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Lending a hand: Government support and regulatory action have helped the sector weather the storm
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The modern era of Kuwaiti banking began in 1952 with the creation of the first national bank in the Gulf region, National Bank of Kuwait (NBK). Founded by prominent local merchants to serve the national interest and invigorate the economy, it established the country as a regional banking centre. The intervening years have seen new financial markets emerge across the region, yet the sizeable assets…

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In transition: Developing a more transparent and dynamic bourse
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With an evolving regulatory environment and a shift in the way investment companies operate, the Kuwait Stock Exchange (KSE) is at something of a crossroads. One of the oldest exchanges in the region and the third-largest in the GCC, the KSE has been affected by both domestic and international events in recent years. OPERATING ENVIRONMENT: The global credit crisis that sent exchanges across…

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A vibrant market: Sharia-compliant banks remain relatively healthy while the takaful sector is crowded
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While business activities undertaken according to the principles of Islamic law, or sharia, have been a feature of the Gulf region for over a millennium, recent years have seen the emergence of a modern Islamic financial services (IFS) sector that has established itself as an important component of regional economies. Kuwait is no exception. Its Islamic banks, investment companies and insurance…

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Moving with the times: Government action could help the sector fulfil its potential
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The insurance industry is going through a transition in the post-slowdown environment. In a business climate where investment returns are less favourable and more difficult to predict, there is a renewed focus on the fundamentals. “The market is still evolving to address economic realities that emerged after the global financial crisis,” Oommen John, the assistant general manager at Kuwait…

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Opening up: The government looks to boost investment in the sector, which could provide opportunities for increased private sector participation
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For many, the passage of the National Development Plan in 2010 heralded an opportunity for Kuwait’s non-energy-related industries to finally come to the fore of the country’s economic development. Indeed, desire to diversify the country’s income stream – around 90% of government revenue over the last 10 years has come from oil receipts – has led to increases in investment in alternative…

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Expansion and diversification: Using existing advantages to overcome shortfalls
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As in many other countries, the construction industry in Kuwait was one of the first areas of the economy to suffer as a result of the global recession. However, the sector is now poised to become one of the immediate beneficiaries of Vision 2035, an ambitious blueprint for economic growth and diversification that will see hundreds of billions of dollars in infrastructure spending over the next…

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A maturing market: Intensified competition, lower prices and room for growth
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In 1999 Kuwait became the first GCC nation to license a second mobile carrier, which gave its domestic industry a head start on becoming the relatively sophisticated telecoms market it is today. Though the local market is relatively small, the country has long been a profitable place for its leading mobile operators, Zain and Wataniya, with one of the world’s highest levels of average revenue…

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Signs of recovery: Good fundamentals present opportunities for future growth
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Steady residential demand from a young and wealthy population and increased government spending on commercial development projects is helping the real estate market get back on track, with clear signs of recovery in the industry. Recent legislation, including new laws giving women stronger homeownership rights, and allowing Islamic banks to offer mortgage services, should also benefit the sector…

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Hive of activity: Planned projects will keep construction and logistics companies busy in the years to come
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In 2010 the Kuwaiti government approved a massive KD37bn ($133.4bn) spending plan, introduced to kick-start spending in the wake of the financial crisis and help reinvigorate the country’s image as an investment destination. The budget is due to stretch over five years, with much of the spending dedicated to transport and other infrastructure projects. This should reverse a trend of comparatively…

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Steps forward: Plans are under way to expand services, upgrade networks and strengthen oversight
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Since the year 2000, when the internet penetration rate was just 5%, the local IT market has come a long way. Nearly 40% of Kuwaitis are now online, with recent growth driven by mobile internet subscriptions. In 2004 the government released the National Strategy for Building an Information Society, which visualises ramping up the IT sector as a means of driving economic growth. The country has…