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
The New Kuwait 2035 vision aims to deploy the nation’s oil wealth to diversify the economy. The private sector is vital to this, with partnerships and privatisation, improvements to the business environment, and efforts to attract foreign direct investment (FDI) and harness knowledge from abroad all being key moves. Kuwait seeks to attract $200bn in FDI during 2020-35 to become a global centre f
While e-commerce has become well established in more developed markets, the segment has been slower to take off in emerging economies. Online purchasing has been held down in these markets by financing, purchasing and logistics challenges. Nevertheless, online sales are growing rapidly in many developing countries in spite of these obstacles. Some governments are changing frameworks to boost…
With a strong fiscal base, a high average per capita income and a strong shopping culture, Kuwait looks set to rebound from a period of stagnant growth caused by declining oil prices. While the local retail sector is small compared to larger GCC markets like the UAE and Saudi Arabia, consumers are quickly catching up with their regional peers in their tastes and demand for international food,…
With a strong fiscal base, a high average per capita income and a robust shopping culture, Kuwait looks set to rebound from a period of stagnant growth caused by declining oil prices. While the local retail sector is small compared to larger GCC markets like the UAE and Saudi Arabia, consumers are quickly catching up with their regional peers in their tastes and demand for international food, brands…
Buoyed by steady economic expansion, Kuwait’s retail sector is expected to see solid growth in the second half of 2019 and beyond, though fluctuating consumer sentiment and policy changes could weigh on turnover. Kuwait’s retail industry is forecast to expand at a compound annual growth rate of 4.2% over the coming four years, up from 0.6% in 2012-16. This will make it the second-fastest-growing…
Retail and wholesale trade accounts for a sizeable percentage of Kuwait’s non-oil GDP – at 9.1% as of February 2018 – and there are solid growth forecasts for the coming year. Kuwait has one of the highest per capita incomes in the world at $68,500 in 2017, according to the World Bank, and there is strong demand for luxury and imported goods among wealthy locals and foreign residents, who now…
Kuwait has a small retail sector compared to larger GCC markets like the UAE and Saudi Arabia, but consumers are quickly catching up with their regional peers in their tastes and demand for international food, brands and shopping experiences. Despite a recent economic slump due to low oil prices, the retail sector continues to evolve with regional and global trends. Retail and wholesale trade…
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
Driven by rapid urbanisation, the influx of the expatriate workforce, and a rising population of the young and affluent, Kuwait’s retail industry has grown dramatically over the past 10 years. High GDP per capita and the growing popularity of modern retail concepts and formats have also helped to position the country as a major hub for global luxury brands, earning Kuwait City a ninth place…