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Kuwait targets energy and economic diversification
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Kuwait, located at the north-western tip of the Arabian Gulf and sharing borders with Saudi Arabia and Iraq, blends political tradition with economic weight. Governed as a constitutional monarchy under the leadership of a hereditary emir, the country is both a founding member of the GCC and the Organisation of the Petroleum Exporting Countries (OPEC). Its Parliament, the oldest directly elected body…

Overview

Kuwait’s economic resilience grows as non-oil activity rises
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Kuwait is continuing its efforts to transform the economy and diversify away from hydrocarbons. Guided by its ambitious long-term policy blueprint, New Kuwait 2035, the country’s efforts are centred on boosting private sector participation, digitalising key aspects of the economy and rolling out major new infrastructure investment. With renewed momentum under Emir Sheikh Mishal Al Ahmad Al Jaber…

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Innovation and digitalisation drive Kuwait’s diversification
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Although Kuwait’s economy remains largely reliant on the hydrocarbons sector, diversification through trade and investment is a key conduit for growth in the near-term. In recent years, the government has pursued an ambitious diversification agenda under its New Kuwait 2035 vision, which aims to bolster non-oil growth in infrastructure, logistics, financial services and renewable energy. This transition…

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Regulatory reforms in Kuwait demonstrate economic resiliency
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Economic growth, consolidation and new fiscal laws passed in 2025 are driving the banking sector’s growth, diversification, and lending opportunities. Despite market uncertainty due to US tariff policy, oil market volatility and geopolitical tensions, domestic banks in Kuwait have remained resilient. Kuwait’s leading banks posted strong balance sheets and liquidity for 2024, with capital buffers…

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Reform and cross-border growth drive Kuwait Islamic finance
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Kuwait’s Islamic financial sector has become increasingly dynamic since the end of the Covid-19 pandemic. Two banks, Kuwait Finance House (KFH) and Warba Bank, have made acquisitions that will expand their reach domestically and lay the groundwork for expansion in other regional markets where Islamic banking is not as developed as it is in Kuwait. The passage of Kuwait’s Public Debt Law in March…

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Kuwait’s capital markets on the threshold of a new era
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With the first half of 2025 witnessing annualised traded values and volumes almost doubling, and its market capitalisation surging by nearly a quarter, this has been a banner year for the country’s stock market, Boursa Kuwait. Indeed, in the first six months of the year, double-digit gains in both Boursa Kuwait’s Main Market and Premier Market allowed the country to outperform all of the GCC’s…

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Reforms, health care expansion drive Kuwait insurance growth
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Kuwait’s insurance and takaful (Islamic insurance) sector has shown resilience in recent years, continuing to record profit and policy growth despite an uncertain global economic outlook. The sector is also benefitting from a long-term strategy to strengthen its regulatory framework and consolidate players with greater capitalisation and more transparent governance. In the coming years, further digitalisation,…

Overview

Kuwait unveils diversification plans for petrochemicals
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The energy sector continues to dominate the Kuwaiti economy, with oil rents making up the vast majority of government revenue and GDP. Income from oil has declined since the peak directly after the conflict in Ukraine, though the unwinding of production cuts by Organisation of the Petroleum Exporting Countries (OPEC) will bring some additional income to the government treasury. Growing domestic energy…

Overview

Rail, air and port projects drive Kuwait’s diversification
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As with many of its Gulf peers, Kuwait is undergoing a large-scale drive of infrastructure development as part of a broader mission to diversify its economy and reduce its reliance on hydrocarbons revenue, a goal encapsulated by the ambitious and far-reaching New Kuwait 2035 long-term development plan. With a focus on improving the business operating environment, one key objective of the roadmap is…

Overview

Reforms, private investment drive Kuwait construction growth
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Kuwait’s construction and real estate sectors showed renewed signs of growing momentum in 2025. The Fourth Kuwait Master Plan 2040, the long-term national economic diversification plan that was launched in September 2023, underpins growth in both sectors as the government spearheads infrastructure mega-projects and the building of new residential cities. Kuwait is increasingly turning to the private…