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One of the foremost and earliest players in the global market for Islamic financial services, Kuwait could soon see the segment play a larger role in the banking sector. Half way through 2013, Kuwait housed more than $70bn in sharia-compliant banking assets, around 6% of the global total and a figure widely expected to grow in the coming years. Key drivers include a sector- wide focus on asset diversification, new opportunities in the sukuk (Islamic bond) market and the potential conversion of the Commercial Bank of Kuwait, a conventional lender, to sharia-compliant status.

The Kuwait Stock Exchange is the fourth-largest GCC bourse by market capitalisation, with earnings and market capitalisation rising substantially in 2012. The majority of trading activity is among small-cap stocks, but many local players remain optimistic about future performance. The privatisation of the exchange is expected to take place by the end of 2014, and this is widely anticipated to result in a major improvement in overall transparency and lead to greater foreign investment in coming years. This chapter contains an interview with Faisal Sarkhou, CEO, KIPCO Asset Management Company. Share analysis & data is provided by KIPCO Asset Management Company.

The banking sector is considered the backbone of the non-oil economy. The industry has posted steady growth since the global downturn and total assets of local banks were $190.2bn at the end of the first quarter of 2014, up from $181.1bn at the end of 2013 and $158.6bn at the end of 2012. Banking and financial sector legislation that was enacted during 2009 has been helping improve stability in the sector. This chapter contains interviews with Mohammad Al Hashel, Governor, Central Bank of Kuwait; and Fahed Boodai, Executive Chairman, Gatehouse Bank.

Seven decades of expanding oil production have led to Kuwait having one of the world’s highest GDP-per-capita ratios. The generous welfare system guarantees free education, health care and housing to citizens, while subsidised electricity, water and fuel prices are offered to residents. GDP growth reached 4.5% in 2013 and is expected to rise to 5% in 2014, while fiscal reforms will help ensure stability. This chapter contains interviews with Faisal Al Ayyar, Vice-Chairman, Kuwait Projects Company; Meshaal Jaber Al Ahmad Al Sabah, Director-General, Kuwait Direct Investment Promotion Authority; and Abdulwahab Al Bader, Director-General, Kuwait Fund for Arab Economic Development.

This chapter examines the legal framework related to doing business or investing in Papua New Guinea. It also features a viewpoint from Stephen Lewin, Partner, Leahy Lewin Nutley Sullivan Lawyers, on the laws surrounding customary land in PNG.