Country Profile
From The Report: Kuwait 2015
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As a major oil producer and key member of OPEC and the GCC, Kuwait faces a long-term challenge in the recent fall in oil prices, which have added new impetus to its drive for economic diversification. An expanding private sector and ongoing government support for a range of infrastructure projects should, however, ensure continued growth moving forward as new developments are set in motion to serve the country’s young and dynamic population, which is growing by an average of 3.1% a year and of which 57% are under the age of 25. Hydrocarbons revenues have enabled a high standard of living in Kuwait, which has a universal and comprehensive welfare system. Regionally, meanwhile, Kuwait has been benefitting from strengthening ties between the GCC and Asia, and trade between the two regions is poised for further growth over the next few years.

This chapter contains a viewpoint from Emir Sheikh Sabah Al Ahmed Al Jaber Al Sabah and interviews with Shahin Mustafayev, Azerbaijani Minister of Economy and Industry; José Antonio Meade Kuribreña, Mexican Secretary of Foreign Affairs; and Mohammad Al Zuhair, Executive Chairman, the National Fund for Small and Medium Enterprise Development.

Articles from this Chapter

Overview

Strength in depth: Government plans for economic development with increased private sector involvement
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As a major global oil producer, Kuwait is a key member of both the Organisation of the Petroleum Exporting Countries and the GCC. Additionally, the country is one of the most politically dynamic in the GCC, which has afforded it strong foundations to help tackle recent issues concerning parliamentary elections and accountability. By continuing with economic diversification efforts and reducing dependence on oil revenues, the country is also adding increased momentum to several large infrastructure…

Viewpoint

Laying the foundation: Emir Sheikh Sabah Al Ahmed Al Jaber Al Sabah on the importance of assisting in youth development and conserving resources
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Enabling the Kuwaiti citizen to be academically and practically qualified, to have the capacity for ownership and the experience required by the labour market are our main priorities. We work to develop a citizen who believes in his religion and his country; who holds firm to his values, principles and heritage; and who carries out his public duties prior to claiming his personal rights. This is what we want for the youth of Kuwait. They all have our support, encouragement and care. We are…

Analysis

Looking east: Trade with Asia is growing and diversifying
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Following a collapse of the international shipping market, in 2012 the container route from Shanghai to the Gulf through Dubai experienced the second-highest freight rate growth in the entire intra-Asian region. This is part of an emerging trend, with GCC-Asia trade maturing. A relationship that was once just based on energy demand is diversifying and the GCC is seen as a viable market for Asian goods and investment, a crucial transit point – given its developed infrastructure – for the fast-growing…

Interview

Cross-regional backing: OBG talks to José Antonio Meade Kuribreña, Mexican Secretary of Foreign Affairs
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Interview: José Antonio Meade Kuribreña How can Mexico and Kuwait enhance their relationship and promote more investment collaboration? JOSE ANTONIO MEADE KURIBRENA: Mexico and Kuwait first established diplomatic relations 40 years ago on July 23, 1975, shortly before the former Mexican president, Luis Echeverría, paid an historic visit to Sheikh Al Salem Al Sabah. Since then, we have maintained a friendly and supportive relationship. We are now seeking to further strengthen our political dialogue…

Interview

Small and mediums at large: OBG talks to Mohammad Al Zuhair, Executive Chairman, The National Fund for Small and Medium Enterprise Development
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Interview: Mohammad Al Zuhair How is The National Fund helping to promote growth of small and medium-sized enterprises (SMEs)? MOHAMMAD AL ZUHAIR: The government began supporting SMEs in 1997, when it started a portfolio under the Kuwait Investment Authority. That initiative provided limited support and conditional financing. After 15 years we realised there was a huge market gap that the private sector was not interested in filling due to the elevated business risk of such enterprises, with global…