Kuwait

Banking in Kuwait is undergoing a digital transformation, as the state’s strongest non-oil economic sector increasingly moves to meet demand from a young, tech-savvy population.

Kuwait has maintained the tempo of its infrastructure development drive, despite a challenging economic climate that resulted in a second consecutive budget deficit in the previous fiscal year ending March 31. 

With growing interest in the mid-tier retail market and an upswing in credit card spending recorded at the end of last year, Kuwait is looking to bounce back from a period of subdued consumer confidence and slowing credit growth.

Investment in Kuwait’s tourism industry is set to increase over the next decade, as the government moves to speed up construction of a new international airport terminal and several major hotel chains work to expand operations in the capital city.

Kuwait’s latest budget will focus capital expenditure on downstream oil and gas activities during FY 2017/18 in a bid to create jobs, offset falling crude export revenue and capitalise on rising regional demand for refined products.

With state revenues significantly impacted by lower global oil prices, the Kuwaiti government has intensified efforts to enact reforms aimed at increasing foreign investment, supporting economic diversification and reducing state subsidies.