The government of Kuwait is continuing its drive to encourage private sector investments, having recently announced plans to invite proposals on several large-scale, public-private partnership (PPP) projects.
Kuwait
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The government of Kuwait is hoping to diversify the economy through industrial expansion, targeting double-digit growth on the back of its petrochemicals and plastics segments.
Kuwait’s banking sector remained stable last year despite growth easing from double-digit levels in 2013 and 2014, according to the most recent Financial Stability Report released by the Central Bank of Kuwait (CBK) in July.
The government’s recent decision to make cuts to Kuwait’s petrol subsidy system is expected to boost state coffers amid low global oil prices, despite some push-back from organised labour.
With low oil prices continuing to take their toll on the Kuwaiti economy, the government is hoping investment in the small and medium-sized enterprise (SME) sector begins to pay dividends.
Officials in Kuwait have made significant progress on long-awaited upgrades to Kuwait’s International Airport (KIA) by signing a $4.4bn contract to kick-start construction on a new terminal.