With one of the largest relative youth cohorts in the Gulf – the share of the population under 35 stood at 50% as of 2022 – Kuwait has a vested interest in achieving positive learning and health outcomes for nationals and foreign residents alike. As was the case around the world, the Covid-19 pandemic posed specific and immediate challenges for educators and medical workers in the country, which…
Technology development is central to Kuwait’s longterm plans to diversify the economy, with the government attempting to position the country as a regional leader in ICT and financial services. The competition in those spaces across the GCC is fierce, as countries such as the UAE and Saudi Arabia are making concerted investment in ICT infrastructure and financial technology (fintech). The highly…
Kuwait’s economy relies heavily on its hydrocarbons-related industries, and while plans are in place to transition to renewable energies, medium-term development strategies will see oil and gas extraction, processing and capacities ramped up, with the revenue channelled into the government’s industrial diversification drive. Downstream chemicals and petrochemicals production forms the backbone…
Kuwait’s construction and real estate sectors rebounded in the years preceding the Covid-19 pandemic following the 2017 unveiling of New Kuwait 2035, the government’s overarching development blueprint, heralding an extensive infrastructure pipeline. This sparked growth in construction activity, and saw a host of new residential and commercial properties enter the market. In spite of that reinvigoration,…
Under its overarching economic development plan, New Kuwait 2035, Kuwait’s government is working to strategically harness the country’s location on the Gulf to transform its transport and logistics industries into key contributors to GDP. Several significant upgrades to existing transport infrastructure are at an advanced stage, while a new logistics belt is a key component of the Madinat Al Hareer,…
Kuwait is largely reliant on oil for exports, government revenue and GDP contribution. The country is therefore particularly sensitive to fluctuating global hydrocarbons prices and the long-term financial risks associated with the global shift towards lower-carbon sources of energy. Transitioning towards a more diversified and sustainable energy mix is an ongoing challenge for the country, as for much…
One of the world’s largest Islamic finance markets, Kuwait has a wide range of banking, sukuk (Islamic bonds) and takaful (Islamic insurance) entities and products on offer, with recent headwinds such as the Covid-19 pandemic proving little obstacle to the sharia-compliant sector’s continuing robust growth. Indeed, the country’s Islamic banks have been expanding faster than its conventional…
An easing of disruptions associated with the Covid-19 pandemic, a sustained increase in oil and gas receipts, and the rollout of a new law providing a framework for establishing digital offerings have given Kuwait’s banking sector a renewed confidence that has been supported by the country’s wider economic recovery. Indeed, with real GDP returning to growth in 2021 and expected by the IMF to reach…
Dialogue:Sheikh Ahmad Duaij Jaber Al Sabah and George Richani What more can local banks do to assist in Kuwait’s economic diversification, and which sectors have the most potential for accelerating diversification? SHEIKH AHMAD DUAIJ JABER AL SABAH: Banks are the backbone of Kuwait’s private sector and the economy. Although there is an economic diversification agenda in motion, the country…
Kuwait benefits from an advantageous location in the Northern Gulf that provides convenient access to major markets in Europe and Asia. The country’s trade and investment profile has long been dominated by oil, with revenue from its vast reserves used to fund overseas investment, generating sustainable long-term returns and safeguarding future prosperity. As Kuwait emerges from the disruption of…
