In 2017 Kuwaiti citizens were offered an opportunity to own a piece of history in an unprecedented stock market floatation. An initial public offering (IPO), which was due to take place by the end of 2017, was for a 50% stake in the country’s first independent water and power project (IWPP), the initial phase of Al Zour north.
With about 6% of the world’s proven crude oil reserves and 1.34m citizens, Kuwait is a nation with a relatively small population that plays a major role in global energy markets. However, its reliance on a single commodity which is prone to significant fluctuations in value also presents challenges for the economy as a whole, and the energy...
The first green shoots of renewable energy have begun to appear in Kuwait as new solar projects come on-stream and recognise the potential to cut costs, reduce emissions and divert fuel to export markets rather than domestic consumption. In November 2016 the emir of Kuwait, Sheikh Sabah Al Ahmad Al Jaber Al Sabah, demonstrated the country’s...
The decision to offer its citizens an opportunity to buy shares in its newest water and electricity generating plant is, in a sense, a case of transferring power to the people. The floatation of 50% of the equity of Al Zour North One, which began operating in December 2016, was always part of the plan. It is not a case of a long-established...
The vast deserts of the GCC were often seen as obstacles to development in the past, preventing widespread cultivation, holding down population growth and hindering overland travel. The oil sitting beneath those deserts changed that view. Like its GCC neighbours, Kuwait relied on oil resources to fuel its rapid economic development in the 20th...
While generally well-endowed with oil of a variety of grades, Kuwait’s Greater Burgan field in the southeast is the world’s second-largest after Ghawar in Saudi Arabia. Consisting of the Burgan, Magwa and Ahmadi reservoirs, Greater Burgan makes up the lion’s share of Kuwait’s production, with average output of 1.1m-1.3m barrels per day (bpd),...
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