Kuwait’s government is actively seeking sizeable private and international investment in its economic diversification and privatisation drive, having made significant amendments to the country’s investment laws. A strong hydrocarbons sector feeds downstream industry, providing readily available feedstock and significant incentives for private investors to enter the country’s industrial markets.…
Kuwait’s upstream oil activities and crude oil exports are the central pillars of the country’s economy. In recent years the government has embarked upon an economic diversification drive to reduce vulnerability to oil price volatility and generate sustainable long-term growth. Renewable energy production is also targeted for expansion as Kuwait works towards fulfilling its climate commitments,…
Despite global economic volatility and uncertainty in recent years, Kuwait’s capital markets have demonstrated continued resilience and adaptation. Innovative products are set for launch, along with a new central counterparty system, which should put Kuwait more firmly on global investors’ maps. The central counterparty system will launch alongside a new platform for trading bonds, sukuk (Islamic…
Kuwait’s insurance sector is characterised by the strong presence of several key players and the entry of new competitors in what is seen as a relatively compact market. While the sector has historically maintained a smaller scale than its GCC counterparts, in recent years a new law and several policy amendments have spurred growth in the industry. The introduction of compulsory insurance requirements…
Increased oil revenue, consolidation and new digital offerings are fuelling the sector’s growth potential. Kuwait’s banks are among the largest and most robust in the region, ranking first in the GCC in terms of average net growth in total banking assets and net profit for 2022. Although supply chain constraints saw global oil prices tumble in 2020, Kuwait’s economic fortunes, and those of its…
Kuwait is one of the largest Islamic finance markets in the world, hosting five Islamic banks and one foreign Islamic bank, eight Islamic investment companies, one Islamic finance company and 14 takaful (Islamic insurance) companies. These segments have seen strong growth since the Covid-19 pandemic and have capitalised on the rapid global expansion of Islamic finance, with sharia-compliant banks growing…
The strengthening of Kuwait’s transport and logistics sector is central to the government’s overall diversification drive, as it underpins activity across the economy. Major infrastructure developments are taking place throughout the sector with more in the pipeline, as the relevant authorities and entities work to boost passenger and freight capacities. Action is being taken to resolve operational…
The industrial sector has remained resilient despite recent local and global economic headwinds. The country’s manufacturing base was buffeted by the global Covid-19 pandemic and the impact of measures to counter it. Disruptions in supply and production chains were then further exacerbated by geostrategic uncertainty and conflicts. Despite all this, the sector continues to prosper, providing a reliable…
The New Kuwait 2035 long-term development plan focuses on reducing the country’s oil dependency by fostering economic diversification and building up the private sector. Among other goals, the plan seeks to establish the country as a prominent global ICT centre. This involves prioritising work on digital infrastructure to elevate the country’s global standing. Increased ICT expenditure is expected…
Kuwait’s education landscape is poised for notable change as the sector awaits the publication of a new national education development plan designed to align learning outcomes with the evolving needs of the economy. The health care sector, meanwhile, is on the cusp of significant transformation, with the Health Assurance Hospitals Company ready to assume responsibility for the medical needs of the…
