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Analysis

Why decentralised finance could facilitate GCC economic diversification
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As GCC countries look to harness new forms of financial technology (fintech), expand services and improve financial inclusion, governments are embracing decentralised finance (DeFi) and attracting cryptocurrency companies. DeFi – peer-to-peer financial services with no central authority or intermediary involved in trading, lending and investing – is seen by GCC countries as an opportunity to diversify…

Analysis

GCC cooperation and innovation improve food security
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Countries in MENA have been intensifying efforts to increase their food security, withRussia’s invasion of Ukraine the most recent geopolitical event to underlinethe fragility of global supply chains, as well as the importance of boosting domestic agricultural output. Together, Russia and Ukraine account for some 29% of the world’s wheat supply, pointing to thesignificant risk…

Analysis

Gulf countries adopt fiscally stringent policies amid high oil prices
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As oil prices moderate from recent highs, countries in the Middle East are following divergent fiscal paths in their efforts to generate sustainable growth. For FY 2023/24 Kuwait anticipates revenue of KD19.5bn ($63.4bn), primarily driven by oil. During the same period the government’s planned expenditure of KD26.3bn ($85.6bn) allocates 80% to salaries and subsidies, 9% to capital expenditure and…

Analysis

Potential reforms in Kuwait aim to boost economic resilience
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Kuwait entered 2024 in a generally robust economic position thanks to improved fiscal and external balances. Following a formal change in executive leadership in late 2023, policymakers have the opportunity to build on recent gains to foster long-term, sustainable growth – provided they can navigate the prevailing challenges in the domestic and global markets. National & Global Context Kuwait’s…

Analysis

UK-GCC trade talks aim to strengthen food security for Gulf countries
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As part of broader plans to expand and diversify its global trade partners and fulfil their respective national development strategies, the GCC has launched negotiations with the UK on a free trade agreement (FTA). This partnership is expected to strengthen the bloc’s economy, help attract investment and provide greater opportunities for local businesses. On June 22, 2022, the two parties signed…

Analysis

Kuwait transitions to new leadership with a focus on enhancing accountability
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After a three-year reign, the Emir, Sheikh Nawaf Al Ahmad Al Jaber Al Sabah, the then-ruler of Kuwait, passed away on December 16, 2023 at the age of 86. Born before the era when oil transformed Kuwait from a trading centre into a rich oil-producing country, Sheikh Nawaf was sworn in as emir in 2020 amid the Covid-19 pandemic, succeeding his predecessor, the late Sheikh Sabah Al Ahmed Al Jaber Al Sabah,…

Analysis

Emerging markets target greater share of electric vehicle production
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With electric vehicles (EVs) set to become more accessible to drivers around the world – and solid growth trends attracting public and private investment – several emerging markets are looking to expand their EV manufacturing capacity. EV uptake is essential to the global energy transition, as transport remains the industry with the highest reliance on fossil fuels, producing an estimated 37% of…

Overview

Kuwait's privatisation drive supports economic diversification plans
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Kuwait’s GDP has undergone significant expansion in recent years, with the spike in global oil prices enabling the country to maintain a trade surplus amid domestic political changes, international geopolitical tensions and economic uncertainties. Major ongoing infrastructure developments in the country’s oil sector are set to boost capacity and output and further drive receipts derived from the…

Overview

Kuwait's regulatory adjustments add to investment appeal
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Kuwait’s government is actively seeking sizeable private and international investment in its economic diversification and privatisation drive. Therefore, it has made significant amendments to the country’s investment laws, a process which gathered pace around 2010. A strong hydrocarbons sector feeds downstream industry, providing readily available feedstock and significant incentives for private…

Overview

Kuwait's banking sector has a positive outlook backed by asset growth
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Increased oil revenue, consolidation and new digital finance offerings are fuelling the sector’s growth potential. Kuwait’s banks are among the largest and most robust in the region, with global consultancy firm KPMG ranking the country first in the GCC in terms of average net growth in total banking assets and net profit for 2022. Indeed, asset growth defined the sector’s trajectory that year,…