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…
While it is common knowledge that laws in the Middle East include certain restrictions on foreign parties doing business that do not otherwise apply to citizens, significant strides have been made in the region in recent years. These reforms have facilitated foreign investment and participation in businesses. Kuwait has led the way with a number of reforms and was a pioneer with the promulgation of…
This section includes selected listings of Kuwait’s hotels, as well as helpful tips for business and leisure travellers planning to visit the country.…
In September 2023 Kuwait’s newest public university, Abdullah Al Salem University (AASU), received its first batch of 605 new students for the 2023/24 academic year. Viewed by the government as a reflection of its efforts to become a strategic partner in the higher education sector, AASU and other public education initiatives are working to ensure that Kuwaiti citizens are prepared for the labour…
