Seven decades of expanding oil production have given Kuwait one of the world’s highest GDP-per-capita ratios. The generous welfare system guarantees free education, health care and housing, while also providing subsidised utilities. GDP growth reached 4.5% in 2013 and is expected to rise to 5% in 2014.
Non-oil growth and higher domestic consumption combined to drive up economic activity in Kuwait in 2014, although plunging world oil prices and relatively flat domestic production look set to weigh on the state’s finances.
Plummeting oil prices have brought renewed calls for Kuwait to deepen its focus on diversifying its economy and reducing hydrocarbon dependency.
The decision to temporarily halt and revise the Kuwait Offset Programme (KOP), before reintroducing it next year, is widely seen as a sign of the government’s commitment to enhancing the business climate amidst fierce regional competition and following regulatory reforms.
ETIQUETTE: It is customary to exchange handshakes when introducing yourself; however, it is important to allow members of the opposite sex to extend their hand to initiate the handshake. It is also not uncommon to see men greet each other with kisses on both cheeks. The dress code during business...
JUMERIAH MESSILAH BEACH HOTEL & SPA Al Taawun Street T: (+965) 2226 9600 jmbinfo@jumeriah.com www.jumeriah.com Rooms: 310 rooms and suites, 80 serviced apartments and 12 villas. Business & Conference Facilities: Work stations, copy and fax machines, IT equipment, and extensive conference and banqueting facilities. Health & Leisure...
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