Although growth in real estate slowed during the global financial crisis, the sector subsequently rallied to become one of the best-performing non-oil industries in Kuwait. Following recovery in 2011 and 2012, real estate growth increased significantly in 2013, driven by rising residential demand and strong performance in the investment and commercial segments, as well as the revision of...
Driven by an expanding population and a slate of new infrastructure projects expected to enhance economic development and meet growing energy demands, Kuwait’s construction industry is set to grow impressively in 2014. Infrastructure projects in the pipeline will see an influx of public and private spending on road, airport and energy projects, while rising demand for housing and hotels has...
As new discoveries are being made in the north of the country, and as the industry develops increasingly sophisticated extraction technologies, Kuwait’s oil revenues should see a new boost. The authorities are also seeking to develop the country’s natural gas resources, as these could provide a valuable alternative for electricity generation. Although the kingdom was ranked as the world’s...
Sitting at the confluence of three of the most populous and prosperous countries in the Middle East – Iraq, Iran and Saudi Arabia – Kuwait is a logical transport centre for the northern Gulf and the country has committed itself to making investments towards attaining that goal. Expansion of the main airport is under way, while a new port is set to increase Kuwait’s capacity as a shipping hub....
While the insurance sector has posted steady growth in recent years, in general it remains relatively small, with the energy sector underpinning a great deal of the activity in the market. Insurance penetration was reported at 0.6% in 2012, which was the lowest penetration rate in the GCC at the time. However, there is optimism among locals as gross written premiums as a whole have continued...
One of the foremost and earliest players in the global market for Islamic financial services, Kuwait could soon see the segment play a larger role in the banking sector. Half way through 2013, Kuwait housed more than $70bn in sharia-compliant banking assets, around 6% of the global total and a figure widely expected to grow in the coming years. Key drivers include a sector- wide focus on asset...
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