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Home to nearly one-third of the GCC’s banking assets, the UAE’s banking industry is the biggest in the region. Dubai is one of the nation’s two financial centres, and through its vibrant onshore and offshore markets, the emirate has established itself as an integral component of the global financial services sphere. Despite the adverse effects of low oil prices in recent years, the domestic banking sector has remained both well capitalised and liquid, while its financial performance has been characterised by rising net profits and lower cost-to-income ratios. This chapter contains interviews with Bernd van Linder, CEO, Commercial Bank of Dubai; and Elissar Farah Antonios, Cluster Head UAE, Levant and Iraq, Citi.

Dubai has traversed some challenging economic territory over recent years. Political tensions in the region, the 2007-08 global financial crisis and a prolonged decline in oil prices from late 2014 are together exerting downwards pressure on the emirate’s economic expansion. However, stable oil prices and the economic stimulus of Expo 2020 have eased this strain in 2019, and business sentiment has improved accordingly. With the long-anticipated Expo 2020 set to take place beginning on October 20 of that year, attention is already turning to the question of how the emirate will sustain its current economic momentum over the medium term. This chapter contains interviews with Hamad Buamim, President and CEO, Dubai Chamber of Commerce and Industry; and Sami Al Qamzi, Director-General, Department of Economic Development.

Major infrastructure works, from roads and schools to airports and hospitals, are either under way or in the design phase in Kuwait, highlighting the significant activity seen in the construction sector in recent years as the country works towards the goals outlined in the New Kuwait 2035 development plan. Perhaps the most ambitious of these projects is the 700,000-inhabitant Silk City mega-development in Subiyah on the northern side of Kuwait Bay, for which a healthy mix of public and private participation is being sought. With a strong demand for infrastructure going forwards, local and international developers will have much to focus on in coming years.

Major infrastructure works, from roads and schools to airports and hospitals, are either under way or in the design phase in Kuwait, highlighting the significant activity seen in the construction sector in recent years as the country works towards the goals outlined in the New Kuwait 2035 development plan. Perhaps the most ambitious of these projects is the 700,000-inhabitant Silk City mega-development in Subiyah on the northern side of Kuwait Bay, for which a healthy mix of public and private participation is being sought. With a strong demand for infrastructure going forwards, local and international developers will have much to focus on in coming years.

The guide contains listings of some of the leading hotels and resorts in Kuwait, and contacts for important government offices and services. It also contains useful tips and information for first-time or regular and business and leisure visitors alike.