Like much of Kuwait’s financial services industry, the insurance sector has posted solid expansion in recent years on the back of growth in a handful of key areas, including takaful (sharia-compliant insurance) and other non-life segments. In 2014 Kuwait’s insurance sector as a whole brought in an estimated KD303m ($1.04bn) in gross...
A programme to boost oil production in Kuwait has stimulated growth in construction and petrochemicals. After hydrocarbons extraction and refining, the petrochemicals industry is the largest in Kuwait, with the bulk of production exported to Asia. Manufacturing, meanwhile, is set for continued growth as the country makes a greater push to diversify its industrial base – efforts that will be...
Kuwait’s insurance sector has posted solid expansion in recent years on the back of growth in a handful of key areas including takaful (Islamic insurance) and other non-life segments, with the industry as a whole bringing in $1.04bn in gross written premiums (GWPs) in 2014. The industry is a crowded one in Kuwait, with the top five insurers controlling around 60% of revenues at the end of 2013...
The economy of Kuwait stands on the threshold of entering a major new phase in its development. Up to now, it has been based largely on the export of raw hydrocarbons or ancillary products such as petrochemicals. Now, however, a large programme of public investment is re-energising the economy across the board, and industry is set to be a...
As part of Kuwait’s effort to diversify and grow its economy, authorities are launching two initiatives that are set to expand trade with East Asia. First, Kuwait is looking to increase its oil production from around 2.9m barrels per day (bpd) currently to 4m bpd by 2020. This will also boost production of associated gas, which can be used as...
Efforts to diversify the economy away from hydrocarbons have helped drive industrial development. Non-oil GDP saw 10% growth in 2012, and during the 2006-12 period, manufacturing made up an average of 6.4% of GDP a year. Land, transport and electricity prices are currently the main challenges in growing this sector, but efforts are being made to overcome these issues. In early 2013, the...
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