Twentieth International Conference on Environmental, Cultural, Economic & Social Sustainability

Abstract

Over the past two decades, governments worldwide have demonstrated a strong interest in knowledge as a valuable commodity and a prerequisite for fostering profitability, sustainability, and competitiveness. Knowledge is replacing natural resources as the primary economic resource. Investment in all knowledge management practices is needed to convert nations and organizations from conventional to cutting-edge. As a result, the knowledge-based economy (KBE) has been brought to the attention of policymakers worldwide, and it has become the dominant economic diversification strategy for the Gulf States. A knowledge-based economy is one where knowledge acquisition, creation, and dissemination are the primary economic development mechanisms. However, four elements are essential for a successful transition to KBE: effective investment in education, constructing a robust and innovative capability, modernizing the information technology infrastructure, and having an economic environment conducive to maximum development benefits. This research seeks to inform policymakers by proposing actionable policies based on knowledge management practices and techniques targeting education and innovation and defining concrete steps to strengthen the transition to KBE, especially for Gulf countries and Kuwait. This qualitative study uses observation, interviews, and other descriptive data. Two-step qualitative data gathering is adopted. First, a descriptive-analytical research approach uses data from government reports and previous literature to critically examine the research problem. Stakeholder interviews were then performed to learn how knowledge management strategies and methodologies improve education systems and promote innovation to better transition to KBE.