Rising oil prices helped offset cuts in Kuwait’s energy production in 2017, with infrastructure projects and new taxes laying the foundations for healthy growth this year. Both the IMF and the World Bank said they expected Kuwait’s economy to contract, by 1% and 2.5%, respectively, in 2017 due to a combination of lower oil output and efforts to curb public sector spending, before returning to…
A new expansion drive will see Kuwait invest $120bn in hydrocarbons projects through to 2030, with the aim of boosting both upstream and downstream production capacity ahead of an anticipated rise in energy demand. Speaking at an industry conference in mid-October, Nizar Al Adsani, CEO and deputy chairman of the board at the state-owned Kuwait Petroleum Corporation (KPC), announced plans to increase…
The fourth edition of the Islamic Finance News (IFN) Forum Kuwait will be held at the JW Marriott, Kuwait City, on November 19, 2017. The event will provide key industry players with the opportunity to explore the outlook and possibilities for innovative Shariah-compliant investment options in Kuwait. Oxford Business Group will be a research partner for the forum, which will feature keynote…
As part of the New Kuwait 2035 development strategy unveiled in January, cost-cutting measures have begun to take hold in the health sector. Last month the Ministry of Health (MoH) rolled back expatriate subsidies, with public hospitals and polyclinics now charging KD5 ($17) for a visit to the emergency room, KD10 ($33) for an outpatient visit, KD10 ($33) per day for inpatients, KD30 ($99) per day…
View the OBG Business Barometer: Kuwait CEO survey infographic Of all the comparatively wealthy countries in the region, on a per-capita basis, Kuwait is one of the richest. Its oil wealth per capita is much higher than Saudi Arabia’s, for example, and the government has been prudent in saving over the years, building up its sovereign wealth funds to ensure that future generations benefit from the…
Read my evaluation of the OBG Business Barometer: Kuwait CEO Survey results OBG Business Barometer: Kuwait CEO Survey Copyright (c). All rights reserved. This survey has been designed to assess business sentiment amongst business leaders (Chief Executives or equivalent) and their outlook for the next 12 months. Unlike many surveys, the OBG Business Barometer is conducted by OBG staff on a face-to-face…
Kuwait's currency is the highest-valued currency unit in the world Kuwait has the third-highest density of millionaires in the world Kuwait has the world’s fifth-largest proven oil reserves Kuwait is the second most free economy among the Middle East Kuwait is the 4th richest country in the world in terms of per capita income The Ministry of Higher Education provides over 4500 scholarships…
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Tech businesses are expected to be among the beneficiaries of several new initiatives being rolled out in Kuwait targeting start-ups and e-government expansion. The raft of projects will be introduced under the Kuwait National Development Plan (New Kuwait), which aims to transform the country into a regional financial and cultural leader by 2035. Unveiled in January, the wide-ranging roadmap is…
Activity in Kuwait’s capital market picked up in 2017, as authorities accelerated plans to reform the country’s exchange in advance of its planned initial public offering (IPO). After hitting a low of 4911.5 points one year earlier, the Kuwait Stock Exchange (KSE) outperformed all other stock markets globally in January 2017, rising 12% over December 2016 and more than doubling the growth recorded…
