Hydrocarbons wealth has been the central pillar of Kuwait’s economy for nearly a century, and proven oil reserves of around 101bn barrels underwrite the nation’s future economic wellbeing. The Kuwaiti government derives 95% of its budget from oil revenue, and the oil sector accounts for around 52% of the nation’s GDP. However, the days of easy oil...
As the technology required to extract and exploit Kuwait’s hydrocarbons reserves becomes ever more complex, the importance of establishing a well-structured national research and development programme increases. In Kuwait, two institutions in particular provide a framework for the nation’s research efforts with regard to its energy sector; the...
Oil production retains its key role in the economy, however plans are under way to encourage diversification away from hydrocarbons towards an economy that is more knowledge based. The political climate has been characterised of late by a number of disputes, often resulting in either the resignation of the government or the dissolution of parliament, which has contributed to the slow progress of some projects.
Despite holding substantial oil reserves, Kuwait is stepping up its efforts to develop alternative sources of energy. In mid-June the government announced it was inviting bids for the construction of Shagaya, a renewable energy park, as part of its plan to generate 15% of its electricity through non-oil sources by 2030.
Stay updated on how some of the world’s most promising markets are being affected by the Covid-19 pandemic, and what actions governments and private businesses are taking to mitigate challenges and ensure their long-term growth story continues.
Register now and also receive a complimentary 2-month licence to the OBG Research Terminal.
Register Here×