High global oil prices have enabled Kuwait to maintain a trade surplus despite the domestic political changes observed in recent years, measuring a GDP growth of 8.9% in 2022. Although 2023 saw the country’s GDP contract by 0.6% amid global headwinds, diversification efforts guided by New Kuwait 2035, new infrastructure developments in and beyond the hydrocarbons sector, and a push for privatisa
Aided by elevated oil revenue and the resumption of economic activity after the Covid-19 pandemic, Kuwait was able to narrow its budget deficit for FY 2021/22 year and record GDP growth in excess of 8% in 2022. With a newly elected Parliament in place and a new Cabinet appointed, there is renewed hope that the country will undertake the reforms needed for long-term economic growth and diversificat
Food production in the GCC has long faced obstacles ranging from water scarcity to a lack of arable soil – factors that are being exacerbated by climate change. Prior to Covid-19, imports accounted for 85% of the region’s collective food needs. However, the disruption to global supply chains precipitated by the pandemic – as well as the more recent invasion of Ukraine by Russia – has underlined…
– Russia'sinvasion of Ukraine has intensified the risk of regional food insecurity – Many MENA countries source a significant share ofcerealimports from the region – In the GCC, government initiatives are seeking to bolster food self-sufficiency – North African agri-tech start-ups work to boostproductivity Nations in the MENA region have been intensifying…
With the coronavirus pandemic placing pressure on international trade and global supply chains, Kuwait has moved to strengthen its food security through increased internationalcooperation and investment in agriculture technology (agri-tech). On April 17 the GCC adopted a Kuwaiti proposal to create a joint food supply network across the bloc. Triggered by concerns about Covid-19-related…
With 6% of the world’s proven oil reserves and 1% of its natural gas, hydrocarbons continue to form the backbone of Kuwait’s economy. Given that the energy sector accounts for 90% of exports and government revenues, state coffers have been under strain as a result of the 2014 fall in oil prices. However, the resurgence in global commodity markets bodes well for the future and has led to a to a
Kuwait is highly dependent on imports from other countries, with agriculture accounting for just 1% of its economy and 8% of GDP. Limited production, together with the country’s rising population and moves by the government to attract foreign investment are combining to make Kuwait a key target market for many international players. As the only specialized event for the sector in the country, the…
With oil making up approximately 60% of the country’s GDP, Kuwait, like its Gulf neighbours, has had to adjust to the new economic realities caused by lower oil prices. However, strong financial buffers have ensured that the country has been able to weather the storm, while a renewed appetite for investment reform bodes well for private sector players. In its long-term policy document, New Kuwai
