Kuwait’s economy has long been underpinned by the production and export of crude oil. Although the rise in oil prices in 2021-22 boosted government revenue and macroeconomic stability, the Covid-19 pandemic – which preceded the commodity price boom – also underscored the risks of overreliance on an industry subject to fluctuating global demand. This has created fresh impetus for economic...
Kuwait
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Chapter | Country Profile from The Report: Kuwait 2022
Kuwait has rebounded strongly from the disruption of the Covid-19 pandemic, and public finances have been bolstered by elevated oil prices in 2021-22. With one of the most dynamic political systems in the region, the hope is that the executive and legislative branches of Kuwait’s government can work together to advance the policy changes and strategies needed to fulfil the ambitions of the...
The regulatory landscape for Gulf financial service providers is changing, with growing awareness of the need for banking institutions to adopt sustainable finance frameworks and responsible lending and operational practices in order to manage risk and attract international investment.
What can local banks do to provide more support for economic diversification, and which sectors have the greatest potential to catalyse growth?
Economic update | The Gulf looks to carbon capture and hydrogen to drive the energy transition
10 Aug 2022
As hydrocarbons producers reap sustained revenue from high global prices, national oil companies (NOCs) in the Gulf are accelerating investment in carbon capture, utilisation and storage (CCUS); hydrogen; and other green energies to make their activities less carbon-intensive and support the energy transition.
As part of plans to expand and diversify its global trade partners, the GCC has launched negotiations with the UK on a free trade agreement that is expected to bolster the bloc’s economy, help attract investment and provide greater opportunities for local businesses.