Economy
From The Report: Kuwait 2018
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With 6% of the world’s proven oil reserves and 1% of its natural gas, Kuwait had an estimated GDP per capita of $71,943 in power purchasing parity terms in 2017, which was the eighth-highest value for any country or autonomous region, according to the World Bank. Kuwait has also been a prudent saver of its petrodollars and has the world’s fourth-largest sovereign wealth fund, with the Kuwait Investment Authority managing $592bn in assets in mid-2018, according to the SWF Institute. In 2018 the IMF calculated this financial buffer to be equivalent to 470% of Kuwait’s GDP. Although Kuwait is still exposed to oil price fluctuations for now, development initiatives already under way should ensure a sustainable economic growth path in the long term. This chapter contains an interview with Sheikh Meshaal Jaber Al Sabah, Director-General, Kuwait Direct Investment Promotion Agency.

Articles from this Chapter

Overview

Back to black: Current account balance returns to surplus as oil prices recover and the authorities work to implement diversification strategies
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With 6% of the world’s proven oil reserves and 1% of its natural gas, Kuwait had an estimated GDP per capita of $71,943 in power purchasing parity terms in 2017, according to the World Bank. This was the eighth-highest value for any country or autonomous region, putting it behind only Qatar, Macao, Luxembourg, Singapore, Brunei Darussalam, Ireland and the UAE. Kuwait has also been a prudent saver of its petrodollars and has the world’s fourth-largest sovereign wealth fund (SWF), with the Kuwait…

Interview

Rewards of reform: Sheikh Meshaal Jaber Al Sabah, Director-General, Kuwait Direct Investment Promotion Agency (KDIPA), on current policies to promote investment opportunities
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What sectors are able to offer new opportunities for bankable investment projects? SHEIKH MESHAAL JABER AL SABAH: Kuwait continues to offer numerous investment opportunities with its dynamic project pipeline in key sectors like energy, oil and gas, ICT, industry, urban development, transport and logistics, among others. Key investment opportunities in these sectors were highlighted at KDIPA’s flagship promotional event in its second edition – Kuwait Investment Forum (KIF 2018) – which revealed…

Analysis

Big fund: As one of the oldest and largest sovereign wealth funds in the world, the Kuwait Investment Authority is a key public asset
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Despite volatility in international oil prices and delays in the implementation of economic diversification strategies, ratings agencies and the IMF agree the outlook for Kuwait is strong and stable, as it is home to substantial oil reserves and one of the world’s richest sovereign wealth funds (SWFs). Geologists calculate domestic oil fields could yield 101.5bn barrels of oil, and the Kuwait Investment Authority (KIA) has the fourth-largest amount of assets under management (AUM) in the world. Funding…