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As the first GCC nation to break its single-operator monopoly, Kuwait’s telecommunications industry has evolved over the past 15 years into one of the region’s most mature, competitive and technologically advanced. The private sector has invested heavily in the latest mobile technology, including 4G LTE, and LTE-Advanced (LTE-A), with these services moving to replace the state’s dwindling fixed-line market. At the same time, expanding fibre-optic networks are expected to help the sector meet demand for more sophisticated internet services.

Although growth in real estate slowed during the global financial crisis, the sector subsequently rallied to become one of the best-performing non-oil industries in Kuwait. Following recovery in 2011 and 2012, real estate growth increased significantly in 2013, driven by rising residential demand and strong performance in the investment and commercial segments, as well as the revision of financing laws as part of efforts to support new buyers.

Driven by an expanding population and a slate of new infrastructure projects expected to enhance economic development and meet growing energy demands, Kuwait’s construction industry is set to grow impressively in 2014. Infrastructure projects in the pipeline will see an influx of public and private spending on road, airport and energy projects, while rising demand for housing and hotels has led to promising opportunities in the hospitality and residential real estate segments. This chapter contains an interview with Riyadh Al Saleh, Chairman & CEO, Kharafi National

As new discoveries are being made in the north of the country, and as the industry develops increasingly sophisticated extraction technologies, Kuwait’s oil revenues should see a new boost. The authorities are also seeking to develop the country’s natural gas resources, as these could provide a valuable alternative for electricity generation. Although the kingdom was ranked as the world’s sixth-largest oil producer in 2013, the government still has its eyes set on energy diversification, with solar energy being the most promising option.

Sitting at the confluence of three of the most populous and prosperous countries in the Middle East – Iraq, Iran and Saudi Arabia – Kuwait is a logical transport centre for the northern Gulf and the country has committed itself to making investments towards attaining that goal. Expansion of the main airport is under way, while a new port is set to increase Kuwait’s capacity as a shipping hub. The government is also looking to increase use of public transport, with plans afoot to invest in more city buses and a metro system.

While the insurance sector has posted steady growth in recent years, in general it remains relatively small, with the energy sector underpinning a great deal of the activity in the market. Insurance penetration was reported at 0.6% in 2012, which was the lowest penetration rate in the GCC at the time. However, there is optimism among locals as gross written premiums as a whole have continued to grow over the past decade, even as competition has remained tough.