Economy

The story of Kuwait’s economy, like so many of its neighbours, has been dominated by oil. Once a regional port for pearling and fishing, the country was part of regional Gulf trade networks intimately tied to those of the Indian Ocean. Political independence in 1961, along with its huge hydrocarbons resources, helped Kuwait to become one of the top oil producers in the world. Still, the authorities are aware that crude is a finite resource, a fact brought into the spotlight during the recent period of low oil prices. As a result, the economic development blueprint Kuwait Vision 2035 draws on the country’s trading past in order to secure its future. The blueprint aims to re-kindle Kuwait’s history as a commercial centre, while also developing sectors such as finance and real estate to make them even more competitive internationally.

This chapter contains an interview with Sheikh Meshaal Jaber Al Ahmad Al Sabah, Director- General, Kuwait Direct Investment Promotion Authority (KDIPA); and Abdulwahab Al Bader, Director-General, Kuwait Fund for Arab Economic Development.