KUWAIT: Kuwait-based multinational corporation Alghanim yesterday announced the launch of the Kutayba Alghanim Architecture Prize, a new competition to support young Kuwaiti architects and designers and advance the country's innovation economy, especially the creative and arts sectors. Named for the company's executive chairman who conceived the idea, the competition will award a $10,000 prize to its winner. The competition is open to Kuwaiti architects and designers under the age of 30, based in Kuwait or abroad, including students.

"Kuwait has an extraordinarily rich history of arts, culture and creativity. It's a legacy for which I feel great pride, and so should every Kuwaiti," said Sir Kutayba Alghanim. "But it's also important to know that rich tradition lives on today. I am so inspired by the talented young Kuwaitis in the creative industries, including architecture. My goal is to shine a bright light on that talent. I want to encourage more young Kuwaitis to jump into the innovation economy, the industry sectors where creativity and science come together."

Among the best-known examples of modern architecture in Kuwait are its water towers, which dot the country's landscape. Their iconic status makes them an ideal subject for the inaugural Kutayba Alghanim Architecture Prize. Competitors are asked to redesign and repurpose the water tower which was built in 1966, located in one of the company's projects in Shuwaikh.

"Water towers are the perfect starting point for this competition, said Alghanim. "They blend function and form, the practical and the beautiful. They remind us of our country's history and traditions. But they also remind us to look skyward - to continue, ever upward. This is a message that's especially important as we continue to grapple with a global pandemic and economic challenges.

Despite our troubles, the future is bright." The first round of the competition will open for submissions today, 17 December 2020, until 24 January 2021. Competitors can participate alone or in teams of up to four members. To find out more about the award, eligibility and the application process, visit competition.alghanim.com.

Alghanim is one of the largest, privately-owned companies in the MENA region. Founded at the turn of the century in Kuwait, the company today employs more than 15,000 people in 30 businesses across 40 countries in the Middle East, North Africa, Eastern Europe and Asia.

Alghanim is a market leader in almost every major sector of its operations, which include: engineering, retail, automotive sales and service, insulation and pre-engineered steel building structures, logistics and warehousing, fast moving consumer goods, food & beverage, office automation, advertising, insurance, consumer credit and travel.

The company is actively growing its brand portfolio, with a focus on top-tier global partners. Among them: Avis, British Airways, British Petroleum, Cathay Pacific, Daewoo, Honda, Saint-Gobain and Toshiba. Additionally, Alghanim Industries has created a number of successful regional businesses, including X-cite (consumer electronics), and Safat Home (lifestyle and home furniture).