framework, that is a demand driven environment in the light of lifelong learning and future of work.