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With Kuwait’s national strategy focused on establishing the country as a global and regional knowledge and communications hub, ICT development has gained significance in the country’s shift away from an economy based on hydrocarbons. The adoption of 5G technology has been key to achieving these goals, as is the earmarking of financial and human resources to create a wider and deeper IT ecosystem. Technology start-ups are being encouraged, and private sector jobs and initiatives are seen by the government as an important part of the drive to diversify the economy while attracting higher levels of international investment. This chapter contains an interview with Salim Al Ozainah, Chairman and CEO, Communication and Information Technology Regulatory Authority.

With the sixth-largest proven oil reserves in the world, Kuwait is among the world’s principal hydrocarbons powers. The Gulf country is also one of the top energy sector investors, with a range of mega-projects under way. While the sector is a national industry, Kuwait is also a destination for international players, with a range of contract and tendering opportunities available, from the upstream to the downstream segment. Because of its established nature, shifting the balance towards more sustainable sources is an ongoing challenge, as is fully utilising resources to promote economic diversification. Nonetheless, Kuwait has advanced on some key projects to meet these challenges through an ambitious sector development programme. This chapter contains interviews with Hashem Hashem, Deputy Chairman and CEO, Kuwait Petroleum Corporation; and Emad Sultan, CEO, Kuwait Oil Company.

Kuwait is currently undergoing a major revamp of its transport and logistics networks, which are set to see a transformation. New roads, railways, airports and ports are either already being built or are in the pipeline, as part of the ambitious aim to re-establish Kuwait’s historical role as a regional centre for the sector. Meanwhile, the country is keen to attract foreign investment and participation in this revitalisation, with the government working hard to encourage partnerships and reduce obstacles to investment. Though challenges remain within uncertain global economic conditions, Kuwait is well positioned to take greater advantage of its strategic location within international and regional transport and logistics networks. This chapter contains interviews with Kamil Al Awadhi, CEO, Kuwait Airways; and Saud Al Naki, Vice-Chairman, Public Authority for Roads and Transportation.

Kuwait’s insurance sector has expanded rapidly in recent years, with numerous new entrants competing and driving down premium prices. This has led to concerns that companies are booking high profits at the risk of not keeping enough in reserve to meet future payouts on policies. To counter these worries, a new law was passed in July 2019 and it is likely to have a profound impact on the sector by putting the industry on a sustainable long-term trajectory. However, with the law pushing for increased reserves and stricter regulation, flatter profit growth and a major restructuring of the market could be seen over the next two to three years.

Kuwait’s Islamic financial services sector is well established, with a long history in both Islamic banking and takaful, or Islamic insurance. The segment has expanded in recent years, building upon the country’s reputation as an emerging centre for sharia-compliant banking, insurance and investment products. The government has enacted a series of laws and regulations aimed at further developing Islamic finance, and there remains a strong demand for such products. This is reflected in the country’s increasing world share of sharia-compliant assets, with Kuwait accounting for 6.3% of such products in the second quarter of 2018, up from 6% during the same period of 2017. This chapter contains interviews with Mazin Al Nahedh, CEO, Kuwait Finance House; and Raed Jawad Bukhamseen, Vice-Chairman and CEO, Kuwait International Bank.

Kuwait’s equity markets have gone through a remarkable series of reforms in recent years, and the state has been rewarded with upgrades by international index compilers and ballooning inflows of foreign investment. Enabling infrastructure and a robust legal framework are in place to ensure continued development, and demand for assets has been proven. Therefore, what is critical going forward is a greater supply of high-quality investable securities, from sovereign bonds to small company equity listings by businesses with solid track records. This chapter contains interviews with Khaldoun Al Tabtabaie, CEO, Kuwait Clearing Company; and Mohamed Al Osaimi, Acting CEO, Boursa Kuwait.