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…
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 ranking…
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
With growing interest in the mid-tier retail market and an upswing in credit card spending recorded at the end of last year, Kuwait is looking to bounce back from a period of subdued consumer confidence and slowing credit growth. Next big retail entrant Although the luxury market has traditionally been one of Kuwait’s most significant retail strengths, interest from well-known mid-tier brands…
Kuwait’s wealthy and growing retail market continues to attract new international brands looking to capitalise on its strong outlook and relative lack of saturation. Introducing new brands helps mall owners stay ahead of the pack in an increasingly competitive market, while partnerships with experienced regional franchisers prove mutually beneficial. Kuwait is often central to global brands’ regional…
The retail sector in Kuwait, as part of one of the world’s most prosperous societies, has achieved rapid growth in recent years, with retailers benefitting from strong economic fundamentals, evolving consumer tastes and a relatively unsaturated market. These factors are set to continue underpinning further growth and diversification over the coming years, with various segments expected to perform…
The retail sector in Kuwait has achieved rapid growth in recent years, with retailers benefitting from strong economic fundamentals, evolving consumer tastes and a relatively unsaturated market. These factors are set to continue underpinning further growth and diversification over the coming years.The retail market, including wholesale, was worth $5.8bn in 2013, or 3.3% of GDP. While the trend has…
The fall in oil prices led to significantly reduced government revenues for Kuwait in 2015. Despite this the country’s 2016 spending remained largely in line with previous years as the government opted to draw on its considerable financial buffers to help make up for budgetary shortfalls. In the medium term the introduction of new taxes, a reduction of state subsidies and a renewed sense of urge
In spite of its relatively small population, Kuwait has all the makings of a thriving luxury retail market. With GDP per capita among the highest in the world, spending power is consequently very high. This increased ability to purchase goods, combined with a young population that views shopping as a popular leisure activity in its own right, suggests there is major potential for the luxury retail…
