Steady residential demand from a young and wealthy population and increased government spending on commercial development projects is helping the real estate market get back on track, with clear signs of recovery in the industry. Recent legislation, including new laws giving women stronger homeownership rights, and allowing Islamic banks to offer...
While the export of crude oil remains a central part of Kuwait’s economy, in the longer term, the government has targeted economic diversification. The most straightforward way to accomplish this is to use the country’s most lucrative natural asset to produce higher-value petrochemicals and refined products. To that end, the government is looking to...
In 1999 Kuwait became the first GCC nation to license a second mobile carrier, which gave its domestic industry a head start on becoming the relatively sophisticated telecoms market it is today. Though the local market is relatively small, the country has long been a profitable place for its leading mobile operators, Zain and Wataniya, with one of...
Kuwait International Airport (KIA) once played a central part in Kuwait’s identity as an infrastructural lynchpin for the GCC and the Levant. But the airport, and much of national carrier Kuwait Airways’ fleet, suffered extensive damage during the Iraqi invasion in 1990. Since then the Gulf’s aviation focus has moved south, with the UAE, Bahrain and...
The Kuwait Investment Authority (KIA) has announced plans to invest KD1bn ($3.6bn) in the commercial real estate sector over the next five years. This liquidity injection has the potential to boost property values, stimulate lending and strengthen the financial position of companies. By selectively targeting properties it deems underpriced, the KIA...
As in many other countries, the construction industry in Kuwait was one of the first areas of the economy to suffer as a result of the global recession. However, the sector is now poised to become one of the immediate beneficiaries of Vision 2035, an ambitious blueprint for economic growth and diversification that will see hundreds of billions of...
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