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Economic News

Kuwait aims to broaden economy through industry
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The government of Kuwait is hoping to diversify the economy through industrial expansion, targeting double-digit growth on the back of its petrochemicals and plastics segments. New industrial target In late September Mohammad Al Ajmi, director-general of the Public Authority for Industry (PAI), announced plans to boost Kuwait’s industrial output by 25% in the coming years, telling industry stakeholders…
Economic Snapshots

Kuwait Economy Infographic 2016: Story of Reform

The story of Kuwait’s economy, like so many of its neighbours, has been dominated by oil and, before that, by pearling and fishing, so it is little surprise that Kuwait Vision 2035 draws on the country’s trading past to secure its future. Large-scale infrastructure projects and increased private sector participation in the local economy should help the country navigate challenging external economic…
Economic News

Consumer credit drives growth in Kuwait’s banking sector
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Kuwait’s banking sector remained stable last year despite growth easing from double-digit levels in 2013 and 2014, according to the most recent Financial Stability Report released by the Central Bank of Kuwait (CBK) in July. Although exposure to the slowing real estate industry could see the sector’s non-performing loan (NPL) ratio rise from historic lows recorded last year, the sector as a whole…

Overview

Kuwait's banking sector navigates short-term risks to realise longer-term gains
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With a raft of large-scale, government-led development projects on the docket, rising retail deposits and strong support from regulators and other authorities, Kuwait’s banking sector is widely considered to be poised for a period of long-term growth. This follows a difficult period linked to the broader economic volatility that has impacted the Gulf region in recent years. Nonetheless, according…
Interview

Mohammad Y Al Hashel, Governor, Central Bank of Kuwait (CBK): Interview
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Interview: Mohammad Y Al Hashel How do you view the resilience of Kuwait’s banking sector in the current economic environment? MOHAMMAD Y AL HASHEL: It is a key mandate of the CBK to ensure a sound and stable financial system, and we have ensured this stability over the years, even at times when financial systems in many countries experienced serious meltdown. Our banking system remains well capitalised,…
Country Report

The Report: Kuwait 2016
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The fall in oil prices led to significantly reduced government revenues for Kuwait in 2015. Despite this the country’s 2016 spending remained largely in line with previous years as the government opted to draw on its considerable financial buffers to help make up for budgetary shortfalls. In the medium term the introduction of new taxes, a reduction of state subsidies and a renewed sense of urge

Analysis

GCC nations working to improve logistics and supply chains
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Since Saudi Arabia began reducing its domestic wheat production in 2008, the issue of food security has been high on the agenda for GCC governments. The Kingdom, which was once self-sufficient in the grain and even exported to the wider region, recognised something that is true across the whole of the Arabian Peninsula: it is quickly running out of water, and local production of many agricultural products…

Analysis

GCC region's bond market activity reaches unprecedented heights
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A combination of factors has led to a rise in bond issuances from GCC member states across the first half of 2016. Over the period, bonds and sukuk (Islamic bonds) issued in the GCC hit $39bn, accounting for 15% of the region’s total outstanding bonds ($263bn) as of June 2016, and nearly equalling the value of issues in the whole of 2015. At a value of $20bn, sovereign bonds accounted for 51% of…

Analysis

Efforts to privatise state assets continue in Kuwait
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In January 2016 Kuwait announced plans to create a new fund to manage its domestic assets, signalling a key step forward in the push to privatise state-owned assets. While the state has experimented with privatisation in the past, the climate of significantly reduced oil prices, which reached a 12-year low in January 2016, has added a greater sense of urgency. Fund Facts The new fund is expected…

Analysis

Meeting the needs of the GCC region's growing youth population
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One of the most important issues currently facing the Middle East is the changing composition of its demography. A massive cohort of young people – known as a youth bulge – is challenging policy makers, with youth policy affecting security, education, the labour market and welfare programmes, among other areas. Given the relative stability and wealth of the GCC states, this is an issue that is…