The Kuwaiti construction market saw a marked rebound in 2014, with the government moving forward with key developments in a number of sectors. The Public Authority for Housing and Welfare has a mandate to provide housing for 2.6m people by 2030. The country’s oil and gas sector was a major contributor to the country’s resurgence in construction projects, with oil and gas projects representing...
Kuwait’s position as one of the biggest players in the international energy markets is backed by its proven reserves, currently the sixth-largest in the world. While international oil prices will have a significant impact on state revenues moving forward, low production costs and ample fiscal reserves should shield the country from the price downturn. The country increased its oil production...
Proximity to major regional markets, which have a combined population of 140m and $1.3trn in output, is a major advantage to Kuwait’s transport and logistics sector. The government has outlined a number of infrastructure projects and upgrades to be implemented as part of Kuwait Development Plan, with enhancements to sea and air links a major priority for the state. The country’s international...
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...
Over the past decade Kuwait has worked to shore up its longstanding reputation as a centre for Islamic financial services, leading to the rapid expansion of sharia-compliant banks and investment companies in recent years. Islamic banking assets, at just over 20% of the total in 2005, grew to around 45% by the end of 2013, and an IMF report released in December 2014 showed Kuwait’s sharia-...
A series of reforms being implemented by the Capital Markets Authority are expected to benefit the country’s bourse, following on the comprehensive restructuring of the Kuwait Stock Exchange in the years following the 2007-08 economic downturn. In 2009 the Kuwait Stock Exchange introduced a new classification system that organised listed companies into 15 sectors, instead of just eight as...
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