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Overview

Rising oil revenue enables Kuwait's diversification efforts
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Kuwait’s economy has long been underpinned by the production and export of crude oil. Although the rise in oil prices in 2021-22 boosted government revenue and macroeconomic stability, the Covid-19 pandemic – which preceded the commodity price boom – also underscored the risks of overreliance on an industry subject to fluctuating global demand. This has created a fresh impetus for economic diversification,…

Overview

Kuwait pursues strategies to transform into a trade and finance centre
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Situated in the north-western corner of the Gulf, bordered by Iraq and Saudi Arabia, Kuwait is a hereditary constitutional monarchy and a founding member of both the GCC and the Organisation of the Petroleum Exporting Countries. The country’s plentiful oil reserves have provided a strong platform for economic development and prosperity. Kuwait has rebounded strongly from the disruption of the Covid-19…
Interview

Mohammad Al Osaimi, CEO, Boursa Kuwait: Interview
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Interview:Mohammad Al Osaimi In what ways are Kuwaiti capital markets becoming more attractive to foreign investors? MOHAMMAD AL OSAIMI: The Kuwaiti capital markets have been reclassified as an emerging market in the world’s leading index providers thanks to its development. Boursa Kuwait is working in collaboration with the Capital Markets Authority and Kuwait Clearing Company on various…
Interview

Ezekiel Tuma, Partner, ASAR – Al Ruwayeh & Partners: Interview
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Interview:Ezekiel Tuma In what ways can the legal framework be improved to attract higher levels of foreign investment? EZEKIEL TUMA: Kuwait has made progress towards relaxing corporate ownership restrictions. However, this remains one of the main limitations that foreign investors face. Subject to certain exceptions, there is a general requirement that at least 51% of the shares of a company…
Interview

Thamer Arab, CEO, Dhaman: Interview
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Interview: Thamer Arab Where do you see opportunities to deepen private participation in health care provision? THAMER ARAB: The integration of private health care providers into Kuwait’s health care system is still in its early phases, but it is progressing satisfactorily, and so far, the experience has been positive. We expect that the country’s private health operators will have significant…
Interview

Maziad Alharbi, CEO, stc Kuwait: Interview
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Interview:Maziad Alharbi As Kuwait continues to diversify its economy, what role might the local ICT sector play in accelerating the country’s post-pandemic recovery? MAZIAD ALHARBI: Kuwait has been developing its ICT sector for the past decade. However, the Covid-19 pandemic hastened the rate by which the country adapted to challenging new scenarios. For example, the education sector had…
Interview

Mohammed E Al Adwani, Director-General, Public Authority for Industry (PAI): Interview
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Interview:Mohammed E Al Adwani Which industrial activities present the most promising growth and investment opportunities, and what factors are driving demand? MOHAMMED E AL ADWANI: Kuwait’s industrial sector has gone through a period of re-evaluation as a direct consequence of the Covid-19 pandemic. In this context, the PAI designed a strategy to address the country’s most pressing industrial…
Interview

Mazen Hawwa, Vice-Chairman and Group CEO, United Real Estate Company (URC): Interview
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Interview:Mazen Hawwa In what ways has the Covid-19 pandemic changed the real estate business, and where do you see opportunities for growth moving forwards? MAZEN HAWWA: The priority for a private real estate development company is to maintain the client’s trust and deliver on business agreements, and safeguard shareholders’ interests while preserving the required financing and liquidity…
Interview

Maen Mahmoud Razouqi, CEO, Kuwait Airways: Interview
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Interview:Maen Mahmoud Razouqi How can national carriers in the Gulf capitalise on opportunities stemming from emerging dynamics in the global travel industry? MAEN MAHMOUD RAZOUQI: Although 43 airlines around the world have declared bankruptcy since the Covid-19 pandemic began, the overall outlook for the industry is positive. The industry expects that by 2035 passenger numbers will double from…
Interview

Sheikh Nawaf Al Sabah, CEO, Kuwait Petroleum Corporation (KPC): Interview
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Interview:Sheikh Nawaf Al Sabah What are the most attractive investment opportunities in the country’s oil and gas industry? SHEIKH NAWAF: As part of KPC’s 2040 strategic plan we aim to increase the production of oil to 4m barrels per day (bpd) and gas capacity to 4bn standard cu feet per day (scfd) by 2040. Achieving and sustaining these targets will be largely dependent on implementing…