Oil production retains its key role in the economy, however plans are under way to encourage diversification away from hydrocarbons towards an economy that is more knowledge based. The political climate has been characterised of late by a number of disputes, often resulting in either the resignation of the government or the dissolution of parliament, which has contributed to the slow progress of some projects.
However these issues are largely being overcome and Kuwait continues to develop and diversity at a strong rate. Intra-GCC trade continues to grow substantially thanks to several regional projects such as the GCC rail network. This increased regional integration is improving the competitiveness of businesses within this region, as the movement of people and goods becomes easier and cheaper. Alongside Qatar and the UAE, Kuwait boasts the joint-highest sovereign ratings from the major ratings agencies, its GDP per capita ranks among the highest globally, and its citizens enjoy a public spending programme that grants them access to housing, health care, fuel, electricity and water for free or at highly subsidised rates. In recent years the government has deployed a long-term strategy to shift the economy away from a reliance on oil revenue and provide more opportunities for private sector involvement in economic development. However, such a transition will not be easy; most Kuwaiti citizens work for the government, and the public sector’s economic dominance is ingrained in Kuwaiti society.
David Cameron, UK Prime Minister, on trade links with the GCC
Emir Sheikh Sabah Al Ahmed Al Jaber Al Sabah on the need for cooperation to achieve development aims
OBG talks to Faisal Al Ayyar, Vice-Chairman, Kuwait Projects Company (KIPCO)
OBG talks to Bader Al Saad, Managing Director, Kuwait Investment Authority (KIA)
OBG talks to Marwan Boodai, CEO, Boodai Group, and Chairman, Jazeera Airways
OBG talks to Sara Akbar, CEO, Kuwait Energy
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